Pierangelo Garegnani: Policy Implications of the Critique of Political Economy

Antonella Palumbo and Attilio Trezzini ()

QA - Rivista dell'Associazione Rossi-Doria, 2011, issue 4

Abstract: Notwithstanding his fundamental contribution to the critique of the neoclassical notion of capital, we maintain that Pierangelo Garegnani’s research has been especially characterized by the reconstruction of an alternative approach to economics. Following Sraffa’s lead, Garegnani found such an alternative approach in the Classical theory of value and distribution, and put forward a Classical-Keynesian theory for output determination. In this approach, prices are not scarcity indexes, the absence of any spontaneous tendency to full employment abolishes optimality of market economies, income distribution results from social − not natural − forces. The policy implications of this approach are considered.

Keywords: Pierangelo Garegnani; Piero Sraffa; Capital theory; Classical surplus approach; Effective demand (search for similar items in EconPapers)
JEL-codes: B32 D30 D46 E11 (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:rar:journl:0229

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