An Italian Foundation for New Fiscal Sociology: A Reflection on the Pareto-Griziotti and Pareto-Sensini Letters on Ricardian Equivalence and Fiscal Theory

Michael McLure
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Michael McLure: UWA Business School, The University of Western Australia

No 03-11, Economics Discussion / Working Papers from The University of Western Australia, Department of Economics

Abstract: This paper reflects on the influence of Vilfredo Pareto’s letters to two of his ex-students, Benvenuto Griziotti and Guido Sensini, on Ricardian equivalence and fiscal theory. The letters are of historical interest because of their emphasis on the need for fiscal studies to consider “social equilibrium” and because they were written when Italian fiscal sociology was in its formative stages. It is suggested that the two sets of letters had quite different consequences; with Griziotti rejecting Pareto’s contention that social equilibrium should play a central role in fiscal studies and Sensini attempting to develop an approach to public finance where the relationship between fiscal phenomena and social equilibrium is presented as the central issue in the theory of public finance. Griziotti’s approach, which accommodates a fiscal sociology that focuses on specific political and legislation issues rather that general social equilibrium, proved more influential than Sensini’s approach, but the Pareto-Sensini line of investigation is of greater current relevance.

Keywords: Fiscal Sociology; Public Finance; Vilfredo Pareto; Benvenuto Griziotti; Guido Sensini (search for similar items in EconPapers)
Pages: 23 pages
Date: 2003
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