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Sulle condizioni per una rivoluzione della teoria e della politica economica (On the conditions for a revolution of economic theory and policy)

Author

Listed:
  • Emiliano Brancaccio

    (Università del Sannio)

Abstract
In linea con la tradizione del Massachusetts Institute of Technology di cui fanno parte, i modelli macroeconomici mainstream di Olivier Blanchard possono essere sottoposti a un ribaltamento logico in grado di renderli compatibili con schemi alternativi che rifiutano la teoria neoclassica dei prezzi come indici di scarsità e il nesso tra produzione e distribuzione che da essa scaturisce. Tale ribaltamento logico sembra in grado di offrire una più solida base teorica alla rivoluzione della politica macroeconomica recentemente invocata da Blanchard e Summers, che viene qui sottoposta a un esame critico. In line with the Massachusetts Institute of Technology tradition to which they belong, the macroeconomic models by Olivier Blanchard may be subjected to a logical reversal capable of making them consistent with those alternative schemes that reject the neoclassical theory of prices as scarcity indexes and the link between production and distribution resulting from it. This logical reversal seems able to offer a more solid theoretical basis for the macroeconomic policy revolution recently invoked by Blanchard and Summers, critically examined here, than the authors' own schemes.

Suggested Citation

  • Emiliano Brancaccio, 2019. "Sulle condizioni per una rivoluzione della teoria e della politica economica (On the conditions for a revolution of economic theory and policy)," Moneta e Credito, Economia civile, vol. 72(287), pages 197-206.
    • Handle: RePEc:psl:moneta:2019:33
    as

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    File URL: https://ojs.uniroma1.it/index.php/monetaecredito/article/view/15560/14980
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    References listed on IDEAS

    as
    1. repec:hal:spmain:info:hdl:2441/1hlgq13piu8cirvmd44v0hs2v1 is not listed on IDEAS
    2. Emiliano Brancaccio & Francesco Saraceno, 2017. "Evolutions and Contradictions in Mainstream Macroeconomics," SciencePo Working papers Main hal-03458622, HAL.
    3. Olivier Blanchard & Emiliano Brancaccio, 2019. "Crisis and Revolution in Economic Theory and Policy: A Debate," Review of Political Economy, Taylor & Francis Journals, vol. 31(2), pages 271-287, April.
    4. Brancaccio, Emiliano & Giammetti, Raffaele & Lopreite, Milena & Puliga, Michelangelo, 2018. "Centralization of capital and financial crisis: A global network analysis of corporate control," Structural Change and Economic Dynamics, Elsevier, vol. 45(C), pages 94-104.
    5. Emiliano Brancaccio, 2012. "Current Account Imbalances, the Eurozone Crisis, and a Proposal for a "European Wage Standard"," International Journal of Political Economy, Taylor & Francis Journals, vol. 41(1), pages 47-65.
    6. Blanchard, Olivier J. & Summers, Lawrence H., 1987. "Hysteresis in unemployment," European Economic Review, Elsevier, vol. 31(1-2), pages 288-295.
    7. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, September.
    8. Emiliano Brancaccio, 2010. "On the Impossibility of Reducing the Surplus Approach to a Neoclassical 'Special Case': A Criticism of Hahn in a Solowian Context," Review of Political Economy, Taylor & Francis Journals, vol. 22(3), pages 405-418.
    9. Emiliano Brancaccio & Francesco Saraceno, 2017. "Evolutions and Contradictions in Mainstream Macroeconomics: The Case of Olivier Blanchard," Review of Political Economy, Taylor & Francis Journals, vol. 29(3), pages 345-359, July.
    10. Olivier Blanchard & Francesco Giavazzi, 2002. "Current Account Deficits in the Euro Area: The End of the Feldstein Horioka Puzzle?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(2), pages 147-210.
    11. Olivier J. Blanchard & Lawrence H. Summers, 2017. "Rethinking Stabilization Policy: Evolution or Revolution?," NBER Working Papers 24179, National Bureau of Economic Research, Inc.
    12. Brancaccio, Emiliano & Garbellini, Nadia & Giammetti, Raffaele, 2018. "Structural labour market reforms, GDP growth and the functional distribution of income," Structural Change and Economic Dynamics, Elsevier, vol. 44(C), pages 34-45.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Macroeconomic theory and policy; theories of prices and distribution; capitalism and socialism;
    All these keywords.

    JEL classification:

    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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