21210131 - Alternative theories of output and aggregate demand

The course offers a critical and advanced analysis of the macroeconomic implications of alternative approaches to the theory of distribution, with particular regard to overall product levels, the relationship between savings and investment and the effects of fiscal policy.
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Fruizione: 21210144_2 Advanced Political Economy - II Mod. in Scienze Economiche LM-56 CICCONE ROBERTO


1. Savings-investment equilibrium and aggregate product level in neoclassical theory and in the aggregate demand approach of Keynesian origin
2. The investment function elastic to the interest rate as a derivation of the function of demand for capital; applicability to the investment function of the criticism of the neoclassical theory of capital. Attempts to identify alternative analytical bases for the relationship interest rate-investments.
3. Savings, investment and productive capacity: long-run relationships in an alternative theoretical approach
4. Aggregate demand, overall output and savings formation: implications for economic policies, with particular regard to public debt

Core Documentation

- G. Ackley, Macroecnomic theory and policy, Macmillan, 1978, pp. 170-3, pp. 254-6, pp. 622-5
- J. Robinson, Introduction to the Theory of Employment, Palgrave Macmillan 1969, pp. 6-11, 15-29
- P. Garegnani, "Notes on consumption, investment and effective demand", part I, Cambridge Journal of Economics, 1978, sects. 6 and 7, pp. 348-53
- F. Petri, General Equilibrium, Capital and Macroeconomics, Edward Elgar, 2004, pp. 267-69
- M. Kalecki, "The principle of increasing risk", Economica, 1937, pp. 440-6- R. Ciccone, “Accumulation and capacity utilization: some critical considerations on Joan Robinson’s theory of distribution”, in Political Economy,
n. 1, 1986 (available online at http://www.centrosraffa.org ,
entry ‘From the archives’), pp. 26-29
- P. Garegnani, “Some Notes for an Analysis of Accumulation”, in E.J Nell, D. Laibman, J. Halevi (eds), Beyond the Steady State, Macmillan, 1992, pp. 50-53
- R. Ciccone, “Public Debt and Aggregate Demand: Some Unconventional Analytics”, in S. Levrero, A. Palumbo and A. Stirati (eds), Sraffa and the Reconstruction of Economic Theory, Palgrave Macmillan, 2013, Vol. 2,
paras. 1.1-1.5, pp. 15-33 and footnotes pp. 38-43
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