The course aims to deal critically and at an advanced level with central aspects of contemporary economic analysis. It will examine the determinants of income distribution and relative commodity prices, as well as the macroeconomic implications (with particular regard to aggregate product levels and the relationship between savings and investment) of different approaches to distribution theory.
This course consists of two modules.
This course consists of two modules.
Curriculum
teacher profile teaching materials
1. The different adjustment process between savings and investment in neoclassical theory and in the Keynesian approach, with the associated implications for the level of aggregate output.
2. The neoclassical theory of investment: derivation of the interest-elastic investment demand function from the demand function for capital as a factor of production. Extensibility to the investment function of the criticism of the neoclassical theory of capital.
3. Critical analysis of attempts to establish the inverse interest-investment relationship on non-neoclassical theoretical bases.
4. Long-run relationships between investment, savings and productive capacity in the context of a theoretical approach alternative to the neoclassical one. Demand, capacity utilisation levels and processes of capacity creation.
5. Private savings and public sector deficits and debt. A theoretical model of the effects of fiscal policy on the ratio of public debt to GDP.
- Slides of the lectures.
Parts from the following materials will also be indicated during the course:
- G. Ackley, Macroeconomic theory and policy, Macmillan, 1978.
- J. Robinson, Introduction to the Theory of Employment, Palgrave Macmillan, 1969.
- P. Garegnani, ‘Notes on consumption, investment and effective demand’, Cambridge Journal of Economics, 2:4, 1978.
- F. Petri, General Equilibrium, Capital, and Macroeconomics, Edward Elgar, 2004
- M. Kalecki, ‘The Principle of Increasing Risk’, Economica, 4:16, 1937.
- R. Ciccone, "Accumulation and capacity utilization: some critical considerations on Joan Robinson’s theory of distribution", Political Economy, 2:1, 1986.
- P. Garegnani, ‘Some notes for an analysis of accumulation’, in J. Halevi, D. Laibman and E. Nell (eds.), Beyond the steady state. A revival of growth theory, Macmillan, 1992.
- R. Ciccone, ‘Public debt and aggregate demand. Some unconventional analytics’, in E. S. Levrero, A. Palumbo and A. Stirati, Sraffa and the Reconstruction of Economic Theory, Palgrave Macmillan, 2013.
Programme
Second Module -Program1. The different adjustment process between savings and investment in neoclassical theory and in the Keynesian approach, with the associated implications for the level of aggregate output.
2. The neoclassical theory of investment: derivation of the interest-elastic investment demand function from the demand function for capital as a factor of production. Extensibility to the investment function of the criticism of the neoclassical theory of capital.
3. Critical analysis of attempts to establish the inverse interest-investment relationship on non-neoclassical theoretical bases.
4. Long-run relationships between investment, savings and productive capacity in the context of a theoretical approach alternative to the neoclassical one. Demand, capacity utilisation levels and processes of capacity creation.
5. Private savings and public sector deficits and debt. A theoretical model of the effects of fiscal policy on the ratio of public debt to GDP.
Core Documentation
Second Module - Teaching material- Slides of the lectures.
Parts from the following materials will also be indicated during the course:
- G. Ackley, Macroeconomic theory and policy, Macmillan, 1978.
- J. Robinson, Introduction to the Theory of Employment, Palgrave Macmillan, 1969.
- P. Garegnani, ‘Notes on consumption, investment and effective demand’, Cambridge Journal of Economics, 2:4, 1978.
- F. Petri, General Equilibrium, Capital, and Macroeconomics, Edward Elgar, 2004
- M. Kalecki, ‘The Principle of Increasing Risk’, Economica, 4:16, 1937.
- R. Ciccone, "Accumulation and capacity utilization: some critical considerations on Joan Robinson’s theory of distribution", Political Economy, 2:1, 1986.
- P. Garegnani, ‘Some notes for an analysis of accumulation’, in J. Halevi, D. Laibman and E. Nell (eds.), Beyond the steady state. A revival of growth theory, Macmillan, 1992.
- R. Ciccone, ‘Public debt and aggregate demand. Some unconventional analytics’, in E. S. Levrero, A. Palumbo and A. Stirati, Sraffa and the Reconstruction of Economic Theory, Palgrave Macmillan, 2013.
teacher profile teaching materials
1. The different adjustment process between savings and investment in neoclassical theory and in the Keynesian approach, with the associated implications for the level of aggregate output.
2. The neoclassical theory of investment: derivation of the interest-elastic investment demand function from the demand function for capital as a factor of production. Extensibility to the investment function of the criticism of the neoclassical theory of capital.
3. Critical analysis of attempts to establish the inverse interest-investment relationship on non-neoclassical theoretical bases.
4. Long-run relationships between investment, savings and productive capacity in the context of a theoretical approach alternative to the neoclassical one. Demand, capacity utilisation levels and processes of capacity creation.
5. Private savings and public sector deficits and debt. A theoretical model of the effects of fiscal policy on the ratio of public debt to GDP.
- Slides of the lectures.
Parts from the following materials will also be indicated during the course:
- G. Ackley, Macroeconomic theory and policy, Macmillan, 1978.
- J. Robinson, Introduction to the Theory of Employment, Palgrave Macmillan, 1969.
- P. Garegnani, ‘Notes on consumption, investment and effective demand’, Cambridge Journal of Economics, 2:4, 1978.
- F. Petri, General Equilibrium, Capital, and Macroeconomics, Edward Elgar, 2004
- M. Kalecki, ‘The Principle of Increasing Risk’, Economica, 4:16, 1937.
- R. Ciccone, "Accumulation and capacity utilization: some critical considerations on Joan Robinson’s theory of distribution", Political Economy, 2:1, 1986.
- P. Garegnani, ‘Some notes for an analysis of accumulation’, in J. Halevi, D. Laibman and E. Nell (eds.), Beyond the steady state. A revival of growth theory, Macmillan, 1992.
- R. Ciccone, ‘Public debt and aggregate demand. Some unconventional analytics’, in E. S. Levrero, A. Palumbo and A. Stirati, Sraffa and the Reconstruction of Economic Theory, Palgrave Macmillan, 2013.
Mutuazione: 21210144-2 Advanced Political Economy - II Mod. in Scienze Economiche LM-56 CICCONE ROBERTO
Programme
Second Module -Program1. The different adjustment process between savings and investment in neoclassical theory and in the Keynesian approach, with the associated implications for the level of aggregate output.
2. The neoclassical theory of investment: derivation of the interest-elastic investment demand function from the demand function for capital as a factor of production. Extensibility to the investment function of the criticism of the neoclassical theory of capital.
3. Critical analysis of attempts to establish the inverse interest-investment relationship on non-neoclassical theoretical bases.
4. Long-run relationships between investment, savings and productive capacity in the context of a theoretical approach alternative to the neoclassical one. Demand, capacity utilisation levels and processes of capacity creation.
5. Private savings and public sector deficits and debt. A theoretical model of the effects of fiscal policy on the ratio of public debt to GDP.
Core Documentation
Second Module - Teaching material- Slides of the lectures.
Parts from the following materials will also be indicated during the course:
- G. Ackley, Macroeconomic theory and policy, Macmillan, 1978.
- J. Robinson, Introduction to the Theory of Employment, Palgrave Macmillan, 1969.
- P. Garegnani, ‘Notes on consumption, investment and effective demand’, Cambridge Journal of Economics, 2:4, 1978.
- F. Petri, General Equilibrium, Capital, and Macroeconomics, Edward Elgar, 2004
- M. Kalecki, ‘The Principle of Increasing Risk’, Economica, 4:16, 1937.
- R. Ciccone, "Accumulation and capacity utilization: some critical considerations on Joan Robinson’s theory of distribution", Political Economy, 2:1, 1986.
- P. Garegnani, ‘Some notes for an analysis of accumulation’, in J. Halevi, D. Laibman and E. Nell (eds.), Beyond the steady state. A revival of growth theory, Macmillan, 1992.
- R. Ciccone, ‘Public debt and aggregate demand. Some unconventional analytics’, in E. S. Levrero, A. Palumbo and A. Stirati, Sraffa and the Reconstruction of Economic Theory, Palgrave Macmillan, 2013.
teacher profile teaching materials
1. The different adjustment process between savings and investment in neoclassical theory and in the Keynesian approach, with the associated implications for the level of aggregate output.
2. The neoclassical theory of investment: derivation of the interest-elastic investment demand function from the demand function for capital as a factor of production. Extensibility to the investment function of the criticism of the neoclassical theory of capital.
3. Critical analysis of attempts to establish the inverse interest-investment relationship on non-neoclassical theoretical bases.
4. Long-run relationships between investment, savings and productive capacity in the context of a theoretical approach alternative to the neoclassical one. Demand, capacity utilisation levels and processes of capacity creation.
5. Private savings and public sector deficits and debt. A theoretical model of the effects of fiscal policy on the ratio of public debt to GDP.
- Slides of the lectures.
Parts from the following materials will also be indicated during the course:
- G. Ackley, Macroeconomic theory and policy, Macmillan, 1978.
- J. Robinson, Introduction to the Theory of Employment, Palgrave Macmillan, 1969.
- P. Garegnani, ‘Notes on consumption, investment and effective demand’, Cambridge Journal of Economics, 2:4, 1978.
- F. Petri, General Equilibrium, Capital, and Macroeconomics, Edward Elgar, 2004
- M. Kalecki, ‘The Principle of Increasing Risk’, Economica, 4:16, 1937.
- R. Ciccone, "Accumulation and capacity utilization: some critical considerations on Joan Robinson’s theory of distribution", Political Economy, 2:1, 1986.
- P. Garegnani, ‘Some notes for an analysis of accumulation’, in J. Halevi, D. Laibman and E. Nell (eds.), Beyond the steady state. A revival of growth theory, Macmillan, 1992.
- R. Ciccone, ‘Public debt and aggregate demand. Some unconventional analytics’, in E. S. Levrero, A. Palumbo and A. Stirati, Sraffa and the Reconstruction of Economic Theory, Palgrave Macmillan, 2013.
Mutuazione: 21210144-2 Advanced Political Economy - II Mod. in Scienze Economiche LM-56 CICCONE ROBERTO
Programme
Second Module -Program1. The different adjustment process between savings and investment in neoclassical theory and in the Keynesian approach, with the associated implications for the level of aggregate output.
2. The neoclassical theory of investment: derivation of the interest-elastic investment demand function from the demand function for capital as a factor of production. Extensibility to the investment function of the criticism of the neoclassical theory of capital.
3. Critical analysis of attempts to establish the inverse interest-investment relationship on non-neoclassical theoretical bases.
4. Long-run relationships between investment, savings and productive capacity in the context of a theoretical approach alternative to the neoclassical one. Demand, capacity utilisation levels and processes of capacity creation.
5. Private savings and public sector deficits and debt. A theoretical model of the effects of fiscal policy on the ratio of public debt to GDP.
Core Documentation
Second Module - Teaching material- Slides of the lectures.
Parts from the following materials will also be indicated during the course:
- G. Ackley, Macroeconomic theory and policy, Macmillan, 1978.
- J. Robinson, Introduction to the Theory of Employment, Palgrave Macmillan, 1969.
- P. Garegnani, ‘Notes on consumption, investment and effective demand’, Cambridge Journal of Economics, 2:4, 1978.
- F. Petri, General Equilibrium, Capital, and Macroeconomics, Edward Elgar, 2004
- M. Kalecki, ‘The Principle of Increasing Risk’, Economica, 4:16, 1937.
- R. Ciccone, "Accumulation and capacity utilization: some critical considerations on Joan Robinson’s theory of distribution", Political Economy, 2:1, 1986.
- P. Garegnani, ‘Some notes for an analysis of accumulation’, in J. Halevi, D. Laibman and E. Nell (eds.), Beyond the steady state. A revival of growth theory, Macmillan, 1992.
- R. Ciccone, ‘Public debt and aggregate demand. Some unconventional analytics’, in E. S. Levrero, A. Palumbo and A. Stirati, Sraffa and the Reconstruction of Economic Theory, Palgrave Macmillan, 2013.
teacher profile teaching materials
1. The different adjustment process between savings and investment in neoclassical theory and in the Keynesian approach, with the associated implications for the level of aggregate output.
2. The neoclassical theory of investment: derivation of the interest-elastic investment demand function from the demand function for capital as a factor of production. Extensibility to the investment function of the criticism of the neoclassical theory of capital.
3. Critical analysis of attempts to establish the inverse interest-investment relationship on non-neoclassical theoretical bases.
4. Long-run relationships between investment, savings and productive capacity in the context of a theoretical approach alternative to the neoclassical one. Demand, capacity utilisation levels and processes of capacity creation.
5. Private savings and public sector deficits and debt. A theoretical model of the effects of fiscal policy on the ratio of public debt to GDP.
- Slides of the lectures.
Parts from the following materials will also be indicated during the course:
- G. Ackley, Macroeconomic theory and policy, Macmillan, 1978.
- J. Robinson, Introduction to the Theory of Employment, Palgrave Macmillan, 1969.
- P. Garegnani, ‘Notes on consumption, investment and effective demand’, Cambridge Journal of Economics, 2:4, 1978.
- F. Petri, General Equilibrium, Capital, and Macroeconomics, Edward Elgar, 2004
- M. Kalecki, ‘The Principle of Increasing Risk’, Economica, 4:16, 1937.
- R. Ciccone, "Accumulation and capacity utilization: some critical considerations on Joan Robinson’s theory of distribution", Political Economy, 2:1, 1986.
- P. Garegnani, ‘Some notes for an analysis of accumulation’, in J. Halevi, D. Laibman and E. Nell (eds.), Beyond the steady state. A revival of growth theory, Macmillan, 1992.
- R. Ciccone, ‘Public debt and aggregate demand. Some unconventional analytics’, in E. S. Levrero, A. Palumbo and A. Stirati, Sraffa and the Reconstruction of Economic Theory, Palgrave Macmillan, 2013.
Mutuazione: 21210144-2 Advanced Political Economy - II Mod. in Scienze Economiche LM-56 CICCONE ROBERTO
Programme
Second Module -Program1. The different adjustment process between savings and investment in neoclassical theory and in the Keynesian approach, with the associated implications for the level of aggregate output.
2. The neoclassical theory of investment: derivation of the interest-elastic investment demand function from the demand function for capital as a factor of production. Extensibility to the investment function of the criticism of the neoclassical theory of capital.
3. Critical analysis of attempts to establish the inverse interest-investment relationship on non-neoclassical theoretical bases.
4. Long-run relationships between investment, savings and productive capacity in the context of a theoretical approach alternative to the neoclassical one. Demand, capacity utilisation levels and processes of capacity creation.
5. Private savings and public sector deficits and debt. A theoretical model of the effects of fiscal policy on the ratio of public debt to GDP.
Core Documentation
Second Module - Teaching material- Slides of the lectures.
Parts from the following materials will also be indicated during the course:
- G. Ackley, Macroeconomic theory and policy, Macmillan, 1978.
- J. Robinson, Introduction to the Theory of Employment, Palgrave Macmillan, 1969.
- P. Garegnani, ‘Notes on consumption, investment and effective demand’, Cambridge Journal of Economics, 2:4, 1978.
- F. Petri, General Equilibrium, Capital, and Macroeconomics, Edward Elgar, 2004
- M. Kalecki, ‘The Principle of Increasing Risk’, Economica, 4:16, 1937.
- R. Ciccone, "Accumulation and capacity utilization: some critical considerations on Joan Robinson’s theory of distribution", Political Economy, 2:1, 1986.
- P. Garegnani, ‘Some notes for an analysis of accumulation’, in J. Halevi, D. Laibman and E. Nell (eds.), Beyond the steady state. A revival of growth theory, Macmillan, 1992.
- R. Ciccone, ‘Public debt and aggregate demand. Some unconventional analytics’, in E. S. Levrero, A. Palumbo and A. Stirati, Sraffa and the Reconstruction of Economic Theory, Palgrave Macmillan, 2013.