IDEAS home Printed from https://ideas.repec.org/a/fan/spespe/vhtml10.3280-spe2021-001006.html
   My bibliography  Save this article

The modern Italian debate on the Walrasian theory of capitalization (1960-1971)

Author

Listed:
  • Giovanni Michelagnoli

Abstract

Historians have studied the intellectual relationships between Walrasian eco-nomic thought and the Italian tradition with a primary focus on nineteenth-century economic thought. Nevertheless, in the 1960s heated controversy over Walras?s capitalization theory, prompted by Sraffa (1960) and, even more, by Garegnani (1960), developed in Italy. This paper aims to reconstruct that debate to illustrate that, even during such a period of critical reappraisal, a number of Ital-ian economists held a fundamentally sceptical attitude towards a criticism of Walras?s scheme.

Suggested Citation

  • Giovanni Michelagnoli, 2021. "The modern Italian debate on the Walrasian theory of capitalization (1960-1971)," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 10(1), pages 131-155.
    • Handle: RePEc:fan:spespe:v:html10.3280/spe2021-001006
    as

    Download full text from publisher

    File URL: http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=69803&Tipo=ArticoloPDF
    Download Restriction: Single articles can be downloaded buying download credits, for info: https://www.francoangeli.it/DownloadCredit
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Franco Donzelli, 2007. "Equilibrium and Tâtonnement in Walras's Eléments," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 15(3), pages 85-138.
    2. Mario Pomini, 2016. "Augusto Graziani and general economic equilibrium: from statics to dynamics," Review of Keynesian Economics, Edward Elgar Publishing, vol. 4(3), pages 250-263, July.
    3. Lilia Costabile, 2014. "Augusto Graziani (1933-2014)," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2014(1), pages 163-168.
    4. Giacomo Costa, 2014. "Augusto Graziani on the walrasian capital formation model," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2014(112), pages 31-52.
    5. Pascal Bridel, 1997. "Money and General Equilibrium Theory," Books, Edward Elgar Publishing, number 1303.
    6. Petri, Fabio, 2008. "A Note Introducing Garegnani'S Paper," Journal of the History of Economic Thought, Cambridge University Press, vol. 30(3), pages 359-365, September.
    7. Pascal Bridel, 2008. "BORTKIEWICZ ET WALRAS Notes sur une collaboration intellectuelle avortée," Revue d'économie politique, Dalloz, vol. 118(5), pages 711-742.
    8. Garegnani, Pierangelo, 2008. "On Walras'S Theory Of Capital (Provisional Draft 1962)," Journal of the History of Economic Thought, Cambridge University Press, vol. 30(3), pages 367-384, September.
    9. Petri, Fabio, 2016. "Walras on capital: interpretative insights from a review by Bortkiewicz," Centro Sraffa Working Papers CSWP17, Centro di Ricerche e Documentazione "Piero Sraffa".
    10. Lilia Costabile, 2014. "The links between economic theory and the history of economic thought. Graziani from general equilibrium analysis to the theory of the monetary circuit," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2014(112), pages 53-71.
    11. Massimo Cingolani, 2016. "Augusto Graziani's Equilibrio generale ed equilibrio macroeconomico: a key milestone in a long journey out of the neoclassical mainstream," Review of Keynesian Economics, Edward Elgar Publishing, vol. 4(3), pages 279-302, July.
    12. Roberto Ciccone, 2012. "Pierangelo Garegnani: rifondare la teoria economica," Moneta e Credito, Economia civile, vol. 65(259), pages 243-267.
    13. Lilia Costabile, 2015. "Augusto Graziani: Theoretician, Applied Economist, Historian of Economic Thought—An Appraisal," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 1(2), pages 155-170, July.
    14. Giuseppe Fontana & Riccardo Realfonzo, 2015. "Augusto Graziani, a Leading Italian Post Keynesian Economist," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 23(1), pages 23-38.
    15. Fabio Petri, 2016. "Walras on Capital: Interpretative Insights from a Review by Bortkiewicz," Contributions to Political Economy, Cambridge Political Economy Society, vol. 35(1), pages 23-38.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Saverio M. Fratini, 2019. "Neoclassical theories of stationary relative prices and the supply of capital," Metroeconomica, Wiley Blackwell, vol. 70(4), pages 723-737, November.
    2. Carlo Milana, 2019. "Solving the Reswitching Paradox in the Sraffian Theory of Capital," Applied Economics and Finance, Redfame publishing, vol. 6(6), pages 97-125, November.
    3. Lilia Costabile, 2014. "The links between economic theory and the history of economic thought. Graziani from general equilibrium analysis to the theory of the monetary circuit," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2014(112), pages 53-71.
    4. Giuseppe Fontana & Riccardo Realfonzo, 2017. "Augusto Graziani and recent advances in the monetary theory of production," Metroeconomica, Wiley Blackwell, vol. 68(2), pages 202-204, May.
    5. Riccardo Bellofiore & Marco Veronese Passarella, 2016. "Introduction: the theoretical legacy of Augusto Graziani," Review of Keynesian Economics, Edward Elgar Publishing, vol. 4(3), pages 243-249, July.
    6. Michael McLure, 2008. "Pareto’s 1920-21 Manuscript on Money and the Real Economy," Economics Discussion / Working Papers 08-18, The University of Western Australia, Department of Economics.
    7. Stefano Di Bucchianico & Riccardo Pariboni, 2022. "Garegnani, dieci anni dopo: introduzione al numero speciale (Garegnani, ten years after: introduction to the special issue)," Moneta e Credito, Economia civile, vol. 75(299), pages 227-231.
    8. C�cile Dangel-Hagnauer, 2013. "Schumpeter's institution of money: Slipping off the border of economic theory and landing in economic sociology," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(6), pages 1000-1031, December.
    9. Akhabbar, Amanar, 2011. "Tableaux économiques et analyse des business cycles chez Marschak, Frisch et Leontief [Tableau Economique and business cycle analysis in the works of Marschak, Frisch and Leontief]," MPRA Paper 34556, University Library of Munich, Germany.
    10. Plassard, Romain, 2017. "Disequilibrium as the origin, originality, and challenges of Clower's microfoundations of monetary theory," MPRA Paper 78917, University Library of Munich, Germany.
    11. Andrés Álvarez & Vincent Bignon, 2013. "L. Walras and C. Menger: two ways on the path of modern monetary theory," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(1), pages 89-124, February.
    12. Franco DONZELLI, 2011. "The law of indifference, equilibrium, and equilibration in Jevons, Walras, Edgeworth, and Negishi," Departmental Working Papers 2011-11, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    13. De Vroey Michel & Duarte Pedro Garcia, 2013. "In search of lost time: the neoclassical synthesis," The B.E. Journal of Macroeconomics, De Gruyter, vol. 13(1), pages 965-995, January.
    14. Andrés Alvarez, 2010. "Comparative Views on L. Walras and A. Cournot on The Regulation of Paper Money: Rules VS. Discretion at The End of The XIXth Century," Documentos de Trabajo, Escuela de Economía 6703, Universidad Nacional de Colombia, FCE, CID.
    15. Pascal Bridel & Elisabeth Huck, 2002. "Walras's tatonnement : a reply to Rebeyrol and Costa," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(4), pages 559-567.
    16. Pascal Bridel, 2002. "Patinkin, Walras and the 'money-in-the-utility-function' tradition," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(2), pages 268-292.
    17. Giuseppe Fontana & Andrea Pacella & Riccardo Realfonzo, 2017. "Does fiscal policy affect the monetary transmission mechanism? A monetary theory of production (MTP) response to the new consensus macroeconomics (NCM) perspective," Metroeconomica, Wiley Blackwell, vol. 68(2), pages 378-395, May.
    18. Freeman, Alan & Kliman, Andrew, 1998. "Simultaneous and Temporal Valuation Contrasted," MPRA Paper 52805, University Library of Munich, Germany, revised 23 Sep 1998.
    19. Franco DONZELLI, 2009. "Edgeworth vs. Walras on equilibrium and disequilibrium," Departmental Working Papers 2009-47, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    20. Franco DONZELLI, 2010. "Hicks on Walrasian equilibrium in the 1930s and beyond," Departmental Working Papers 2010-39, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.

    More about this item

    JEL classification:

    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fan:spespe:v:html10.3280/spe2021-001006. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Stefania Rosato (email available below). General contact details of provider: http://www.francoangeli.it/riviste/sommario.aspx?IDRivista=121 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.