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Habits and Expectations: Dynamic General Equilibrium in the Italian Paretian School

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  • Mario Pomini
  • Gianfranco Tusset

Abstract

Between the two world wars, the theory of general economic equilibrium received notable impetus in Italy from the work of the Paretian School. This consisted of a small, but very active, group of economists, whose best-known members at the time were Luigi Amoroso and Giulio La Volpe. One of the main aspects of the research program carried out by the followers of Pareto was their attempt to dynamize the theory of general economic equilibrium. These economists believed that research on static economics was by then complete although they were well aware that some analytical problems were still unsolved, and they advanced the construction of dynamic models using new and sophisticated mathematical tools such as functional calculus. However, despite its originality, the Paretian approach to dynamics, at least in the fields of pure theorizing, did not have a significant impact on the understanding of economic dynamics in the postwar period; we attempt to explore why.

Suggested Citation

  • Mario Pomini & Gianfranco Tusset, 2009. "Habits and Expectations: Dynamic General Equilibrium in the Italian Paretian School," History of Political Economy, Duke University Press, vol. 41(2), pages 311-342, Summer.
    • Handle: RePEc:hop:hopeec:v:41:y:2009:i:2:p:311-342
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    Cited by:

    1. Vincent Carret, 2021. "Rupture and continuity in the original divide between micro-dynamics and macro-dynamics," Working Papers halshs-03242180, HAL.
    2. Pedro Garcia Duarte, 2013. "A Path Through the Wilderness: Time Discounting in Growth Models," Working Papers, Department of Economics 2013_18, University of São Paulo (FEA-USP).
    3. Nicola Giocoli, 2012. "Who Invented the Lerner Index? Luigi Amoroso, the Dominant Firm Model, and the Measurement of Market Power," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 41(3), pages 181-191, November.
    4. Marco Dardi & Alberto Zanni, 2010. "Pareto’s ‘Third Way’ between Marshall and Walras," Chapters, in: Tiziano Raffaelli & Giacomo Becattini & Katia Caldari & Marco Dardi (ed.), The Impact of Alfred Marshall’s Ideas, chapter 23, Edward Elgar Publishing.

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