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Pierangelo Garegnani: Policy Implications of the Critique of Political Economy

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  • Antonella Palumbo
  • Attilio Trezzini

Abstract

Notwithstanding his fundamental contribution to the critique of the neoclassical notion of capital, we maintain that Pierangelo Garegnani’s research has been especially characterized by the reconstruction of an alternative approach to economics. Following Sraffa’s lead, Garegnani found such an alternative approach in the Classical theory of value and distribution, and put forward a Classical-Keynesian theory for output determination. In this approach, prices are not scarcity indexes, the absence of any spontaneous tendency to full employment abolishes optimality of market economies, income distribution results from social − not natural − forces. The policy implications of this approach are considered.

Suggested Citation

  • Antonella Palumbo & Attilio Trezzini, 2011. "Pierangelo Garegnani: Policy Implications of the Critique of Political Economy," QA - Rivista dell'Associazione Rossi-Doria, Associazione Rossi Doria, issue 4, December.
    • Handle: RePEc:rar:journl:0229
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    References listed on IDEAS

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    1. J. A. Kregel (ed.), 1983. "Distribution, Effective Demand and International Economic Relations," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-17177-4, October.
    2. Pierangelo Garegnani, 2024. "Notes on Consumption, Investment and Effective Demand: I," Springer Studies in the History of Economic Thought, in: Roberto Ciccone (ed.), Capital Theory, the Surplus Approach, and Effective Demand, pages 387-409, Springer.
    3. Pierangelo Garegnani & Attilio Trezzini, 2010. "Cycles and Growth: A Source of Demand-Driven Endogenous Growth," Review of Political Economy, Taylor & Francis Journals, vol. 22(1), pages 119-125.
    4. Pierangelo Garegnani, 2007. "Professor Foley and Classical Policy Analysis," Review of Political Economy, Taylor & Francis Journals, vol. 19(2), pages 221-242.
    5. Pierangelo Garegnani, 2005. "Capital And Intertemporal Equilibria: A Reply To Mandler," Metroeconomica, Wiley Blackwell, vol. 56(4), pages 411-437, November.
    6. Garegnani, Pierangelo, 1984. "Piero Sraffa," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 8(1), pages 1-2, March.
    7. Pierangelo Garegnani, 2024. "Heterogeneous Capital, the Production Function and the Theory of Distribution," Springer Studies in the History of Economic Thought, in: Roberto Ciccone (ed.), Capital Theory, the Surplus Approach, and Effective Demand, pages 147-193, Springer.
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    Cited by:

    1. Enrico Sergio Levrero, 2021. "Garegnani’s work and the prospects of the surplus approach: an introduction," Bulletin of Political Economy, Bulletin of Political Economy, vol. 15(2), pages 115-121, December.

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    More about this item

    Keywords

    Pierangelo Garegnani; Piero Sraffa; Capital theory; Classical surplus approach; Effective demand;
    All these keywords.

    JEL classification:

    • B32 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Obituaries
    • D30 - Microeconomics - - Distribution - - - General
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian

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