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Augusto Graziani: Theoretician, Applied Economist, Historian of Economic Thought—An Appraisal

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  • Lilia Costabile

Abstract

Augusto Graziani, one of the leading Italian economists in his generation, brought to economics the gifts of an analytically-oriented mind, crystal-clear logical reasoning, flawless erudition, and a passionate interest in the political and policy implications of both theoretical models and empirical analysis. After a presentation of Graziani’s life and career, this article investigates the links connecting his theoretical evolution from general equilibrium analysis to circuit theory, his interpretation of the development of the Italian economy, and his approach to the history of economics. While recognising change in his analytical framework, I argue in favour of a basic continuity in his thought around the central themes of capital accumulation and the origins of its ownership and control. Copyright Società Italiana degli Economisti (Italian Economic Association) 2015

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  • 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.
    • Handle: RePEc:spr:italej:v:1:y:2015:i:2:p:155-170
    DOI: 10.1007/s40797-015-0008-5
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    References listed on IDEAS

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    1. Lilia Costabile, 2005. "L'analisi delle fluttuazioni cicliche prima della rivoluzione Keynesiana," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2005(87).
    2. Bliss, C. J., 1975. "Capital Theory and the Distribution of Income," Elsevier Monographs, Elsevier, edition 1, number 9780720436044 edited by Bliss, C. J..
    3. Riccardo Bellofiore, 2013. "A heterodox structural Keynesian: honouring Augusto Graziani," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(4), pages 425—430-4, October.
    4. Lilia Costabile, 2014. "Augusto Graziani (1933-2014)," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2014(1), pages 163-168.
    5. Graziani,Augusto, 2003. "The Monetary Theory of Production," Cambridge Books, Cambridge University Press, number 9780521812115, September.
    6. Philip Arestis & Malcolm Sawyer, 1992. "A Biographical Dictionary of Dissenting Economists," Books, Edward Elgar Publishing, number 20.
    7. McLeay, Michael & Radia, Amar & Thomas, Ryland, 2014. "Money creation in the modern economy," Bank of England Quarterly Bulletin, Bank of England, vol. 54(1), pages 14-27.
    8. Lilia Costabile, 2005. "Money, cycles and capital formation: von Mises the "Austrian" vs. Robertson the "Dynamist"," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(5), pages 685-707, September.
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    Cited by:

    1. 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.
    2. 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.
    3. 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.
    4. 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.

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    More about this item

    Keywords

    Augusto Graziani; General equilibrium theory; Circuit theory; Italian economy; History of economics; B31; B59; D51; E40; E51;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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