Template-type: ReDIF-Article 1.0 Author-Name: Quadrio Alberto Curzio Title: Opening address Abstract: This short opening address outlines the academic and scientific accomplishments for which Augusto Graziani was elected Fellow of the Accademia dei Lincei, including his contribution to the Lincei Academy. The remarkable and admirable personality of Augusto Graziani comes out very clearly. Classification-JEL: B32, A11 Keywords: Note: Pages:7-9 Volume: 2014/112 Year: 2014 Issue:112 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=54085&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2014-112001 Number: 1 Template-type: ReDIF-Article 1.0 Author-Name: Domenicantonio Fausto Title: Augusto Graziani: a profile Abstract: The aim of this paper is to present the figure of Augusto Graziani and to draw a succinct profile of his main scientific contributions. Classification-JEL: B31, B32 Keywords: Note: Pages:10-28 Volume: 2014/112 Year: 2014 Issue:112 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=54086&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2014-112002 Number: 2 Template-type: ReDIF-Article 1.0 Author-Name: Giacomo Costa Title: Augusto Graziani on the walrasian capital formation model Abstract: In the Sixties of the last century there was in Italy a re-kindling of interest for Walrasian theory. Several economists wrote on it, expounding opposing opinions. This partly reflected the hectic ideological climate of that decade, and Graziani could not but be influenced by it. Yet his book Equilibrio generale ed equilibrio macroeconomico testifies to his deep intellectual curiosity and searching attitude. The key problem was the consistency of the Walrasian capital formation model. The dominant opinion was that of over-determinacy. Graziani opted for under-determinacy. He provided two arguments, the first of which was based on a misinterpretation of Walras? Law, the second, an ingenious one, would have led, if properly completed, to determinacy. His criticisms of over-determinacy are penetrating and constructive: he suggested a promising dynamic over-determinacy thesis which integrates the markets for newly produced and for second hand capital goods. Classification-JEL: B13, D50, D92, E13 Keywords: Note: Pages:31-52 Volume: 2014/112 Year: 2014 Issue:112 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=54087&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2014-112003 Number: 3 Template-type: ReDIF-Article 1.0 Author-Name: Lilia Costabile Title: The links between economic theory and the history of economic thought. Graziani from general equilibrium analysis to the theory of the monetary circuit Abstract: Augusto Graziani?s theoretical work is closely intertwined with his ceaseless virtual dialogue with the economists of the past. Here I propose a novel investigation of the links that connect his theoretical work with his studies in the history of economic thought. I consider how the evolution of Graziani?s own theoretical approach went hand in hand with his studies on other economists and schools of thought, from his early analysis of General Equilibrium Theory to the Theory of the Monetary Circuit. Walras, Pareto, Barone, Knight, Hayek, Hicks, Fu?, Malthus, Marx, Wicksell, Schumpeter, Robertson, Fanno, Keynes are some, but by no means all, of the authors to whom Graziani devoted his attention. I illustrate the relationships between their models and Graziani?s own theoretical framework. This investigation sheds light on Graziani?s critical approach to the history of the discipline, and on the very close association between the analytical and the conceptual dimensions of his work. Classification-JEL: B31, B 59, D51, E40, E51 Keywords: Note: Pages:53-71 Volume: 2014/112 Year: 2014 Issue:112 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=54088&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2014-112004 Number: 4 Template-type: ReDIF-Article 1.0 Author-Name: Vincenzo Giura Title: Economic theory and economic history: Graziani?s vision Abstract: After summarising the essay on economic history by Augusto Graziani, Il commercio estero del Regno delle due Sicilie dal 1838 al 1858, the article compares the idea which he had of the relationship between economic theory and economic history with those of other great economists and economic historians. From the comparison there emerge many points in common and, basically, that the economist needs the historian to obtain material on which to work, while - according to John Hicks - it is not the task of the historian "to think in theoretical terms". Classification-JEL: N73, N01 Keywords: Note: Pages:72-79 Volume: 2014/112 Year: 2014 Issue:112 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=54089&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2014-112005 Number: 5 Template-type: ReDIF-Article 1.0 Author-Name: Riccardo Martina Title: The theory of the firm in the scientific work of graziani Abstract: The analysis of the scientific production of Graziani is a difficult but challenging task. His contributions to numerous areas of economics provide plenty of interesting and stimulating insights. However, the search for a systematic assessment of his work proves to be extremely complex. This turns out to be particularly true for his contributions to fields that have not been at the very centre of his research agenda, as is the case of the theory of the firm. In order to provide a tentative analysis of his contribution in this field, this note presents a rapid overview of Graziani?s critical evaluation of the neoclassical theory of the firm, from his textbook analysis to his critical remark on the design of incentive policies. The note aims at showing that his originality, joint with the full command of the "orthodox" theory, made Graziani capable of providing interesting insights even in this field. Classification-JEL: B20, D21, L20 Keywords: Note: Pages:80-89 Volume: 2014/112 Year: 2014 Issue:112 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=54090&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2014-112006 Number: 6 Template-type: ReDIF-Article 1.0 Author-Name: Ferruccio Marzano Title: On Graziani?s monetary theory of production Abstract: In the paper it is underlined that, building on previous German and French literature, in various outstanding contributions Graziani analyses the working of a credit capitalist economy, that is an economy in which banks? decisions on the amount of credit provided to firms are the starting point in the functioning of the economy. In particular, in Graziani?s vision, the power of banks and that of firms conflict each other, whereas the role of workers is a residual one. Classification-JEL: B31, E51 Keywords: Note: Pages:90-97 Volume: 2014/112 Year: 2014 Issue:112 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=54091&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2014-112007 Number: 7 Template-type: ReDIF-Article 1.0 Author-Name: Federico Pica Title: Graziani?s approach to teaching economics Abstract: Graziani states that teaching is not and cannot be a neutral science. Teaching and research result from the ideological and conceptual approach of the lecturer, from their social sensitiveness, from their ability to deal effectively with the issues which they consider "topical, current, relevant". This is not a mere theoretical enunciation, but a rule which Graziani follows and applies to a number of different issues, such as the role of welfare distributionin economic science, the problems in the measurement of real income, the effects of changes in taxes on the aggregate demand. In this latter regard, it can be shown that Graziani?s approach leads to the conclusion that certain operations, such as the tax cut of 80 Euros funded by reductions in public spending, cannot produce an increase, but a reduction in the aggregate demand. Classification-JEL: B31, A20 Keywords: Note: Pages:98-108 Volume: 2014/112 Year: 2014 Issue:112 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=54092&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2014-112008 Number: 8 Template-type: ReDIF-Article 1.0 Author-Name: Alfredo Del Monte Title: The southern question in the Graziani?s thought Abstract: This paper shows that there is a unitary aspects in Graziani?s works on Southern question: the idea that is necessary to supplement the economics aspects that in different period have determined the policies toward Mezzogiorno with an analysis that explains the dynamic of Southern Italian social structure. The conclusion of Graziani is that the dominance in the South of social groups which are not interested in the process of industrialization is the main factor which prevents the Mezzogiorno from making further progress on the way of development. This paper examines also if there is an empirical evidence in the period 1951-2005 to support the Graziani dependent economy model. The paper shows that such evidence exists only from the period 1951-75. The conclusion of the paper is that the approach to Southern question made after 1980, Graziani an heterodox economist relative dominant thought but that his ideas has always aroused lively interest also from people that disagree with him. Classification-JEL: O1, R58 Keywords: Note: Pages:111-133 Volume: 2014/112 Year: 2014 Issue:112 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=54093&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2014-112009 Number: 9 Template-type: ReDIF-Article 1.0 Author-Name: Giancarlo De Vivo Title: Graziani?s reader on the italian economy Abstract: The present paper traces the history of the publication and the conception of Graziani?s reader on the Italian economy in the period after WW2, a successful book of which several editions have been published. It attempts to show what is the place of this book, and in particular of its long introductory essay, in the evolution of Graziani?s interpretation of the development of the Italian economy, and more generally in his economic thought. It is argued that the reader is placed at a crucial point of that evolution. Classification-JEL: B3 Keywords: Note: Pages:134-142 Volume: 2014/112 Year: 2014 Issue:112 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=54094&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2014-112010 Number: 10 Template-type: ReDIF-Article 1.0 Author-Name: Adriano Giannola Title: Orthodoxy and etherodoxy in graziani?s thought Abstract: This contribution attempts to evaluate Augusto Graziani?s legacy. His thinking, shaped by the neoclassical orthodoxy, and by Keynes? work, has structured an original, heterodox framework. His heterodoxy, was marked by the progressive overcoming of the concept of equilibrium, looking for a "possible equilibrium", which did not legitimize the concept of "naturalness" or, even less, that of classical full employment of the General Equilibrium approach. Dynamics is the "core" of his analysis which considers relevant to deal with development, as opposed to the static approach of growth. In this perspective, banks-firms nexus in a monetary theory of production is crucial to reach an "unqualified equilibrium". Coming to real world, the need to govern the economy through a process of development brings back to our dualism. His lucid analysis of the Italian experience reveals his profound reformist commitment and his well grounded distrust of the healing miracle entrusted to market mechanisms. Classification-JEL: B3, B5, O1 Keywords: Note: Pages:143-155 Volume: 2014/112 Year: 2014 Issue:112 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=54095&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2014-112011 Number: 11 Template-type: ReDIF-Article 1.0 Author-Name: Ugo Marani Title: Economic monetary union and regional divergences: the legacy of Augusto Graziani Abstract: The paper outlines the relevance of Graziani?s thinking concerning the effects on Italy?s Southern regions of the creation of European Monetary Union. His interpretation displayed, since the Sixties, the difficulties of growth in those areas and their dependence by the "open economy" setting that favoured more dynamical Northern Areas. Moreover the lack of national policies, aimed at removing those disequilibria, deepened the territorial divergences. Such an approach is, in our view, still convincing and reinforces, indeed, its validity even in the presence of a radical change of the context in which those reflections matured. We suggest the mechanisms underlying the "export-led-growth regional dualism" of some decade is quite similar to "crisis led dualism" of today European Monetary Union. It is not by chance, hence, that recent innovative models working on resilience and hysteresis in lagging regions begin to reassess the Graziani?s interpretation. Classification-JEL: F15, F43, F45, R12 Keywords: Note: Pages:159-171 Volume: 2014/112 Year: 2014 Issue:112 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=54096&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2014-112012 Number: 12 Template-type: ReDIF-Article 1.0 Author-Name: Antonio Pedone Title: Economic stabilization and growth policies in Augusto Graziani?s approach Abstract: In his analysis of Italian post-war economic growth, Augusto Graziani has pointed out the main shortcomings of Italy?s economic policy, particularly after the end of the so-called "economic miracle". He was very critical of Italian short-term stabilization policy founded mainly on deflationary monetary policy with negative consequences on employment and investment. He was in favour of a short-term stabilization policy strictly linked to policies designed to boost growth and to mitigate the many "dualisms" affecting the Italian economy. To this end, he proposed a large programme of public investment, not only of public works but also of industrial investment from state-owned enterprises. Classification-JEL: E52, E61 Keywords: Note: Pages:172-181 Volume: 2014/112 Year: 2014 Issue:112 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=54097&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2014-112013 Number: 13 Template-type: ReDIF-Article 1.0 Author-Name: Domenicantonio Fausto Title: Writings of augusto Graziani Abstract: Classification-JEL: Keywords: Note: Pages:185-211 Volume: 2014/112 Year: 2014 Issue:112 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=54098&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2014-112014 Number: 14