Journal title HISTORY OF ECONOMIC THOUGHT AND POLICY
Author/s Giovanni Michelagnoli
Publishing Year 2023 Issue 2023/1 Language English
Pages 23 P. 45-67 File size 164 KB
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This paper surveys Vicarelli’s economic policy proposals. We begin by offering brief contextual sketches and later examine the flaws in the "neoclassical synthesis" approach in accounting for stagflation. By first recognizing the inadequacy of the traditional approach at the heuristic-interpretative level, we then recall the policy proposals suggested by Vicarelli in order to foster the accumulation process. As will be pointed out, these were useful tools in restoring and enhancing the state of confi- dence as well as the marginal efficiency of capital. We conclude that Vicarelli leans towards a sort of "return to Keynes" in considering institutional engineering solu- tions in the context of a monetary production economy, whose functioning is af- fected by complex interaction mechanisms and systemic uncertainty.
Keywords: Vicarelli, accumulation, marginal efficiency of capital, IS-LM model
Jel codes: B22, B31, E12
Giovanni Michelagnoli, Facing Stagflation in the Seventies in Italy: Fausto Vicarelli’s Economic Policy Proposals in "HISTORY OF ECONOMIC THOUGHT AND POLICY" 1/2023, pp 45-67, DOI: 10.3280/SPE2023-001002