Il capitalismo dopo il coronavirus: beni pubblici, sostenibilità e ruolo dello Stato

La pandemia da Coronavirus rappresenta l’occasione di mettere in atto il tanto discusso cambiamento dell’attuale sistema capitalistico, attraverso la riaffermazione: i) di principi etici e morali, come quello […]

Eccesso di capacità e stagnazione secolare. Un nuovo framework per l’analisi

This paper aims to provide a first conceptual framework within which to explain the phenomenon of secular stagnation, highlighting the tendency towards a “chronic excess capacity” rather than referring, as in the mainstream analysis on the topic, to a “non-temporary excess of savings on the volume of private investments”. Our approach allows us to focus the role of mutual interactions between financial institutions and the real economy, as well as the power relations between the different economic actors.

Sui rischi dell’inflazione degli stock di ricchezza finanziaria

After the great crisis of 2007-2008, the average stock prices of financial wealth (stocks and securities) on the major stock markets have been characterized by a continuous growth that the economists are still struggling to explain. In this paper we propose an interpretation and a subsequent empirical review of the phenomenon that is based on a complete re-formulation of the quantum theory of the money. According to it, wealth stock inflation is an indirect effect of an excess of production capacity in the real economy and the associated process of creating new money.