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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.
Emphasizing the contradictions of Hans-Werner Sinn’s ordoliberal reasoning, the article emphasizes the usefulness of the works of Schumpeter and Minsky to re-evaluate Keynes’s critique of neoclassical economics. This criticism is more relevant than ever for the definition of a social-democratic political-economic approach alternative to the German-inspired neoliberal and to the populist-liberal approaches characterizing the current European and Italian political scene.
Neoliberalism is told to be new, but it is old. It is the philosophy of the industrial revolution and – as Walter Lippmann wrote – “its task is to modify men and human behaviour, adapting them to the requirements of capitalism in all of its developments”. Today, this neoliberal political and anthropological project is hegemonic: market and competition (and creative destruction) are accepted forms of life. In particular, ordoliberalism is now ordoliberalism 2.0 and ordopopulism.
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.
During the last decades, there has been a considerable decline in the wage share in both developed and developing countries. This paper provides a theoretical and empirical investigation on the relationship between the redistribution of income in favour of wages and economic growth. The analysis deepens the effects of a change in the wage share on aggregate demand in Italy. The policy conclusions of the paper question the effectiveness of the current wage moderation strategies, especially implemented in Italy, suggesting the adoption of redistributive policies aiming at stimulating the growth of the economic system.