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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.
Cobb-Douglas aggregate production function surely represents the cornerstone of the neoclassical theory. However, its good fit implies the respect for a series of unrealistic and increasingly restrictive hypothesis. So, this article attempts to summarize and to analyze the most important objections to Cobb-Douglas function raised by heterodox economists.
This is a paper on the role of capital in the theory of value. The guidelines of an analytical treatment of the subject are proposed and their policy implications are considered. The central problem discussed is the integration of the theories of value and capital with those of money and finance.
According to the neoclassical convergence theory i) relatively poorer economies tend to growth faster than the relatively richer ii) and all economies converge at the same growth rate in the long term. The article investigates the income convergence process and the results show substantial failure of the convergence dynamics.
Nobel 2017 per le scienze economiche assegnato a Richard Thaler dell’Università di Chicago, per i suoi contributi allo sviluppo dell’economia comportamentale. Una branca di ricerca promettente che tuttavia Thaler non sgancia dall’ideale normativo della...