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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...
This article discusses the importance of the intertemporal constraint on the government budget for financially integrated market economies, and emphasizes the need for governments to ensure the sustainability of their liabilities as a precondition for the effective use of fiscal policy for anti-cyclical purposes. The paper concludes discussing the implications of the budget constraint for Italy’s fiscal policy, including under the hypothesis of the country exiting the euro.
The view that public debt is a burden on future generations and it must be subject to institutional constraints is based on the notion of public debt as an inflationary overhang. This, on its turn, rests upon a quantity-theoretic view of monetary policy that the past decade has empirically disproved. A deep rethinking of fiscal policy rules is needed.