La debolezza teorica del dogmatismo ordoliberale tedesco

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.

Quota salari e regime di accumulazione in Italia

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.

Sulle critiche alla Moneta Fiscale: una risposta a Roberto Perotti

Lunedì 16 ottobre su Repubblica, Roberto Perotti ha pubblicato un articolo intitolato “Il grande bluff della Moneta Fiscale” (1) pieno di inesattezze sulla proposta della moneta fiscale che, […]

Perché la crescita (degli investimenti) non ci salverà

Most economists believe that the economic crisis is due to a structural excess of saving on investment. However, if we admit that production decisions follow the effective demand, it is easy to show that S and I are always equal. We suggest instead that crisis is due to the lack of demand that causes a high degree of unused capacity. The resulting sunk costs could be transferred to wages, further reducing demand. So, increasing investment, without raising wages, would worsen the effect of the crisis.

Lotta alla deflazione? Il compito della BCE è un altro

An empirical analysis by Brancaccio, Fontana, Lopreite and Realfonzo shows that the ECB is not capable of controlling the nominal income trend and therefore also inflation. The following study is in line with the alternative argument, according to which the real task of the central bank is to regulate the rhythm of insolvencies in the economic system.

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