Economic Crisis and Economic Thought : Alternative Theoretical Perspectives on the Economic Crisis.

Cover -- Half Title -- Series Page -- Title Page -- Copyright Page -- Table of Contents -- List of figures -- List of tables -- List of contributors -- Foreword -- Introduction: escaping from the economics cave -- 1. A Janus-faced crisis -- 2. Plato against the economists -- 3. Shadow economic theory versus real economic phenomena -- 4. Economic models as modern simulacra -- 5. The old is dying, but . . . -- 6. Our economics menu -- 7. Looking for the light at the end of the . . . cave -- Notes -- PART I: Alternative methodologies -- Chapter 1: Critical dilemmas in the methodology of economics facing the crisis -- 1. Introduction -- 2. The dilemma of causality -- 3. More dilemmas -- 4. Concluding remarks -- Acknowledgments -- Notes -- References -- Chapter 2: "Anti-Blanchard": a comparative technique for macroeconomics -- 1. Signals of crisis in the 'core' of contemporary macroeconomics -- 2. Rediscovering a comparative approach to economic theory and policy -- 3. "Anti-Blanchard": a comparative approach in the sphere of teaching -- 4. Further comparisons between alternative paradigms: monetary policy rules -- 5. Which paradigm fits better with the data? Some empirical tests -- References -- PART II: Alternative theories -- Chapter 3: The originality of the Italian debate on Marx -- 1. Value and the falling rate of profit: Croce and Gramsci -- 2. Traditional Marxism: Dobb, Sweezy and Meek -- 3. Abstract labour as a "real abstraction": Lucio Colletti -- 4. Value and prices of production: Pierangelo Garegnani, Marco Lippi and Fernando Vianello -- 5. Value and the social relations of production: Claudio Napoleoni -- 6. Logic and history in Capital: Cesare Luporini -- 7. The method of presentation in Capital: Lorenzo Calabi and Alessandro Mazzone -- 8. Value and the transformation as a pseudo-problem: Rodolfo Banfi.

9. Value and social need: Guido Carandini and Sandra Caliccia -- 10. Between Ricardo and Keynes: Giorgio Lunghini, Alessandro Roncaglia and Marcello Messori -- 11. Value and the monetary circuit: Augusto Graziani -- 12. Crisis theory: Claudio Napoleoni and Mariano D'Antonio -- 13. The renewal of the debate in the 1990s -- 14. Conclusions -- Notes -- References -- Chapter 4: What capital theory can teach us -- 1. The classical conflict-based view of wage determination -- 2. The neoclassical picture: capitalism as a fair and efficient cooperation of sacrifices -- 3. Differences between the two approaches -- 4. Surmounting a weakness of the classical approach -- 5. Capital goods are different from lands -- 6. Capital: the single factor of variable 'form', and long-period equilibria -- 7. Reswitching -- 8. Reverse capital deepening -- 9. The shift to neo-Walrasian equilibria -- 10. Alternatives -- Further reading on capital theory -- Appendix -- Notes -- References -- Chapter 5: The modern revival of the Classical surplus approach: implications for the analysis of growth and crises -- 1. Introduction -- 2. Pills of the surplus approach -- 3. Macroeconomic implications: capital accumulation, money and crisis -- 4. Modern Classical Theory and other heterodox approaches -- 5. Conclusions -- Notes -- References -- Chapter 6: A Marx 'crises' model: the reproduction schemes revisited -- 1. Introduction -- 2. The benchmark model -- 3. The reproduction conditions -- 4. The amended model -- 5. Some experiments: shocking Marx -- 6. Final remarks -- Appendix 1: The monetary expression of social labour time -- Appendix 2: Simple reproduction condition - a disaggregated formulation -- Notes -- References -- Chapter 7: High wages and economic growth in a Kaldorian theoretical framework -- 1. Introduction -- 2. The high wage theory -- 3. Kaldor's second law revised.

4. Concluding remarks -- Notes -- References -- Chapter 8: Financial crises and sustainability: competing paradigms and policy implications -- 1. Introduction -- 2. Money and the real economy in mainstream economics: a bird's eye view -- 3. Money as quantity and the real economy -- 4. Money as evolving technological and institutional structure -- 5. The process of financialisation in the long run -- 6. Different visions of business cycles crises -- 7. Alternative understandings of the "great crises" -- 8. Different concepts of sustainability associated to the paradigms analysed earlier -- 9. Synchronic views on the interaction between financialisation and sustainability -- 10. Diachronic views on the interaction between financialisation and sustainability -- 11. Concluding remarks -- Notes -- References -- Chapter 9: Finance is not the dark side of the force -- 1. Introduction -- 2. Method and finance in the macro-economy: using the yin-yang metaphor to highlight the role of subjective pre-analytic visions -- 3. Facing financial crises of the past -- 4. Building a paradigm of endogenous financial instability: naïve sketch -- 5. Concluding remarks -- Notes -- References -- PART III: Alternative analyses and policies -- Chapter 10: Technological and productive systems facing the economic crisis: heterogeneity, convergence and divergence in the European Union -- 1. Introduction -- 2. The methodology -- 3. National technological systems -- 4. National productive systems -- 5. Conclusions -- Notes -- References -- Chapter 11: Reshaping the economy: an industrial and investment policy for Europe -- 1. Policies for post-crisis Europe -- 2. The policy space -- 3. A proposal for a European industrial and investment policy -- 4. An appropriate policy context -- 5. Conclusions -- Notes -- References -- Index.

The ongoing economic crisis has revealed fundamental problems both in our economic system and the discipline which analyses it. This book presents a series of contrasting but complementary approaches in economic theory in order to offer a critical toolkit for examining the modern capitalist economy.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.