Critical Economics in Times of Crisis (Third Seminar) - Fabio Petri

Описание: A Crisis Of Capital(ism)? (Friday 27 March 2015)

The third seminar of the series Critical Economics in Times of Crisis has introduced the virtues of Capital Theory as elaborated by the Italian economist Piero Sraffa. Its insights represent a coherent and alternative vision of the capitalist economy with respect to the neoclassical marginalist view. The seminar was aimed to present some theoretical aspects of this approach as well as to discuss its political implications for a better understanding of the current economic crisis.

FABIO PETRI (Università degli Studi di Siena)
Title: Capital Theory: implications for the theories of distribution, employment and growth

Abstract: Capital theory studies the implications deriving from the existence of a rate of return on produced means of production. The recent advances started by Piero Sraffa re-establish the solidity of the classical or surplus approach and indicate insurmountable problems in neoclassical theory. Reswitching and reverse capital deepening undermine the decreasing demand curve for labour and the capacity of the rate of interest to bring investment into equilibrium with savings. One must turn to a classical conflicting view of the determinants of income distribution, and to aggregate demand and its evolution over time as the determinant of employment and growth.

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