Sraffa and the Reconstruction of Economic Theory: Volume Two Aggregate Demand, Policy Analysis and Growth

by Levrero, Enrico Sergio; Palumbo, Antonella; Stirati, Antonella

• ISBN13: 9780230355293
• ISBN10: 0230355293
• Format: Hardcover
• Copyright: 2013-12-17
• Publisher: Palgrave Macmillan

Summary

Written on the occasion of the 50th anniversary of the publication of Piero Sraffa's Production of Commodities by Means of Commodities, the papers selected and contained in Sraffa and the Reconstruction of Economic Theory account for the work completed around the two central aspects of his contribution to economic analysis, namely the criticism of the neoclassical (or marginalist) theory of value and distribution, and the reconstruction of economic theory along the lines of the Classical approach. Divided into three volumes, Sraffa and the Reconstruction of Economic Theory debates the most fruitful routes for advancement in this field and their implications for applied and policy analysis.

This second volume focuses on the theory of output and growth as developed in the modern classical approach on the basis of the extension to the long run of the Keynesian principle of effective demand, and on the implications of the revival of the classical approach for policy analysis and for understanding the evolution of the international economic order in the last few decades.

Author Biography

Enrico Sergio Levrero is Associate Professor at Roma Tre University, Italy. His main research interests are in the theories of value and distribution, wages and the labour market, issues of monetary economics and Sraffa's works. He previous works include Four Lectures on Wages and the Labour Market (2012) and several articles in academic journals and collected volumes.

Antonella Palumbo is associate Professor of Economics at Roma Tre University, Italy. Her main research interests and activities are in the modern revival of Classical economics and in the theories of demand-led growth. She has published several articles in academic journals and collective volumes.

Antonella Stirati is Professor of Economics at Roma Tre University, Italy. Her main scientific interest is in the revival of the surplus approach, particularly in the areas of income distribution and employment theory. She has published Theory of Wages in Classical Economics (1994) and several articles in academic journals and collective volumes.

Table of Contents

PART I: DEMAND-LED GROWTH IN THE CLASSICAL APPROACH
1. Public Debt and Aggregate Demand; Roberto Ciccone
2. The inevitable Dependence of Investment on Expected Demand: Implications for Neoclassical Macroeconomics; Fabio Petri
3. The Meaning of Output Trends in the Analysis of Growth; Attilio Trezzini
4. Potential Output and Demand-led Growth; Antonella Palumbo
5. An Historical Approach to Demand-Led Growth Theory; Matthew Smith
6. Normal Paths of Growth Shaped by the Supermultiplier; Oscar Dejuan
7. The Pattern of Economic Growth of the Brazilian Economy 1970-2005: A Demand-led Growth Perspective; Fabio N. P. de Freitas and Esther Dweck
PART II: UNDERSTANDING THE INTERNATIONAL ECONOMIC ORDER
8. Continuity and Change in the International Economic Order: Towards a Sraffian Interpretation of the Change in the Trend of Commodity Prices in the 2000s; Franklin Serrano
9. The Political Economy of the Rise and Decline of Developmental States; Carlos Aguiar de Medeiros
10. Harmonic and Conflict Views in International Economic Relations: a Sraffian view; Sergio Cesaratto
11. Lessons From the Crisis: The Macroeconomics of Leverage; Paolo Leon