lynx   »   [go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/psl/moneta/201936.html
   My bibliography  Save this article

Alla ricerca di una migliore teoria macroeconomica (Looking for a better macroeconomic theory)

Author

Listed:
  • Heinz D. Kurz

    (University of Graz)

  • Neri Salvadori

    (Università di Pisa)

Abstract
Questo articolo sottolinea che un certo numero di elementi costitutivi della moderna macroeconomia e dei risultati che ne derivano non sono sostenibili. Il riferimento è alle presunte microfondazioni della teoria e, in particolare, all'uso di funzioni di produzione macroeconomiche e al metodo dell'agente rappresentativo. Le leggi semplici e apparentemente non invasive della domanda di input e dell'offerta di output non sono sostenibili in generale. I macroeconomisti sono spesso orgogliosi di sviluppare le loro argomentazioni in termini di una versione ridotta della teoria dell'equilibrio generale, ma si comportano come se ignorassero che la stabilità dell'equilibrio economico generale non può essere dimostrata in condizioni sufficientemente generali. Una ulteriore fonte di instabilità del sistema economico è riscontrabile nel carattere dirompente del cambiamento tecnologico. A number of the constituent elements and results of modern macroeconomics are not tenable. We refer to the alleged microfoundations of the prevailing theory, to the use of macroeconomic production functions and to the representative agent method. The simple and apparently unobtrusive laws of input demand and output supply are not valid in general. Macroeconomists often pride themselves of developing their argument in terms of a stripped-down version of general equilibrium theory, but they ignore the fact that the stability of general economic equilibrium cannot be demonstrated under sufficiently general conditions. A further source of instability of the economic system is the disruptive nature of technological change.

Suggested Citation

  • Heinz D. Kurz & Neri Salvadori, 2019. "Alla ricerca di una migliore teoria macroeconomica (Looking for a better macroeconomic theory)," Moneta e Credito, Economia civile, vol. 72(287), pages 229-247.
    • Handle: RePEc:psl:moneta:2019:36
    as

    Download full text from publisher

    File URL: https://ojs.uniroma1.it/index.php/monetaecredito/article/view/15562/14982
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Olivier Blanchard & Jordi Galí, 2010. "Labor Markets and Monetary Policy: A New Keynesian Model with Unemployment," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(2), pages 1-30, April.
    2. Opocher,Arrigo & Steedman,Ian, 2015. "Full Industry Equilibrium," Cambridge Books, Cambridge University Press, number 9781107097797, January.
    3. Paul M. Romer, 2015. "Mathiness in the Theory of Economic Growth," American Economic Review, American Economic Association, vol. 105(5), pages 89-93, May.
    4. David Levhari, 1965. "A Nonsubstitution Theorem and Switching of Techniques," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 79(1), pages 98-105.
    5. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    6. Heinz D. Kurz & Marlies Schütz & Rita Strohmaier & Stella Zilian, 2018. "Riding a new wave of innovations," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 44(4), pages 545-583.
    7. Forni, Mario & Lippi, Marco, 1997. "Aggregation and the Microfoundations of Dynamic Macroeconomics," OUP Catalogue, Oxford University Press, number 9780198288008.
    8. Harcourt,G. C. With contributions by-Name:Cohen,Avi J. With contributions by-Name:Mata,Tiago, 2022. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9781009158152, November.
    9. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, January.
    10. Olivier J. Blanchard & Lawrence H. Summers, 2017. "Rethinking Stabilization Policy: Evolution or Revolution?," NBER Working Papers 24179, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. J. Barkley Rosser, 2020. "Austrian themes and the Cambridge capital theory controversies," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(4), pages 415-431, December.
    2. Garbellini, Nadia, 2020. "Measurement without theory, and theory without measurement: What's wrong with Piketty's capital in the XXI century?," Structural Change and Economic Dynamics, Elsevier, vol. 52(C), pages 50-62.
    3. Döring, Ralf, 2006. "Ressourceninput und der Input ökologischer Leistungen in der Kapitaltheorie," Wirtschaftswissenschaftliche Diskussionspapiere 06/2006, University of Greifswald, Faculty of Law and Economics.
    4. Luigi L. Pasinetti, 2000. "Critique of the neoclassical theory of growth and distribution," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 53(215), pages 383-431.
    5. Luigi L. Pasinetti, 2000. "Critique of the neoclassical theory of growth and distribution," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 53(215), pages 383-431.
    6. Nadia Garbellini, 2018. "Inequality in the 21st Century:A Critical Analysis of Piketty`s Work," Working Papers Series 69, Institute for New Economic Thinking.
    7. Robert A. Blecker & Mark Setterfield, 2020. "On multi-sector and multi-technique models, production functions and Goodwin cycles: a reply to Libman," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 17(3), pages 295-306, November.
    8. Daniele Tavani, 2023. "The Classical Model of Growth and Distribution," Working Papers 2311, New School for Social Research, Department of Economics.
    9. Smith, Matthew, 2018. "Demand-Led Growth Theory in a Classical Framework: Its Superiority, Its Limitations, and Its Explanatory Power," Centro Sraffa Working Papers CSWP29, Centro di Ricerche e Documentazione "Piero Sraffa".
    10. Roberto Veneziani & Luca Zamparelli & Amitava Krishna Dutt, 2017. "Heterodox Theories Of Economic Growth And Income Distribution: A Partial Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1240-1271, December.
    11. Giovanni Dosi & Marco Grazzi, 2005. "Technology as Problem-Solving Procedures and Technology as Input-Output Relations: Some Perspectives on the Theory of Production," LEM Papers Series 2005/26, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    12. Ayres, Robert U. & van den Bergh, Jeroen C.J.M. & Lindenberger, Dietmar & Warr, Benjamin, 2013. "The underestimated contribution of energy to economic growth," Structural Change and Economic Dynamics, Elsevier, vol. 27(C), pages 79-88.
    13. Lance Taylor, 2015. "Veiled Repression: Mainstream Economics, Capital Theory, and the Distributions of Income and Wealth," SCEPA working paper series. 2015-08, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    14. Jesus Felipe & J. S. L. McCombie, 2005. "WHY ARE SOME COUNTRIES RICHER THAN OTHERS? A SKEPTICAL VIEW OF MANKIW–ROMER–WEIL's TEST OF THE NEOCLASSICAL GROWTH MODEL," Metroeconomica, Wiley Blackwell, vol. 56(3), pages 360-392, July.
    15. Charles R. Hulten, 2017. "The Importance of Education and Skill Development for Economic Growth in the Information Era," NBER Working Papers 24141, National Bureau of Economic Research, Inc.
    16. Kazuhiro Kurose, 2022. "A two-class economy from the multi-sectoral perspective: the controversy between Pasinetti and Meade–Hahn–Samuelson–Modigliani revisited," Evolutionary and Institutional Economics Review, Springer, vol. 19(1), pages 239-270, April.
    17. Heinz D. Kurz, 2017. "Is there a “Ricardian Vice”? And what is its relationship with economic policy ad“vice”?," Journal of Evolutionary Economics, Springer, vol. 27(1), pages 91-114, January.
    18. Nicholas Tsounis & Ian Steedman, 2021. "A New Method for Measuring Total Factor Productivity Growth Based on the Full Industry Equilibrium Approach: The Case of the Greek Economy," Economies, MDPI, vol. 9(3), pages 1-21, August.
    19. H. Bortis, 1976. "On the Determination of the Level of Employment in a Growing Capitalist Economy," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 112(I), pages 67-93, March.
    20. Bertola, Giuseppe, 2000. "Macroeconomics of distribution and growth," Handbook of Income Distribution, in: A.B. Atkinson & F. Bourguignon (ed.), Handbook of Income Distribution, edition 1, volume 1, chapter 9, pages 477-540, Elsevier.

    More about this item

    Keywords

    capital theory; ceteris paribus clause; innovations; microfoundations;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:psl:moneta:2019:36. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Carlo D'Ippoliti (email available below). General contact details of provider: http://www.economiacivile.it .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.
    Лучший частный хостинг