Template-Type: ReDIF-Article 1.0
Author-Name: Emiliano Brancaccio
Author-Email:
Author-Workplace-Name: Università del Sannio - DASES
Title: Un modello di teoria monetaria della produzione capitalistica. Un'alternativa «classico-circuitista» al paradigma neoclassico della scarsità
(A model of monetary theory of capitalist production)
Abstract:  In order to sketch out a common analytical framework between classical and circuit theories we
build a model of ‘monetary theory of capitalist production’. The structure of this model consists of
a classical ‘core’ inspired to Garegnani (1981, 1990) and an ‘extension’ based on the monetary circuit
theory of Graziani (1984, 2003). It is shown that this structure is conceptually alternative to the neoclassical
paradigm of scarcity. We also criticise Hahn (1982), who defined this kind of models as a
‘special case’ of the neoclassical theory. In particular, we demonstrate that Hahn’s interpretation is
based on the paradox of considering ‘the past dependent on the future’. The comparison between
the monetary theory of capitalist production and the neoclassical analysis is developed within a wellknown
mathematical framework, derived from Solow (1956)
Classification-JEL:B51; E11; E12; E13
Keywords: Current heterodox approaches; general aggregative models 
(Approcci eterodossi contemporanei; modelli di crescita e distribuzione)
Journal: Il Pensiero Economico Italiano
Pages: 91-122
Volume: 13
Issue: 1
Year: 2005
File-URL: http://www.libraweb.net/articoli.php?chiave=200506301&rivista=63
Handle: RePEc:pei:journl:v:13:y:2005:1:5:p:91-122