Template-Type: ReDIF-Article 1.0
Author-Name: Terenzio Cozzi
Author-Email:
Author-Workplace-Name: Università di Torino - Dipartimento di Economia «S. Cognetti de Martiis»
Title: Economia politica: stato attuale e prospettive 
(Political economy: present state and future perspecives)
Abstract: In the present state of the economics debate, the study of the history of this science is more necessary
than ever. On the one hand, the economists’ ‘toolbox’ is growing but, on the other hand, the opposition
between the advocates of self-adjusting market equilibrium, and those who, mainly inspired
by Keynes, highlight its failures, remains unchanged. Economists seem sometimes sensible to fashions,
as in the case of growth theory. Here, despite Pasinetti’s victory in the controversy on capital,
the aggregate production function is still in use, and neoclassical economists simply react by shifting
their attention on other topics. In macroeconomic theory, the lack of realism of the basic neoclassical
model is ever increasing, whereas Keynesian economists, despite divisions in their camp, keep
warning that uncertainty, the non-neutrality of money, unemployment and price-wage rigidities
make the neoclassical confidence in spontaneous self-adjustment quite hard to believe. The proposal
of a new neoclassical synthesis, launched by some Keynesian economists, met no success amongst
American mainstream economists, as well as amongst heterodox economists of various creed. In microeconomic
research some appreciable results have been obtained, although in many cases the theory
is scarcely applicable to the analysis of the real economy. This is often due to over-formalisation,
lack of realism, and dubious rationality assumptions. As to the future, a more intense double-way
collaboration between economists, social scientists and natural scientists is required if we want to
provide solutions to the problems of development and globalisation.
Classification-JEL: B21, B22, O11, O12 
Keywords: modello neoclassico; teoria keynesiana; economia dello sviluppo; globalizzazione 
(neoclassical model; Keynesian theory; development economics; globalisation)
Journal: Il Pensiero Economico Italiano
Pages: 12-23
Volume: 17
Issue: 1
Year: 2009
File-URL: http://www.libraweb.net/articoli.php?chiave=200906301&rivista=63
Handle: RePEc:pei:journl:v:17:y:2009:1:1:p:12-23