Eccesso di capacità e stagnazione secolare. Un nuovo framework per l’analisi

This paper aims to provide a first conceptual framework within which to explain the phenomenon of secular stagnation, highlighting the tendency towards a “chronic excess capacity” rather than referring, as in the mainstream analysis on the topic, to a “non-temporary excess of savings on the volume of private investments”. Our approach allows us to focus the role of mutual interactions between financial institutions and the real economy, as well as the power relations between the different economic actors.

La debolezza teorica del dogmatismo ordoliberale tedesco

Emphasizing the contradictions of Hans-Werner Sinn’s ordoliberal reasoning, the article emphasizes the usefulness of the works of Schumpeter and Minsky to re-evaluate Keynes’s critique of neoclassical economics. This criticism is more relevant than ever for the definition of a social-democratic political-economic approach alternative to the German-inspired neoliberal and to the populist-liberal approaches characterizing the current European and Italian political scene.

Austerità in Italia: i sacrifici alimentano il debito

Evidence indicates that the tightening of restrictive policies experienced in Italy after 2010/11 did not lead to fiscal consolidation, while they contributed to increase debt-to-GDP ratio by curbing aggregate demand. Particularly, budget cuts occurred in health and education. On the contrary, we argue that expansionary measures may lower the debt ratio by increasing real output.

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