Economic Theory

Economic Theory and Social Justice by Giancarlo Gandolfo, Ferruccio Marzano

By Giancarlo Gandolfo, Ferruccio Marzano

There is a strong and enduring monetary culture which holds paramount drawback for economists will be the promoting of social justice. This ebook collects essays through some of the top recognized modern economists, in reminiscence of Fausto Vicarelli, a number one determine in Keynesian economics. The members talk about the position of monetary thought in tackling poverty and unemployment in either the built and constructing international and in selling a brand new overseas monetary order. the exceptional foreign workforce of individuals comprises Anthony. B. Atkinson, Paul Davidson, Jan Kregel, James Tobin and Hyman P. Mynsky.

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The fact that monetary policy was broadly effective in controlling inflation in the 1980s was also due to the return to a system of floating exchange rates between the main economic areas: the United States, Japan and Europe. Exchange rates were fixed within the EMS, but realigned on several occasions. The process of disinflation entrusted to monetary policy was implemented in Italy, effectively, through the exchange rate link with countries with more stable currencies. Short-term interest rates in each country are under the control of the central bank, but especially in the last few years long-term rates have increasingly followed a cyclical path that is powerfully influenced by that of the leading monetary area.

However, there is one crucial additional piece of information which is required in order to calculate the option values: the 'volatility' of product prices. This is the only unknown which we have to determine so that entrepreneurial decisions may be evaluated and made; but this is precisely what is not, and cannot, be known. If volatility cannot be predicted correctly, then option prices cannot be calculated correctly. This, as Kregel concludes, reflects Keynes's basic criticism of traditional theory.

In terms of a recent formulation by S. Kolm (1994), the 'reciprocity 24 Ferruccio Marzano relation' can be formalized 'as a series of bi-directional transfers, independent of one other, yet interconnected. Independence implies that each transfer is in itself voluntary which means free'; in other words, one transfer is never a pre-requisite for the occurrence of another. Moreover, we should recognize that reciprocity has a strategic dimension of its own. Unlike what happens with altruism, 'should the recipient of my transfer not reciprocate, at a later moment I will somehow put an end to our relationship'.

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