Money as Organization, Gustavo Del Vecchio's Theory

Tusset, Gianfranco

doi:10.4324/9781315654492

2015

DOI: 10.4324/9781315654492

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Money as Organization, Gustavo Del Vecchio's Theory

Gianfranco Tusset¹

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“…242-3). The fact that money is 'the universal commodity […] that is universally received in exchange for any other commodity'(Verri, 1998(Verri, [1771, p. 21; author's emphasis) has far reaching consequences for the time coordination of processes in an integrated production economy. For monetary stocks may buffer time asymmetries even when material stocks are not useful to that purpose.…”

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Structural liquidity: The money-industry nexus

Cardinale

Scazzieri

2016

Structural Change and Economic Dynamics

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This paper addresses the relationship between liquidity and production activity. It argues that this relationship becomes fully evident only if one considers intermediate levels of aggregation, and in particular stages of production within each industrial sector and their interdependence across sectors. To illustrate this, the paper introduces the concept of structural liquidity, which denotes material funds that are endogenously formed within the productive system before one considers the provision of liquidity by means of money. Structural liquidity is analyzed by combining (i) the representation of the productive system as arrangement of fabrication stages sequentially related in time; and (ii) the representation of the productive system as a set of interdependent industrial sectors. The analysis identifies the structural liquidity problem as the need to satisfy both a viability condition (deriving from sectoral interdependencies) and a full employment condition (deriving from the sequencing of fabrication stages). The analysis highlights a previously unexplored tradeoff, which has wide-ranging implications for monetary and liquidity policy.

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Structural liquidity: The money-industry nexus

Cardinale

Scazzieri

2016

Structural Change and Economic Dynamics

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Federico Caffè on the economic science in Italy

Michelagnoli¹

2020

History of Economic Thought and Policy

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This paper proposes a reconstruction of Federico Caffè's stance on the state of economic science in Italy. As has been observed, this subject was developed by Caffè for a project by Gustavo Del Vecchio, who called "for the study of Italian economic thought "on repeated occasions" (Caffè 1975: vii). We will conclude that, in Caffè's view, the Italian economists who took an active part in the debate on Sraffa's thought should more appropriately have relaunched the neglected ideas of the General Theory in order to overcome the «second crisis» of economic theory by means of a system of thought suitable for policy applications.

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Money as Organization, Gustavo Del Vecchio's Theory

Cited by 2 publications

References 0 publications

Structural liquidity: The money-industry nexus

Structural liquidity: The money-industry nexus

Federico Caffè on the economic science in Italy

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