Tag Archives: Pivetti

The issue is back in the news. This time in Brazil (it was briefly an issue here when Trump did not reappoint Yellen, and then complained about Powell's interest rate where too high). At any rate, I always thought that there were good reasons for skepticism about central bank independence (CBI). As noted by Massimo Pivetti in this old piece on the Maastricht Accord and the, at that time, plan for the euro, the main reason to be doubtful is related to the interaction of monetary policy and...

Giancarlo de Vivo suggests that the Sraffian equations come from Marx's schemes of reproduction, and that the inspiration was in a footnote from the editor, Karl Kautsky, in the Theories of Suplus Value. Here a letter from Maurice Dobb and Piero Sraffa to Kautsky, from 1929, asking to use his edition as the basis for an English translation (originals in Kautsky's archives):De Vivo's views are discussed in a book edited by Massimo Pivetti, which is certainly worth reading (I have the Spanish...

Rilanciamo un breve articolo di Massimo Pivetti pubblicato su Costituzionalismo.it (FASCICOLO 3 | 2017, 16 gennaio 2018) sull'anti-statalismo della sinistra che ha purtroppo radici intellettuali profonde (anche se storicamente comprensibili). Naturalmente il ruolo insopprimibile dello Stato in una socialdemocrazia e a maggior ragione nel socialismo pone problemi molto rilevanti relativi alla sua democraticità (dal punto di vista dei lavoratori naturalmente). La sinistra è però sfuggita ai...

I had discussed before the meaning of heterodox economics. I suggested a definition based on positive contributions (rather than as a critique of the mainstream) and based on concepts rather than schools of thought. In my view the two principles that were central for defining heterodoxy were the Principle of Effective Demand (PED), based on Keynes and Kalecki's ideas, and the idea that distribution is the result of class conflict, which in my view is best expressed in Sraffa's recovery of...