| Foundations of Political Economy
(objectives)
The course aims to go to the foundations of the theories of value and distribution in order to provide students who already have a first knowledge of micro and macroeconomics with the means to orient themselves, on the one hand, in the comparison between the main theories of value and distribution (or 'micro' theory) and, on the other hand, in the understanding of the implications that these theories have with regard to the determination of the general level of production (or 'macro' theory).
The course is divided into two parts. The first part is devoted to a comparison between the classical theory and the neoclassical (marginalist) theory of value and distribution. Particular attention is given to the reconstruction of the structure of the latter theory, presented in the general equilibrium version of Wicksell and Walras, and to the difficulties that this theory faces in treating capital as a productive factor.
The second part is devoted to the determination of the general level of production in the two theoretical approaches. Particular attention is given to the reconstruction of the Keynesian Revolution, through a direct reading of some parts of Keynes’ General Theory, and the discussion of the elements that have favoured its reabsorption in the Neoclassical Synthesis.
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Code
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21201713 |
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Language
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ITA |
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Type of certificate
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Profit certificate
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| Module:
(objectives)
The course aims to go to the foundations of the theories of value and distribution in order to provide students who already have a first knowledge of micro and macroeconomics with the means to orient themselves, on the one hand, in the comparison between the main theories of value and distribution (or 'micro' theory) and, on the other hand, in the understanding of the implications that these theories have with regard to the determination of the general level of production (or 'macro' theory).
The course is divided into two parts. The first part is devoted to a comparison between the classical theory and the neoclassical (marginalist) theory of value and distribution. Particular attention is given to the reconstruction of the structure of the latter theory, presented in the general equilibrium version of Wicksell and Walras, and to the difficulties that this theory faces in treating capital as a productive factor.
The second part is devoted to the determination of the general level of production in the two theoretical approaches. Particular attention is given to the reconstruction of the Keynesian Revolution, through a direct reading of some parts of Keynes’ General Theory, and the discussion of the elements that have favoured its reabsorption in the Neoclassical Synthesis.
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Code
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21201713-1 |
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Language
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ITA |
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Type of certificate
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Profit certificate
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Credits
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5
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Scientific Disciplinary Sector Code
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SECS-P/01
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Contact Hours
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30
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Type of Activity
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Core compulsory activities
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Teacher
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TRABUCCHI PAOLO
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Dates of beginning and end of teaching activities
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From to |
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Attendance
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not mandatory
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|
|
| Module:
(objectives)
The course aims to go to the foundations of the theories of value and distribution in order to provide students who already have a first knowledge of micro and macroeconomics with the means to orient themselves, on the one hand, in the comparison between the main theories of value and distribution (or 'micro' theory) and, on the other hand, in the understanding of the implications that these theories have with regard to the determination of the general level of production (or 'macro' theory).
The course is divided into two parts. The first part is devoted to a comparison between the classical theory and the neoclassical (marginalist) theory of value and distribution. Particular attention is given to the reconstruction of the structure of the latter theory, presented in the general equilibrium version of Wicksell and Walras, and to the difficulties that this theory faces in treating capital as a productive factor.
The second part is devoted to the determination of the general level of production in the two theoretical approaches. Particular attention is given to the reconstruction of the Keynesian Revolution, through a direct reading of some parts of Keynes’ General Theory, and the discussion of the elements that have favoured its reabsorption in the Neoclassical Synthesis.
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Code
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21201713-2 |
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Language
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ITA |
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Type of certificate
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Profit certificate
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|
Credits
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4
|
|
Scientific Disciplinary Sector Code
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SECS-P/01
|
|
Contact Hours
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30
|
|
Type of Activity
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Core compulsory activities
|
|
Teacher
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PALUMBO ANTONELLA
(syllabus)
MODULE 2:
IV. THE DETERMINATION OF OUTPUT IN THE TWO THEORETICAL APPROACHES
15. Implications of marginalist theory of value and distribution for the theory of the general level of output. Monetary economics and the specificity of the savings-investment market. Demand for investment and demand for capital
16. Implications of classical surplus theory for output theory. The Ricardo-Malthus controversy.
V. KEYNES’S GENERAL THEORY
17. The principle of effective demand
18. The multiplier. Implications for economic policy
19. The theory of investment
20. The preference for liquidity. The role of money. Implications for economic policy
21. The method of analysis in the General Theory
22. Effects of a change in money wages on income and employment
23. Analysis of the money-price relationship. The labour market.
24. Composite nature of the General Theory. The “unstable compromise” between the principle of effective demand and the marginalist theory of value and distribution. The role of marginal efficiency of capital and marginal productivity of labour. Compatibility of Keynesian output theory with the classical analytical framework.
VI. THE NEOCLASSICAL SYNTHESIS AND THE IMPAIRMENT OF THE KEYNESIAN REVOLUTION
25. Translation of General Theory into a system of simultaneous equations: Hicks and Modigliani (IS-LM). Modigliani's system
26. Liquidity preference and the investment demand function in Modigliani's analysis. Construction of the IS and LM curves
27. The role of the given monetary wage hypothesis and the preference for liquidity in explaining underemployment equilibria
28. The “Keynesian case”: the subversion of the conclusions of the General Theory.
(reference books)
All didactic material will be either given or indicated to students at the beginning of the course and made available on the moodle website.
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Dates of beginning and end of teaching activities
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From to |
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Delivery mode
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Traditional
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Attendance
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not mandatory
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Evaluation methods
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Oral exam
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Università Roma Tre