First we consider the existence question in Sraffa’s Chapter I dismissed by counting equations and unknowns. A theorem from the theory of Markov processes, applied to distributions not now of probability but of goods to sectors, shows the general existence of non-negative prices satisfying the...

Neoclassical capital-labour substitution correctly understood is unable to prove a tendency toward the full employment of resources because it leaves investment indeterminate if the full employment of labour is not assumed to start with; then Say's Law loses plausibility because of the...

The last three decades have witnessed the emergence of a new species of capitalism. In spite of marked differences among its different national varieties, a common characteristic of this species can be found in the global monopolization of knowledge. This monopolization involves hierarchical...

It is not easy to untangle the logic that in the past led to creation of the European Monetary Union (EMU) and that is currently guiding the prevailing Eurozone (EZ) policies. Although lacking the right institutions, which can be seen as the ultimate root of its crisis, the ten years of the EMU...

This paper proposes a simple prototype model that describes the complex dynamics of a sophisticated monetary economy. The interaction between the current and intertemporal financial constraints of economic units brings about irregular fluctuations at the micro and macro levels. By means of...

The paper provides an account of the meaning and implications of TARGET 2 in the Eurozone (EZ) balance of payments crisis. In this context, it discusses Hans-Werner Sinn’s thesis about a stealth bail-out of the EZ periphery by the ECB from a heterodox perspective. Financial liberalisation, a...

Il saggio illustra la spiegazione Classico-Kaleckiana della crisi dell’Eurozona domandandosi se essa sia un effetto indesiderato o possa, invece, rappresentare il dispiegamento dei veri obiettivi anti-sociali della moneta unica. Si esaminano poi le possibili vie d’uscita, inclusa quella di...