This paper, inspired from the entry into force of the European Monetary Union, is a reflection on the issue of Europe, political economy and its history. Are recalled a few highlights of economic history and the history of political economy, which coincide with periods of major transformation of...

The paper deals with the development of economic theory during the XX century. It aims to present some of the main steps and achievements of economic thought in the last century. Sharing the vision, that pluralism is the principal characteristics of the development of the XX century economic...

Regarding the trade-off between the depth and the duration of recessions, there exists a mounting empirical evidence of the idiosyncratic and non-synchronized behavior of the business cycle over time within and across countries. In this paper, I propose a stochastic dynamic general equilibrium...

This entry examines the approach of Hyman P. Minsky to financial crisis. Minsky famously developed an ‘investment theory of the cycle and a financial theory of investment'. His thesis was that, over the course of the cycle, behaviour changes in such a way that financial fragility develops....

This paper explores the intellectual history of the state, or chartalist, approach to money, from the early developers (Georg Friedrich Knapp and A. Mitchell Innes) through Joseph Schumpeter, John Maynard Keynes, and Abba Lerner, and on to modern exponents Hyman Minsky, Charles Goodhart, and...

This introduction aims to offer a preliminary reading to the collection of essays presented in the volume. It describes how the Great Depression of the 1930s was interpreted by the group of young Italian economists connected with the Catholic University of Milan and its periodical the Rivista...

Keynes’ rationale in Economic Possibilities for our Grandchildren uses three pivotal themes: economic growth, man’s occupation and the love of money. Interpretations either focus on one specific theme, or disregard parts of the rationale. We consider the rationale as a whole and show that...

Four talks on Keynes in relation to the Bloomsbury Group: I. Maynard Keynes of Bloomsbury (Craufurd Goodwin); II. Keynes as Policy Advisor (E. Roy Weintraub); III. Keynes and Economics (Kevin D. Hoover); IV. Keynes and Hayek (Bruce Caldwell). The talks were delivered as part of roundtable...

This article presents the economic system of Germany. It shows that after the Second World War, this country has risen to the fourth economic power world-wide and to the major economic power in Europe. The principles underlying the German economic system deeply influence the shape of the...

This introduction aims to offer a preliminary reading to the collection of essays presented in the volume. It describes how the Great Depression of the 1930s was interpreted by the group of young Italian economists connected with the Catholic University of Milan and its periodical the Rivista...