This paper is a revised version of a discussion with Nobel laureate Vernon Smith on the limits of neoclassical theory and on the opportunity to recover the alternative approach of classical economists and Marx. Vernon Smith is certainly right to insist on the heuristic force of the classical...

We propose a new criticism of Frank Hahn's attempt to prove that the surplus approach constitutes no more than a 'special case' of the neoclassical model of intertemporal general equilibrium. In particular, we show that Hahn's 'special case' is vitiated by the paradox of determining the past as...

This paper discusses the conventional view that the main cause of the current crisis is the accommodative monetary policy followed by Greenspan’s Fed in the early 2000s. It assesses the merits and the drawbacks of this view by looking at the close relationship between the role of monetary...

<i> Collateral Affects of Disinflation in Italy </i> (di Emiliano Brancaccio, Daniela Marconi) - ABSTRACT:The prolonged Italian disinflation ended in 1997 has often been considered as a sort of prize for collective sacrifices. We provide a different view on disinflation, based on the analysis of the...