In countries where tools of economic control are immature and disabled due to totalitarian systems, macroeconomic analyses for aggregate quantities and relationships, such as total consumption, investment, and government expenditures represents a difficult task. The practice of aggregation...

The aim of this paper is to emphasize several methodological novelties, introduced in the economic analysis by the British economist John Maynard Keynes. This article presents some of the most important concepts that Keynes used, in order to create a new economic theory, capable to offer...

Modern growth theory derives mostly from Robert Solow's “A Contribution to the Theory of Economic Growth” (1956). Solow's own interpretation locates the origins of his “Contribution” in his view that the growth model of Roy Harrod implied a tendency toward progressive collapse of the...

Was the Keynesian message alive during the second half of the XXth Century, or was it betrayed by his followers? This article in the fields of the history of economic thought and methodology contrasts the Scientific Research Programmes (SRPs), a Lakatosian concept, of Keynes in The General...

Now there is no part of our economic system which works so badly as our monetary and credit arrangements; none where the results of bad working are so disastrous socially; and none where it is easier to propose a scientific solution. (J. M. Keynes: Speech to the Liberal Party, December 1923, The...

Questo saggio riesamina e discute il contributo di Franco Modigliani alla costruzione di modelli macroeconomici utilizzati per la previsione e per l'elaborazione delle politiche economiche. Come ha osservato Paul Samuelson, il lavoro teorico svolto da Modigliani è stato fondamentale per lo...

The volume of profits in an economy is a magnitude, which is out of sight of orthodox macroeconomic textbooks and effectively ignored by neoclassical macroeconomics. In contrast, Kalecki's approach brings to the forefront the sources of profits and makes possible their further analysis. In a...

Solow has repeatedly called for the development of models that combine equilibrium and out-of equilibrium outcomes or what he called a macro-economics of the medium-run. This paper recounts the history of Solow's different attempts to address this issue. It starts in early 1950s when Solow...

We should learn from Keynes to focus on the macroproblems of our day. Today's problem is the financial crisis and the resulting great recession. Neither the standard Keynesian policies of decades past nor the monetary policy doctrine of recent years provides useful solutions. Dynamic stochastic...