|Figure 1: A Production Function In Garegnani (1970)|
I think the following are some of Garegnani's major claims about economics:
- Classical economics provides an alternative theory to marginalist economics (misleadingly called "Neoclassical economics")
- The givens of the classical theory of value and distribution are:
- The gross quantities of output,
- The production technique, and
- The rate of profits or the wage.
- These givens are to be explained within the discipline of political economy.
- The classical theory of value and distribution can be combined with a Keynesian theory of effective demand.
- The marginalists, from about 1870 to about 1930, shared with the classical economists a common method of trying to explain long-period prices and distribution.
- Yet, the marginalist theory was incoherent because of their reliance on a given quantity of capital.
- Hayek and Hicks, among others, initiated a major change in method with their creation of (very short period) theories of intertemporal and temporary equilibrium.
- These new-fangled theories remain vulnerable to capital-theoretic critiques.
I include in the bibliography a festschrift published in his honor.
- Pierangelo Garegnani (1970). "Heterogeneous Capital, the Production Function and the Theory of Distribution", Review of Economic Studies V. 37, N. 3 (July): 407-436.
- -- (1976) "On a Change in the Notion of Equilibrium in Recent Work on Value", in Essays in Modern Capital Theory (ed. by M. Brown, K. Sato, and P. Zarembka), North Holland. (Reprinted in J. Eatwell and M. Milgate (editors) (1983) Keynes's Economics and the Theory of Value and Distribution, Oxford.)
- -- (1978) "Notes on Consumption, Investment, and Effective Demand, Part I", Cambridge Journal of Economics, V. 2: 335-353.
- -- (1979) "Notes on Consumption, Investment, and Effective Demand, Part II", Cambridge Journal of Economics, V. 2:3: 63-82.
- -- (1984). "Value and Distribution in the Classical Economists and Marx", Oxford Economic Papers, V. 36, N. 2 (June): 291-325.
- -- (1990). "Quantity of Capital", in The New Palgrave: Capital Theory (Ed. by J. Eatwell, M. Milgate, and P. Newman), Macmillan Press.
- -- (1990b). "Sraffa: Classical versus Marginalist Analysis", in Essays on Piero Sraffa: Critical Perspectives on the Revival of Classical Theory (Ed. by K. Bharadwaj and B. Schefold), Unwin-Hyman.
- -- (2010). "On the Present State of the Capital Controversy", Sraffa's Production of Commodities by Means of Commodities,1960-2010: Critique and Reconstruction of Economic Theory, Roma (2-4 December).
- Gary Mongiovi and Fabio Petri (editors) (1999). Value, Distribution and Capital: Essays in honour of Pierangelo Garegnani, Routledge.
Update (21 October): Some other obituaries: Tyler Cowen, at Daily Kos, Barkley Rosser, David Ruccio, Matias Vernengo. In other languages than mine: Sergio Cesaratto, Revista Circus, Giorgio Napolitano, Antonella Stirati