{"id":837,"date":"2016-02-19T15:40:13","date_gmt":"2016-02-19T14:40:13","guid":{"rendered":"http:\/\/docenti-deps.unisi.it\/sergiocesaratto\/?page_id=837"},"modified":"2023-01-15T09:58:46","modified_gmt":"2023-01-15T08:58:46","slug":"dottorato","status":"publish","type":"page","link":"https:\/\/docenti-deps.unisi.it\/sergiocesaratto\/dottorato\/","title":{"rendered":"Dottorato"},"content":{"rendered":"

Dottorato di ricerca \u2013 Lezioni prof. Sergio Cesaratto <\/strong><\/p>\n

Last update 7 May 2021<\/strong><\/p>\n

Outline of the lectures and references<\/strong><\/p>\n

Virtual room https:\/\/meet.google.com\/wuq-kppa-qyu<\/strong><\/p>\n

Recording of the lecture 10 May 2021 https:\/\/drive.google.com\/drive\/folders\/1kdukOCrF121S3KIb5XaLVMQfVWPc_0id?usp=sharing<\/p>\n

Lectures 1 and 2 will be online. The remaining will be in presence 10-12 May (the timetable will be communicated asap). I ask you to keep the social distance, to wear the mask (and possibly to vaccinate).<\/p>\n

The final text will likely consists of an online conversation on the topics.<\/p>\n

Prof. Cesaratto can be contacted at his email address Cesaratto@unisi.it<\/a>.<\/p>\n

A link to some of the readings and to the PPP at the bottom including the draft of a book on growth theory that some of you might be find useful as lectures notes.
\n<\/strong><\/p>\n

TEXTS MARKED WITH AN <\/strong>* ARE SUGGESTED\/BASIC READINGS FOR THE EXAM<\/strong><\/p>\n

The lectures will concern heterodox growth theory, endogenous money, and the European crisis. The \u201cred thread\u201d of the lectures is that growth is demand-led, but that capitalism is inherently contradictory since an unequal income distribution is unable to sustain demand. The Power Point presentations will be distributed. A preliminary lecture will be devoted to the debate on pre-capitalist economic formations.<\/p>\n

Pre-requisites<\/strong> (to be studied preferably before the course)<\/p>\n

Garegnani, P. (1983), Notes on Consumption, Investment and Effective Demand, in Eatwell J. and M.Milgate (eds.) (1983), Keynes\u2019s Economics and the Theory of Value and Distribution<\/em>, London: Duckworth. (also in the CJE<\/em> 1978-9)*<\/p>\n

Harrod\u2019s model<\/u> in H.G. Jones, An introduction to modern theories of economic growth<\/em>, chapter 2* \u00a0(I will send a scanned copy to one of you). I will be very quick on Harrod, so please read this simple but fundamental chapter.<\/u><\/p>\n

Cesaratto, S. (2020), Heterodox Challenges in Economics \u2013 Theoretical Issues and the Crisis of the Eurozone<\/em>, Springer, http:\/\/www.springer.com\/9783030544478<\/a>, chapters 2, 3, 4, 5.*<\/p>\n

Lecture 1 – 3 May<\/strong><\/p>\n

Controversies over pre-capitalist economic formations<\/strong><\/p>\n

Topics: <\/em>Surplus approach, Polanyi, Marx, economic anthropology, archaeology, ancient history, New Institutional Economics.<\/p>\n

References<\/em><\/p>\n

Cesaratto , S. (2019), \u2018Heterodox economics and Economic Anthropology: reflections prompted by two books\u2019, Quaderni DEPS, no. 807 (this is a general survey: my first take of the topic, so not well written but informative)<\/p>\n

Cesaratto, S., & Di Bucchianico, S. (2020) From the Core to the Cores: Surplus Approach, Institutions and Economic Formations, CSWP 45 (October 2020) <\/a><\/strong>forthcoming in Contributions to Political Economy<\/em>)*<\/p>\n

Cesaratto, S. and Di Bucchianico, S. (2020) The surplus approach, Polanyi and institutions in economic anthropology and archaeology, Working paper DEPS, n. 828 Aprile (forthcoming in Annals of the Fondazione Luigi Einaudi<\/em><\/strong>, p. 1-31, ISSN: 2532-4969: <\/strong>special issue \u201cMarshall Sahlins\u2019s Stone Age Economics, a Semicentenary Estimate\u201d)<\/em>.<\/strong><\/p>\n

Sergio Cesaratto and Stefano Di Bucchianico (2021), The anatomy of the ape \u2013 A survey of institutions and economic analysis of the Greek-Roman economy (incomplete draft, do not circulate please) see below<\/p>\n

Lectures 2 & 3 \u2013 4 & 10 May<\/strong><\/p>\n

Growth theory I (Harrod: the father of modern growth theory. <\/strong>The problems with Solow\u2019s model and Endogenous Growth Theory. Cambridge equation)<\/strong><\/p>\n

Topics: <\/em>Harrod\u2019s model – The problems left opened by Harrod – Solow\u2019s model, the saving-investment relation and the capital theory controversy – What is Endogenous growth Theory really about? (quick digression) – The Cambridge equation<\/p>\n

References: <\/em><\/p>\n

H.G. Jones, An introduction to modern theories of economic growth<\/em>, chapters 3 and 4*<\/p>\n

    \n
  1. Cesaratto (2010), Endogenous growth theory twenty years on: a critical assessment, Bulletin of Political Economy<\/em>, vol.4, n.1, working paper version Quaderni del Dipartimento di Economia politica<\/em>, Universit\u00e0 di Siena, n.559<\/li>\n<\/ol>\n

    Cesaratto S. (2015): \u2018Neo-Kaleckian and Sraffian controversies on the theory of accumulation\u2019 Review of Political Economy<\/em>, 27 (2), pp. 154-182.*<\/p>\n

    Further readings<\/em><\/p>\n

    Cesaratto S. \u00a0(con F.L.Serrano) (2002), As Leis de rendimento nas teorias neoclasica de crescimiento: Una critica Sraffiana, Revista Ensaios FEE<\/em>, vol.23. (English version www.networkideas.org<\/a> International Development Economics Association).<\/p>\n

    Cesaratto S. \u00a0(1999), Savings and economic growth in neoclassical theory: A critical survey, Cambridge Journal of Economics<\/em>, vol.23<\/p>\n

    Lecture 6 \u2013 11 May (16-18)
    \n<\/strong><\/p>\n

    Endogenous money, payment systems, monetary policy<\/strong><\/p>\n

    Topics: <\/em>The Keynesian Hypothesis of the independence of investment from capacity saving both in the short and in the long run- Endogenous and exogenous money; payment system and monetary policy.<\/p>\n

    References:<\/em> <\/strong><\/p>\n

    Cesaratto, S. (2020), Heterodox Challenges in Economics \u2013 Theoretical Issues and the Crisis of the Eurozone<\/em>, Springer, http:\/\/www.springer.com\/9783030544478<\/a>, chapter 5, 6*<\/p>\n

    Cesaratto, S., & R. Pariboni (2021) Keynes\u2019s finance, the monetary and demand-led circuits: a Sraffian assessment, WP DEPS n. 851.*<\/p>\n

    McLeay M., Amar, R. Ryland, T. (2014): \u2018Money creation in the modern economy\u2019, Bank of England, Quarterly Bulletin<\/em>, No. 1.<\/p>\n

    Fullwiler, S.T<\/strong>.<\/strong> (2008) Modern Central Bank Operations \u2013 The General Principles, https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1658232<\/a> *<\/p>\n

    Or alternatively:<\/p>\n

    Lecture notes<\/em><\/strong> prof. Cesaratto<\/strong> (in Italian), chapters 1, 2, 3. See below<\/p>\n

    Further readings on monetary policy: <\/em><\/p>\n

    Jakab, Z., Kumhof, M. (2015): \u2018Banks are not intermediaries of loanable funds – and why this matters\u2019, Bank of England, Working Paper No. 529.<\/p>\n

    Piti Disyatat<\/a><\/strong>, Monetary policy implementation: Misconceptions and their consequences, BIS Working Papers No 269, December 2008.<\/p>\n

    Further readings on PK monetary theory<\/em><\/p>\n

    Lavoie, M. The Monetary and Fiscal Nexus of Neo-Chartalism: A Friendly Critical Look. Journal of Economic Issues<\/em>, 42, 2013: 1-32. Working paper version (2011) available at: http:\/\/www.boeckler.de\/pdf\/v_2011_10_27_lavoie.pdf<\/a><\/p>\n

    Cesaratto, S. (2017) Initial and final finance in the monetary circuit and the theory of Effective Demand. 2016, Metroeconomica<\/em>,\u00a0Volume 68, Issue 2, May , Pages: 228\u2013258.<\/em><\/p>\n

    Cesaratto, S. (2016) The State Spends First: Logic, Facts, Fictions, Open Questions, Journal of\u00a0Post Keynesian Economics, <\/em>39 (1), 44-71.<\/em><\/p>\n

    Cesaratto, S., & Di Bucchianico, S. (2020). Endogenous money and the theory of long-period effective demand. Bulletin of Political Economy, <\/em>14<\/em>(1).<\/p>\n

    Lectures 4 and 5 \u2013 11 ((h. 11-12) ) & 12 May (11-12)
    \n<\/strong><\/p>\n

    Growth theory II (Neo-kaleckian models and the Sraffian Supermultiplier)<\/strong><\/p>\n

    Topics:<\/em> Neo-Kaleckian models (adjustment through changes in the degree of capacity utilisation) – The Sraffian criticism to the neo-kaleckian models – Kalecli\u2019s external markets and the Sraffian Supermultiplier (lecture held in co-presence with prof. R.Pariboni<\/strong>) – Demand-led models and endogenous money.<\/p>\n

    References: <\/em><\/p>\n

    Cesaratto S. (2015): \u2018Neo-Kaleckian and Sraffian controversies on the theory of accumulation\u2019 Review of Political Economy<\/em>, 27 (2), pp. 154-182.*<\/p>\n

    Lavoie M. (2006) Introduction to Post-Keynesian Economics<\/em>, Palgrave Macmillan, cap. 5.*(ask the prof).<\/p>\n

    Kalecki, M. (1967) The problem of effective demand with Tugan-Baranowski and Rosa Luxemburg, in: Selected<\/em> Essays on the Dynamics of the Capitalist Economy 1933 \u2013 1970<\/em> (Cambridge: Cambridge University Press, 1971).*<\/p>\n

    Cesaratto S. (con Serrano F., Stirati A.)\u00a0(2003), Technical Change, Effective Demand and Employment,\u00a0Review of Political Economy<\/em>, vol.15.*<\/p>\n

    Serrano, F, Freitas, F, Bhering, G. The Trouble with Harrod: The fundamental instability of the warranted rate in the light of the Sraffian Supermultiplier. Metroeconomica<\/em>. 2019; 70: 263\u2013 287. https:\/\/doi.org\/10.1111\/meca.12230<\/a> *<\/p>\n

    Readings suggested by prof. Pariboni:<\/strong><\/p>\n

    Freitas, F. and F. Serrano (2015), \u2018Growth rate and level effects, the stability of the adjustment of capacity to demand and the Sraffian supermultiplier\u2019, Review of Political Economy,<\/em> 27<\/strong> (3), 258-281.<\/p>\n

    Lavoie, M. (2016), \u2018Convergence towards the normal rate of capacity utilization in Neo-Kaleckian models: The role of non-capacity creating autonomous expenditures\u2019, Metroeconomica<\/em>, 67<\/strong> (1), 172-201.<\/p>\n

    Further readings<\/em><\/p>\n

    Garegnani, P. (1992) Some notes for an analysis of accumulation, in: J. Halevi, D. Laibman & E. Nell (Eds) Beyond the Steady-State<\/em>, (Basingstoke: Macmillan).<\/p>\n

    Hein, E., \u00a0Lavoie<\/a>, M. & van Treeck<\/a>, T. (2012) Harrodian instability and the \u2018normal rate\u2019 of capacity utilization in Kaleckian models of distribution and growth\u2014a survey, Metroeconomica<\/em>, 63, pp. 139\u2013169.<\/p>\n

    Vianello, F. (1989) Effective demand and the rate of profits. Some thoughts on Marx, Kalecki and Sraffa, in: M. Sebastiani (Ed.) Kalecki\u2019s Relevance Today <\/em>(London: Macmillan).<\/p>\n

    Readings suggested by prof. Pariboni:<\/strong><\/p>\n

    Freitas, F. and F. Serrano (2015), \u2018Growth rate and level effects, the stability of the adjustment of capacity to demand and the Sraffian supermultiplier\u2019, Review of Political Economy,<\/em> 27<\/strong> (3), 258-281.<\/p>\n

    Lavoie, M. (2016), \u2018Convergence towards the normal rate of capacity utilization in Neo-Kaleckian models: The role of non-capacity creating autonomous expenditures\u2019, Metroeconomica<\/em>, 67<\/strong> (1), 172-201.<\/p>\n

     <\/p>\n

    Materials<\/strong><\/p>\n

    PP Presentations:
    \n<\/em><\/p>\n

    Dottorato 2021 Lecture 1 precapitalist formations 2 <\/a>(updated 3 May 2021)<\/p>\n

    Dottorato 2021 Lecture 2 endogenous money<\/a><\/p>\n

    PPP1<\/a> PPP2<\/a> (updated 3 May 2021)<\/p>\n

    Summing up 2nd lecture<\/a> (7 May 2021)<\/p>\n

    PPP3<\/a> (updated 7May 2021)<\/p>\n

    PPP4 <\/a>(updated 7 May 2021)<\/p>\n

    Presentation by Prof. Pariboni The Sraffian Supermultiplier<\/a> (12 May 2021)<\/p>\n

    Other materials:
    \n<\/em><\/p>\n

    Sergio Cesaratto and Stefano Di Bucchianico (2021), The anatomy of the ape \u2013 A survey of institutions and economic analysis of the Greek-Roman economy<\/p>\n

    Lecture notes on endogenous money and monetary theory<\/em><\/strong> prof. Cesaratto<\/strong> (in Italian), chapters 1, 2, 3.Moneta capitolo 3 draft<\/a> Moneta capitolo 2 draft<\/a> Moneta capitolo 1 draft<\/a><\/p>\n

    Jones, An introduction…JonesEcGrowth<\/a><\/em><\/p>\n

    Some of you might find these chapters useful:<\/p>\n

    S.Cesaratto, Modern growth theories, orthodox and heterodox (provisional chapters of a book with prof. R.Pariboni):<\/p>\n

    Chap. 1 – Introduction (read carefully); Ch. 1 Growth book<\/a><\/p>\n

    Chap. 2 – Harrod-Domar (study carefully); Chapter 2 H&D<\/a><\/p>\n

    Chap. 3 – Solow (study carefully); Chapter 3 Solow<\/a> (only sections 3.2\/3\/4\/5\/6; analytical arguments using the Cobb-Douglas in the boxes can be omitted) Fig 3.3 & 3.4 corrected<\/a><\/p>\n

    Chap. 4 – Endogenous growth theory (only intro and sect.s 4.1\/2\/3\/4, 4.13 optional; boxes where necessary); Chapter 4 EGT<\/a><\/p>\n

    Chap. 5 – Heterodox models; Chapter 5 PK models<\/a>**<\/p>\n

    Chap. 7 – Supermultiplier (the chapter is unfinished, you will likely be given a summary note). SHORT note on the supermultiplier<\/a>**<\/p>\n","protected":false},"excerpt":{"rendered":"

    Dottorato di ricerca \u2013 Lezioni prof. Sergio Cesaratto Last update 7 May 2021 Outline of the lectures and references Virtual room https:\/\/meet.google.com\/wuq-kppa-qyu Recording of the lecture 10 May 2021 https:\/\/drive.google.com\/drive\/folders\/1kdukOCrF121S3KIb5XaLVMQfVWPc_0id?usp=sharing Lectures 1 and 2 will be online. The remaining will be in presence 10-12 May (the timetable will be communicated asap). I ask you to … Leggi tutto “Dottorato”<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-837","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/docenti-deps.unisi.it\/sergiocesaratto\/wp-json\/wp\/v2\/pages\/837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/docenti-deps.unisi.it\/sergiocesaratto\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/docenti-deps.unisi.it\/sergiocesaratto\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/docenti-deps.unisi.it\/sergiocesaratto\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/docenti-deps.unisi.it\/sergiocesaratto\/wp-json\/wp\/v2\/comments?post=837"}],"version-history":[{"count":31,"href":"https:\/\/docenti-deps.unisi.it\/sergiocesaratto\/wp-json\/wp\/v2\/pages\/837\/revisions"}],"predecessor-version":[{"id":5425,"href":"https:\/\/docenti-deps.unisi.it\/sergiocesaratto\/wp-json\/wp\/v2\/pages\/837\/revisions\/5425"}],"wp:attachment":[{"href":"https:\/\/docenti-deps.unisi.it\/sergiocesaratto\/wp-json\/wp\/v2\/media?parent=837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}