Augusto Graziani’s legacy retains its currency

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I was going to write a ret­ro­spec­tive on Ben Bernanke this week, since his tenure as Fed­eral Reserve chair­man ends soon, and it’s time to look back on his period in office – as he him­self did on his pre­de­ces­sors dur­ing the Great Depres­sion. But a far more impor­tant depar­ture occurred last week: the Ital­ian econ­o­mist Pro­fes­sor Augusto Graziani died at the age of 80.

Augusto who, you may ask? Graziani’s name is not widely known even among econ­o­mists, let alone the gen­eral pub­lic, because he was out­side the neo­clas­si­cal main­stream – and also out­side con­ti­nen­tal Amer­ica, which has a pseudo-monopoly on fame in eco­nom­ics these days. His Wikipedia entry empha­sises his cur­rent obscu­rity: it is a mere stub.

But within the post-Keynesian com­mu­nity, and espe­cially within its Euro­pean branch, Graziani was a giant. He deserves to be much bet­ter known, and I hope that his­tory is far more thor­ough in its praise of him than the con­tem­po­rary world has been, where the chat­ter of neo­clas­si­cal econ­o­mists like Bernanke drowns out the wis­dom of true sages like Graziani.

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About Steve Keen

I am Professor of Economics and Head of Economics, History and Politics at Kingston University London, and a long time critic of conventional economic thought. As well as attacking mainstream thought in Debunking Economics, I am also developing an alternative dynamic approach to economic modelling. The key issue I am tackling here is the prospect for a debt-deflation on the back of the enormous private debts accumulated globally, and our very low rate of inflation.
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2 Responses to Augusto Graziani’s legacy retains its currency

  1. Steve Hummel says:

    If accel­er­a­tion of debt is a prob­lem why not have a sep­a­rate agency cre­ate div­i­dend or d-currency in suf­fi­cient quan­ti­ties to the indi­vid­ual so that he/she does not need to bor­row. Bet­ter yet just issue tokens as in tick­ets which can only be used for con­sump­tion and repay­ment of debt? (c + r cur­rency) and that busi­nesses are able to con­vert to money only for com­mer­cial pur­poses not spec­u­la­tion? That way there is a sym­met­ri­cal counter source of money/tickets to the pri­vate bank­ing license which reduces both pri­vate insti­tu­tional money cre­ation and that also aids in its repay­ment and hence its con­tin­u­ous build up.

    Sym­me­try between pri­vate and pub­lic con­sid­er­a­tions, sym­me­try of money/token cre­ation, and sym­me­try between debt and gift­ing. The deeper prob­lems resolved.

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