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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