Economic Theory and its History

This collection brings together leading economists from around the world to
explore key issues in economic analysis and the history of economic thought. This
book deals with important themes in economics in terms of an approach that has its
roots in the works of the classical economists from Adam Smith to David Ricardo.
The chapters have been inspired by the work of Neri Salvadori, who has made key
contributions in various areas including the theory of production, the theory of
value and distribution, the theory of economic growth, as well as the theory of
renewable and exhaustible natural resources.
The main themes in this book include production, value and distribution;
endogenous economic growth; renewable and exhaustible natural resources; cap-
ital and profits; oligopolistic competition; effective demand and capacity utiliza-
tion; financial regulation; and themes in the history of economic analysis. Several
of the contributions are closely related to the works of Neri Salvadori. This is
demonstrated with respect to important contemporary topics including the sources
of economic growth, the role of exhaustible resources in economic development,
the reduction and disposal of waste, the redistribution of income and wealth, and
the regulation of an inherently unstable financial sector.
All contributions are brand new, original and concise, written by leading expo-
nents in their field of expertise. Together this volume represents an invaluable
contribution to economic analysis and the history of economic thought. This book
is suitable for those who study economic theory and its history, political economy
and philosophy.

Giuseppe Freni is Professor of Economics at the University of Naples

Parthenope, Italy.

Heinz D. Kurz is Professor Emeritus of Economics at the University of Graz,

Austria.

Andrea Mario Lavezzi is Associate Professor of Economics at the University of

Palermo, Italy.

Rodolfo Signorino is Associate Professor of Economics at the University of

Palermo, Italy.
Routledge Studies in the History of Economics

For a full list of titles in this series, please visit www.routledge.com.

145 French Liberalism in the 152 Jean-Baptiste Say

19th Century Revolutionary, entrepreneur,
An anthology economist
Edited by Robert Leroux Evert Schoorl
146 Subjectivisim and Objectivism 153 Essays on Classical and
in the History of Economic Marxian Political Economy
Thought Samuel Hollander
Edited by Yukihiro Ikeda and
Kiichiro Yagi 154 Marxist Political Economy
Essays in retrieval: selected
147 The Rhetoric of the Right works of Geoff Pilling
Language change and the Geoff Pilling; Edited by
spread of the market Doria Pilling
David George
155 Interdisciplinary Economics
148 The Theory of Value and
Kenneth E. Boulding’s
Distribution in Economics
engagement in the sciences
Discussions between
Edited by Wilfred Dolfsma and
Pierangelo Garegnani and
Stefan Kestin
Paul Samuelson
Edited by Heinz Kurz 156 Keynes and Friedman on
149 An Economic History of Ireland Laissez-Faire and Planning
since Independence ‘Where to draw the line?’
Andy Bielenberg Sylvie Rivot

150 Reinterpreting the Keynesian 157 Economic Justice and Liberty

Revolution The social philosophy in
Robert Cord John Stuart Mill’s utilitarianism
Huei-chun Su
151 Money and Banking in
Jean-Baptiste Say’s 158 German Utility Theory
Economic Thought Analysis and translations
Gilles Jacoud John Chipman
159 A Re-Assessment of Aristotle’s 168 The Development of Economics
Economic Thought in Japan
Ricardo Crespo From the inter-war period to the
160 The Varieties of Economic 2000s
Rationality Edited by Toichiro Asada
From Adam Smith to 169 Real Business Cycle Models in
contemporary behavioural and Economics
evolutionary economics Warren Young
Michel S. Zouboulakis
170 Hayek and Popper
161 Economic Development and On rationality, economism, and
Global Crisis democracy
The Latin American economy Mark Amadeus Notturno
in historical perspective
Edited by José Luís Cardoso, 171 The Political and Economic
Maria Cristina Marcuzzo and Thought of the Young Keynes
María Eugenia Romero Liberalism, markets and empire
Carlo Cristiano
162 The History of Ancient Chinese
Economic Thought 172 Richard Cantillon’s Essay on
Edited by Cheng Lin, Terry Peach the Nature of Trade in General
and Wang Fang A Variorum Edition
Richard Cantillon, Edited by
163 A History of Economic Science Richard van den Berg
in Japan
The internationalization of 173 Value and Prices in Russian
economics in the twentieth Economic Thought
century A journey inside the Russian
Aiko Ikeo synthesis, 1890–1920
François Allisson
164 The Paretian Tradition during
the Interwar Period 174 Economics and Capitalism in
From dynamics to growth the Ottoman Empire
Mario Pomini Deniz T. Kilinçoğlu
165 Keynes and his Contemporaries 175 The Idea of History in
Tradition and enterprise in the Constructing Economics
Cambridge School of Economics Michael H. Turk
Atsushi Komine 176 The German Historical School
166 Utilitarianism and Malthus’ and European Economic Thought
Virtue Ethics Edited by José Luís Cardoso and
Respectable, virtuous and happy Michalis Psalidopoulos
Sergio Cremaschi
177 Economic Theory and its History
167 Revisiting Classical Economics Edited by Giuseppe Freni,
Studies in long-period analysis Heinz D. Kurz, Andrea Mario
Heinz Kurz and Neri Salvadori Lavezzi and Rodolfo Signorino
This page intentionally left blank
Economic Theory and
its History
Essays in honour of Neri Salvadori

Edited by Giuseppe Freni, Heinz D. Kurz,

Andrea Mario Lavezzi and
Rodolfo Signorino
First published 2016
by Routledge
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN
and by Routledge
711 Third Avenue, New York, NY 10017
Routledge is an imprint of the Taylor & Francis Group, an informa business
© 2016 selection and editorial material, Giuseppe Freni, Heinz D. Kurz,
Andrea Mario Lavezzi and Rodolfo Signorino; individual chapters,
the contributors
The right of the editors to be identified as the author of the editorial material,
and of the authors for their individual chapters, has been asserted in accordance
with sections 77 and 78 of the Copyright, Designs and Patents Act 1988.
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Trademark notice: Product or corporate names may be trademarks or
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without intent to infringe.
British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British Library
Library of Congress Cataloging in Publication Data
Economic theory and its history: essays in honour of Neri Salvadori /
edited by Giuseppe Freni, Heinz D. Kurz, Andrea Mario Lavezzi,
Rodolfo Signorino.
pages cm
1. Economics–History. 2. Economics. I. Salvadori, Neri, honoree.
II. Freni, Giuseppe, editor.
HB75.E325 2016
330.01–dc23 2015031445

ISBN: 978-1-138-18659-0 (hbk)

ISBN: 978-1-315-64375-5 (ebk)

Typeset in Times New Roman

by Sunrise Setting Ltd, Paignton, UK
Contents

List of figures x
List of tables xii
List of contributors xiii

1 Introduction 1
GIUSEPPE FRENI, HEINZ D. KURZ, ANDREA MARIO LAVEZZI AND
RODOLFO SIGNORINO

2 Personal reminiscences of a close friend and colleague 10

HEINZ D. KURZ

PART 1
Economic growth and income distribution 19
3 Ownership concentration, industrial agglomeration and
welfare distribution 21
PASQUALE COMMENDATORE, INGRID KUBIN AND CARMELO PETRAGLIA

4 Smithian growth and complexity 36

ANDREA MARIO LAVEZZI

5 Capacity utilization, obsolete machines and effective demand 51

SERGIO PARRINELLO

6 Endogenous growth and unemployment: the experience of Italy

following the recent financial crisis 65
STEFAN F. SCHUBERT AND STEPHEN J. TURNOVSKY

PART 2
Resource economics 87
7 A Ricardian model of forestry 89
SILVIA FAGGIAN AND GIUSEPPE FRENI
viii Contents
8 Choice of technique made by an upstream policy for
waste reduction 109
EIJI B. HOSODA

9 How should prices of production be interpreted? The case of oil 131

ALESSANDRO RONCAGLIA

PART 3
Capital theory and marginalism 145
10 The dropbox and the ghosts 147
CHRISTIAN BIDARD

11 Sraffa–Samuelson marginalism in the multi-primary-factor

case: a fourth exploration 160
PAUL A. SAMUELSON AND EDWIN BURMEISTER

12 The quantity of labour, the wage rate and the standard system 164
EDWARD NELL

13 Duality theory and full industry equilibrium: a diagrammatic

analysis 185
ARRIGO OPOCHER

14 The ‘capital–labour isoquant’ in the consumer good industry 197

IAN STEEDMAN

15 Distribution and capital 206

TAKASHI YAGI

PART 4
Sraffian themes 217
16 Pasinetti’s Ricardo after Sraffa: a reformulation based on Ricardo’s
‘early writings’ 219
ENRICO BELLINO

17 Subsistence-cum-surplus wages versus gross wages: a note 233

CHRISTIAN GEHRKE

18 A Sraffian approach to financial regulation 249

CARLO PANICO, ANTONIO PINTO, MARTÍN PUCHET ANYUL AND
MARTA VAZQUEZ SUAREZ

19 On the instantaneous life of a nondurable input: a reflection

in the light of Zeno and Cantor 271
MAN-SEOP PARK
 Contents ix
PART 5
Imperfect competition 285
20 Product differentiation, kinked demand and collusion 287
ANTONIO D’AGATA

21 Unionised oligopoly, capacity choice and strategic entry

under Bertrand competition 296
SIMONE D’ALESSANDRO AND LUCIANO FANTI

22 The Sylos Postulate reconsidered 318

RODOLFO SIGNORINO

PART 6
History of economic analysis 337
23 What’s left of Malthus? 339
AMITAVA KRISHNA DUTT

24 Federico Caffè, a Keynesian on the left 357

RICCARDO FAUCCI

25 What is the labour theory of value and what is it good for? 370
DUNCAN K. FOLEY

26 Self-management and socialism 385

BRUNO JOSSA

27 Institutions, economies, technologies: two Italian founders

(1821–1921) 399
ALBERTO QUADRIO CURZIO

Publications by Neri Salvadori 414

Author Index 425
Subject Index 429
Figures

3.1 The impact of trade freeness φ on the long-run stationary value

of the share of capital located in country h 29
4.1 Growth dynamics: convergence to steady state 45
4.2 Growth dynamics: continuous fluctuations 45
5.1 Equilibrium with more equations than variables 56
5.2 Transition between steady states driven by a ‘small’ increase in
demand 57
5.3 Transition between steady states driven by a ‘small’ fall in
demand 58
5.4 Transition between steady states driven by a ‘large’ increase in
demand 59
6.1 Transitional dynamics following TFP decline of 4.5 per cent 79
7.1 Productivity function 93
7.2 Uniqueness of siF ( pq∗ ) 101
7.3 Supply curve 103
7.4 Aggregate supply 104
7.5 Effects of an increasing timber price 105
9.1 Production, consumption and reserves 136
9.2 Proven reserves (R) as years of production (P) and
consumption (C) – (BP) 137
9.3 Proven reserves (R) as years of production (P) and
consumption (C) – (US EIA) 137
13.1 Two alternative FIE outputs 188
13.2 The isoquant map implicit in two FIE price vectors 189
13.3 The FIE real input price frontier ab and the real wage–real rent
frontier ωρ 190
13.4 The unit isoquant implicit in three price vectors 191
13.5 The unit isoquant implicit in the FIE frontier and the ‘true’
isoquant 192
13.6 The real wage–real rent rate of interest frontier 193
13.7 The FIE real rate–real rent–interest rate frontier (bold line) 194
13.8 The unit isoquant implicit in three price vectors 195
 Figures xi
14.1 The ‘capital–labour isoquant’ in which the arrows show
the direction of movement as the rate of interest rises 198
14.2 The qualitative nature of the K /β relation 199
14.A.1 The k0 /l0 relation 204
14.A.2 The k0 /l0 isoquant is always upward-sloping 205
16.1 The relation between the wage rate and the rate of profit 226
16.2 Graphical representation of the solution 227
16.3 Graphical representation of the capital accumulation 228
20.1 Demand curves supporting collusive market configurations 290
20.2 Types of markets 291
21.1 The functions F ID , F̂ and F ID in the plane {γ , F} 307
21.2 Input price discrimination and deterrence 308
21.3 Uniform input price (dashed) versus input price discrimination
(solid) 312
23.1 Dynamics of population in the basic Malthusian model 342
23.2 Determination of the wage in the basic Malthusian model 342
23.3 Basic Malthusian model with diminishing returns 343
23.4 Malthusian model with increasing returns 345
23.5 Dynamics of the basic Malthusian model with constant returns 346
23.6 Short-run equilibrium in the Malthusian model with aggregate
demand 347
23.7 Dynamics of the Malthusian model with aggregate demand 350
23.8 Malthusian model with demographic transition 351
Tables

3.1 Effects of an increase in h-workers’ share of capital in the

home country (μw > μr ) 32
3.2 Effects of an increase in h-workers’ share of capital in the
foreign country (μw > μr ) 32
3.3 Effects of an increase in h-workers’ share of capital in the
home country (μw < μr ) 32
3.4 Effects of an increase in h-workers’ share of capital in the
foreign country (μw < μr ) 33
6.1 The benchmark economy 74
6.2 Initial equilibrium of benchmark economy 75
6.3 Effects of TPF shock – permanent and temporary: A(0) = 0.955 78
6.4 Italy’s unemployment rate 2008–2010 82
16.1 Solution of the model: summary 225
18.1 A classification of the tools of regulation 255
Contributors

Martín Puchet Anyul, Universidad Nacional Autónoma de México,

[email protected]
Enrico Bellino, Università Cattolica del Sacro Cuore di Piacenza,
[email protected]
Christian Bidard, University of Paris Ouest-Nanterre La Défense,
[email protected]
Edwin Burmeister, Duke University and University of Virginia,
[email protected]
Pasquale Commendatore, University of Naples Federico II,
[email protected]
Antonio D’Agata, University of Catania, [email protected]
Simone D’Alessandro, University of Pisa, [email protected]
Amitava Krishna Dutt, University of Notre Dame and FLACSO-Ecuador,
[email protected]
Silvia Faggian, University Ca’ Foscari of Venice, [email protected]
Luciano Fanti, University of Pisa, [email protected]
Riccardo Faucci, University of Pisa, [email protected]
Duncan K. Foley, New School for Social Research, [email protected]
Giuseppe Freni, University of Naples Parthenope,
[email protected]
Christian Gehrke, University of Graz, [email protected]
Eiji B. Hosoda, Keio University, [email protected]
Bruno Jossa, University of Naples Federico II, [email protected]
xiv Contributors
Ingrid Kubin, Vienna University of Economics and Business Administration,
[email protected]
Heinz D. Kurz, University of Graz, [email protected]
Andrea Mario Lavezzi, University of Palermo, [email protected]
Edward Nell, New School for Social Research, [email protected]
Arrigo Opocher, Università di Padova, [email protected]
Carlo Panico, University of Naples Federico II, [email protected]
Man-Seop Park, Korea University, [email protected]
Sergio Parrinello, University of Rome, La Sapienza,
[email protected]
Carmelo Petraglia, University of Basilicata, [email protected]
Antonio Pinto, University of Naples Federico II, [email protected]
Alberto Quadrio Curzio, Università Cattolica di Milano and Accademia
Nazionale dei Lincei, [email protected]
Alessandro Roncaglia, University of Rome, La Sapienza,
[email protected]
Paul A. Samuelson, formerly of Massachusetts Institute of Technology
Stefan F. Schubert, University of Bozen-Bolzano, [email protected]
Rodolfo Signorino, University of Palermo, [email protected]
Ian Steedman, Manchester Metropolitan University, [email protected]
Marta Vazquez Suarez, Universidade de Santiago de Compostela,
[email protected]
Stephen J. Turnovsky, University of Washington, Seattle, [email protected]
Takashi Yagi, Meiji University, [email protected]
1 Introduction
Giuseppe Freni, Heinz D. Kurz,
Andrea Mario Lavezzi and
Rodolfo Signorino

This collection of essays is a tribute to Neri Salvadori, the man and scholar, teacher
and friend, whom the scientific community owes important works in the tradition
of Piero Sraffa’s revival of the classical economists’ approach to the problems of
value, income distribution, capital accumulation, technical progress, scarce natu-
ral resources, economic development and growth. The essays in this book have
all been freshly written and contain original work with novel ideas in the areas
mentioned.
In this introduction we first summarize briefly Neri Salvadori’s academic career,
his work and his intellectual and organizational activities, and then provide a short
overview of the essays collected in this volume.

Academic career and work

Neri Salvadori was born on 3 February 1951 in Naples, Italy, where he studied
economics at the Facoltà di Economia e Commercio of the University of Naples
and graduated in 1976 with the highest marks. He received two study grants, one
from the Fondazione Einaudi for the academic year 1976/77 the other from the
Banca d’Italia for 1977/78, which he used to study at the University of Manchester
with Ian Steedman and then at the University of Cambridge. In 1978 he became
a research assistant for the chair of Financial Mathematics at the University of
Naples and then a researcher at the Institute of Finance. In 1979 he joined the
Faculty of Political Science of the University of Catania, Sicily, as a lecturer of
economic analysis; in 1985 he was promoted to the position of associate professor.
In 1987 he moved to the Istituto Navale di Napoli, where in 1990 he was appointed
to the chair of Political Economy. In 1991 he joined the University of Pisa, where
he teaches and researches.
Early on in his career Neri Salvadori became deeply fascinated with the writings
of the classical economists from Adam Smith to David Ricardo, and with Piero
Sraffa’s revival of the classical approach to the theory of value and distribution.
Sraffa’s work has been a major source of inspiration for virtually all his research
activities ever since. With regard to various problems studied, Neri Salvadori
elaborated new solutions and moved the frontier of research outward. These con-
cern, in particular, the problem of the choice of technique, the determination of
2 Freni, Kurz, Lavezzi and Signorino
long-period prices and income distribution, the role of the quantities of commodi-
ties in effectual demand in the case of joint production, fixed capital and scarce
natural resources, and the problem of renewable and exhaustible resources. The
upshot of his respective endeavour and intellectual achievements is his book (co-
authored by Heinz D. Kurz), Theory of Production: A Long-Period Analysis. The
book is now widely considered a locus classicus of the literature of classical ori-
entation. However, Neri Salvadori also contributed novel insights to several other
fields of research. He studied the problem of price formation in the short period in
a Kaleckian framework. He extended the Sraffian approach to deal with the prob-
lem of economic growth and development. He thereby did not limit the analysis to
one-good models, as is typically the case in much of growth economics, whether
old or new, but tackled the intricate case of economies with many industries. A
major focus of his work was on neo-Keynesian contributions in the tradition of
Nicholas Kaldor and Joan Robinson to the theory of economic growth and func-
tional income distribution. Several of his contributions deal with what is known
as ‘new’ or ‘endogenous’ growth theory. He showed that some of the new growth
models, while couched in neoclassical terms, contain an analytical structure that
is ‘classical’ in spirit. In all these works Neri Salvadori made effective use of
his remarkable mathematical skills and analytical sharpness, and demonstrated
an amazing knowledge of the economics literature, both modern and ancient. In
more recent times he got interested in the theory of oligopoly and has produced a
number of papers with new results.
His interest and expertise in the history of economic analysis materialized in a
number of essays dealing with major economists, such as Adam Smith, David
Ricardo, Léon Walras, Knut Wicksell, John von Neumann, Wassily Leontief,
Kenneth Arrow and Gérard Debreu, and especially Piero Sraffa. A characteris-
tic feature of his contributions is his analytical grip on their works, which allows
him to put into sharp relief similarities and differences and to elaborate on aspects
these authors left undeveloped. His interest in past authors is not antiquarian; he
rather wishes to know in which way economic theory has developed, and why, and
what can still be learned from the masters of our discipline. Involved in editing the
unpublished papers and correspondence of Piero Sraffa, Neri Salvadori has man-
aged to solve a number of puzzles concerning the interpretation of Sraffa’s analysis
and has explored the latter’s collaboration with his ‘mathematical friends’, Frank
P. Ramsey, Abram S. Besicovitch and Alister Watson. In addition he has published
on questions of methodology in the context under consideration.
Neri Salvadori’s publication record is outstanding. He has published and edited
numerous books, several hundred papers (well over a hundred of them in peer-
reviewed journals), many entries in dictionaries, book reviews etc. (See the list
of his publications at the end of this book.) His work has been widely appreci-
ated in the literature, reflected in numerous citations and references to it and by
translations of his works into other languages. His excellent standing in the pro-
fession is also documented by several prizes he received, including the Premio
Linceo (a lifetime achievement award given by the Accademia dei Lincei, the
Italian Academy of Science) in 2004, several visiting professorships in many
 Introduction 3
countries, numerous invitations to give keynote lectures, talks and seminars all
over the world, several participations as lecturer in international summer schools,
and highly appreciated work as referee by leading economic journals and publish-
ing houses. Neri Salvadori also organized highly successful serial annual lectures
in economic growth and development published by Cambridge University Press.
Since 2004 Neri Salvadori has served as general editor (together with Heinz
D. Kurz) of Metroeconomica; in addition he is a member of several editorial
boards of economic journals, including The European Journal of the History of
Economic Thought.
Neri Salvadori has earned himself not only the respect of his peers and col-
leagues, but also of his students because of the care with which he looked after
them and the support he gave them. An inspiring academic teacher, he attracted
numerous bright young people and interested them in promising approaches and
themes, irrespective of whether they were fashionable in the profession or not. He
was able to instil into them his standards of rigour, meticulousness and dedica-
tion; several of them made an academic career. His social competence is reflected
in many joint papers with former students of his.

The contents of this book

Chapter 2 contains ‘personal reminiscences’ of one of us, who has had the privi-
lege of collaborating with Neri Salvadori over more than thirty years (and expects
to continue to do so) and whose intellectual life is closely interrelated with his.
The thematic essays are subdivided in four parts that reflect well Neri
Salvadori’s main areas of interest and research. Part 1 is dedicated to ‘economic
growth and income distribution’ and has four chapters. Chapter 3, by Pasquale
Commendatore, Ingrid Kubin and Carmelo Petraglia, elaborates on the standard
footloose capital model by Martin and Rogers and allows for two groups of cap-
ital owners (workers and capitalist rentiers). Following the insights of Pasinetti
and Kaldor, the authors assume that capital ownership is more diffused at home
than abroad and that the two groups exhibit different consumption patterns. On
the basis of these assumptions new results on the impact of free trade on the long-
run international distribution of capital and welfare are derived. Chapter 4, by
Andrea Mario Lavezzi, argues that Adam Smith’s theory of the division and labour
and economic growth, and its development by Alfred Marshall, Allyn Young and
Nicholas Kaldor, exhibits characteristics that allow one to classify it as belonging
to complexity economics. This claim is supported by a historical reconstruction of
Smith’s growth theory against the background of complex systems analysis. This
novel perspective is confronted with the traditional one, rooted, as it is, in general
equilibrium economics, and a simple alternative model is proposed. Chapter 5 is
by Sergio Parrinello and deals with attempts to extend Keynes’s theory of effective
demand from the short- to the long-run and to the theory of economic growth. A
useful description of a normal state of a growing capitalist economy, the author
insists, must not be confined to a pure steady growth, despite the fact that such
a state can be used as an ideal configuration for some preliminary analytical
4 Freni, Kurz, Lavezzi and Signorino
purpose. The main analytical result derived is that in the presence of obsolete
machines, the margins of changes in capacity utilization, driven by changes in
effective demand, are wider if prices and distribution are allowed to deviate from
their long-period values associated with free competition and a given conventional
wage rate. Chapter 6, by Stefan Schubert and Stephen Turnovsky, proposes a
model in which search unemployment and wage bargaining are introduced into
an endogenous growth model to analyse the effects of a permanent and a tempo-
rary negative total factor productivity (TFP) shock on growth, unemployment and
public debt. Motivated by the recent Italian experience following the global finan-
cial crisis, the model is calibrated to approximate that economy, showing that both
the permanent and the temporary TFP shocks have long-lasting effects on unem-
ployment and on growth and debt dynamics. The model describes well the Italian
economy’s performance in the immediate aftermath of the crisis and is particularly
successful in tracking the time path of the unemployment rate.
Part 2 turns to ‘resource economics’ and has three chapters. Chapter 7, by Silvia
Faggian and Giuseppe Freni, has a new look at the famous forestry problem. It uses
the tools of the modern literature on optimal forest management to provide a con-
tinuous time ‘Ricardian’ model of forestry. It is assumed that the land on which
timber is produced is not uniform in quality and it is shown that in response to
an increase in timber demand forest cultivation is progressively intensified on the
most fertile lands and/or extended to less fertile lands. At a given level of the rate of
interest, a set of ‘breakthrough timber prices’ gives the order of fertility – the order
in which the different qualities of land are taken into cultivation – while a set of
‘threshold timber prices’ gives the order in which timber contained in the old trees
standing on the different lands is extracted. It turns out that for each land the break-
through price is higher than the threshold price. The properties of the model are
used to discuss a claim of Ricardo’s that the compensations received by the own-
ers of marginal forestlands in Norway following the rise of timber demand (and
hence of timber price) in southern countries of Europe were not rents. Chapter 8,
by Eiji Hosoda, explores the choice of technique problem for an economic system
confronted with a problem of post-consumption waste disposal. If households are
supposed to pay for the waste disposal at post-consumption stage and there is no
constraint on waste generation, then waste is discharged as much as possible. In
this case, without any environmental restriction, the existence of a gap between the
wage–profit and consumption–growth frontiers implies that per capita consump-
tion is not maximized. To cut an excessive amount of waste discharge, authorities
in many countries have introduced an upstream policy represented by extended
producer responsibility (EPR). A proper EPR policy can make the gap between
the two frontiers disappear, internalizing the waste disposal cost in the price of the
consumption commodity which generates waste at the post-consumption stage.
Chapter 9, by Alessandro Roncaglia, looks at the oil market as a test in order
to assess alternative interpretations of prices of production (‘long-period method’
and ‘photograph’). The story of the oil sector is sketched, stressing the role of
technical change on both the production and the utilization side, and the complex
and changing nature of the market forms prevailing in the sector (including the
 Introduction 5
influence of antitrust policies). The (marginalist) interpretation of oil as a scarce
natural resource is criticized. Although oil should better be treated as a produced
and reproducible commodity rather than as a non-reproducible natural resource,
the Ricardo–Sraffa approach presupposes free competition, and the oil sector is far
from that. The conclusion is that this kind of approach is useful for a critique of
the mainstream (scarcity) approach, but is not directly applicable to the oil market.
Part 3 is devoted to ‘capital theory and marginalism’ and has six chapters. Chap-
ter 10, by Christian Bidard, introduces so-called ‘ghost goods’ in the analysis; that
is, goods that do not appear on markets, but are positively priced. Various cases
of ghost goods are discussed: from Sraffa’s ‘beans’ to intermediate goods which
are specific to non-operated processes of production, from ‘tractors’ (intermedi-
ate goods in neo-Austrian models) to intermediate goods in two-period Austrian
models. It is shown that while the price of a ghost good may generally vary within
a certain interval, the price of some intermediate ghost goods in Austrian models
can be calculated exactly. Chapter 11 was not written for this book, but has been
included upon the recommendation of Edwin Burmeister, who knows how much
the late Paul A. Samuelson appreciated Neri Salvadori’s work. It can be surmised,
would Samuelson still be with us and in good health, that he would have written a
piece for this volume. In this unfinished handwritten Samuelson manuscript kindly
transcribed by Edwin Burmeister, Samuelson sketches a non-neoclassical model
in which output (corn) is producible by a finite number of alternative known tech-
niques, each involving, along with labour and corn seed, non-reproducible land
(and where possibly each category of inputs could involve heterogeneous vari-
eties: male and female labours; more fertile and less fertile acreages; coal, iron,
and durable produced machines). It is suggested that for the case of homogeneous
one-quality land, homogeneous one-quality labour, and homogeneous one-quality
corn seed, the corn–labour–land–capital competitive factor pricing can be reduced
down to a primal and dual linear programming problem. It is stated that as the
interest rate falls from one steady state to another, as soon as there are joint prod-
ucts and/or multiple heterogeneous capital goods, there need not be an induced
rise in the plateau of permanently consumable output. In Chapter 12, by Edward
J. Nell, it is pointed out that since the classical approach represents the total labour
used by society during any period of production as a single, homogenous quan-
tity, we are faced with a fundamental epistemological question: to what common
measure are the various grades and kinds of labour reducible? In the chapter it is
argued that the only possible common denominator is exchange value. But if this
is correct, it requires a reconsideration of Sraffa’s construction of the ‘invariant
measure of value’ because his standard system cannot be shown to exhibit the lin-
ear inverse relation between wages and the rate of profit if the ‘quantity of labour’
is expressed in terms of value and not as a homogenous and given quantity that
is independent of value and capable of being set equal to unity as a numéraire.
Sraffa’s derivation of the standard system is therefore said to fail. Chapter 13,
by Arrigo Opocher, examines some preliminary aspects of long-period duality in
the simple case of an individual, isolated industry. It is shown that firms earning
maximum profits of zero can be characterized not by strict constant returns to
6 Freni, Kurz, Lavezzi and Signorino
scale, but by local constant returns, at the bottom of u-shaped average cost curves.
If all inputs are ‘primary’ and the generating technology is perfectly smooth, only
a lower dimensional region of the ‘true’ production function can ever be active,
however variable primary input prices can be. If an industry’s own output is an
input and the rate of interest is zero, then an isoquant cannot be inferred from
any number of real primary input prices even under strictly constant returns. A
positive and variable rate of interest gives more information on the generating
technology and, in the case of a Leontief unit isoquant, the generating technique
can be inferred from knowledge of a sufficient number of different real primary
input price–rate of interest combinations. Chapter 14, by Ian Steedman, examines
corn/tractor, Wicksellian and simple input–output models of production. Vary-
ing the rate of interest to yield alternative long-period positions, the relationship
between capital per unit of output and labour per unit of output are traced out in the
consumer good industry. Reswitching is strictly excluded. Remarkably enough, it
is found repeatedly that the consumer good isoquant need not be downward slop-
ing and convex from above; it need not even be monotonic. This spells trouble
for conventional assumptions in production theory. In Chapter 15, Takashi Yagi
studies income distribution in a system with fixed capital and depreciation and
introduces a new surplus approach in the theory of distribution and capital. The
ratio of the rate of profit and the wage rate, called the surplus rate, is distinguished
from the rate of profit for capital. The properties of the standard system introduced
by Sraffa are then used to analyse the shares in distribution and the measurement
of the aggregate value of capital in an actual system with fixed capital.
‘Sraffian themes’ are dealt with in Part 4, which has four chapters. Chapter 16,
by Enrico Bellino, starts from Pasinetti’s 1960 mathematical formulation of the
Ricardian system, which is reformulated in such a way as to provide a math-
ematical formulation of the income distribution theory contained in Ricardo’s
early writings. This analytical formulation of Ricardo’s early writings has the
pedagogical function of fully appreciating the final objective that Sraffa was
pursuing with his standard commodity: that of studying the relation concern-
ing income distribution independently of prices. In simpler terms, Sraffa sought
to depict the economy as a system where the division of the social product, or
‘cake’, does not affect the magnitude of the cake. In Chapter 17 Christian Gehrke
investigates whether Sraffa’s unpublished manuscripts provide some hints for
interpreting his reaction to Joan Robinson’s objections to the use of the concept
of ‘subsistence-cum-surplus wages’. It is shown that Sraffa regarded the problem
emphasized by Robinson of specifying the amounts of commodities consumed
for subsistence independently of the consumption out of surplus wages as non-
existent, because he conceived of subsistence requirements as notional parts of
the commodities actually consumed. Chapter 18, by Carlo Panico, Antonio Pinto,
Martín Puchet Anyul and Marta Vazquez Suarez, presents a Sraffian interpreta-
tion of the evolution of the US financial regulation after the Second World War,
in which it is emphasized that the formation of monetary policy and legislation
is affected by the conflicts over the distribution of income. This approach has
been widely overlooked in the literature. The chapter argues that during the period
 Introduction 7
considered, financial regulation evolved from a ‘discretionary’ to a ‘rules-based’
regime. That conversion was gradual and reflected the strengthening position of
the financial industry. It is also stressed that the ability of the financial industry
to affect political life has influenced the reforms proposed and adopted after the
crisis. Chapter 19, by Man-Seop Park, starts from an accounting equation that is
widely used in the recent neoclassical literature modelling production and growth.
The models are set in continuous time and the equation refers to a productive pro-
cess (or an aggregate economy) at ‘time t’ where (ultimately) both a nondurable
input and a durable input are utilized. Two characteristics of the equation in par-
ticular attract our attention. The first is that the user cost of the nondurable input
does not, whereas that of the durable input does, involve the rate of interest. The
second is that the quantities appearing in the equation are all treated as real quan-
tities. The present essay draws the attention to the logical difficulties besetting the
first characteristic and concludes that the approach cannot be sustained as it is.
Part 5 deals with ‘imperfect competition’ and has three chapters. Chapter 20,
by Antonio d’Agata, develops a simple model of product differentiation à la
Hotelling with quantity-setting firms in which producers of identical goods col-
lude because of kinks in demand. It is shown that producing homogeneous goods
may be optimal because of the existence of collusion-supporting kinks in demand.
The results achieved suggest also that positioning can be strategically used for
generating kinks in demand and, therefore, collusion. Chapter 21, by Simone
d’Alessandro and Luciano Fanti, analyses a vertically integrated industry with a
monopolistic upstream firm and two downstream firms choosing their capacity
for strategic reasons and then competing à la Bertrand in the final product mar-
ket with differentiated products. It is shown that the common wisdom according
to which (i) the profit of the monopolistic supplier is higher when it is price-
discriminating, and (ii) consumers’ surplus and social welfare are higher when
it is non-price-discriminating, is always contradicted. Moreover, interpreting the
monopolistic upstream firm as a centralized union, it is shown that an ‘egalitar-
ian’ wage policy is preferred not only by the union but also by consumers and
society as a whole. Both results hold in certain conditions even when strategic
entry is taken into consideration. In Chapter 22 Rodolfo Signorino provides a
close textual comparison between the 1957 second Italian edition and the 1962
first American edition of Oligopoly and Technical Progress, showing that Sylos
Labini added to the later edition some sections concerning new firms’ entry and
incumbent firms’ reaction, which partially contradict Modigliani’s 1958 presenta-
tion of the Sylos Postulate. The theoretical differences between Sylos Labini and
Modigliani with regard to the assumption of constant output are traced back to
their different modelling strategies on how to tackle the issue of external firms’
conjectures in determining the long-run oligopoly equilibrium price.
Part 6 deals with the ‘history of economic analysis’ and has five chapters.
Chapter 23, by Amitava K. Dutt, examines whether there is anything useful
left in Malthus’s analysis of population and economic growth. Distinguishing
between theoretical frameworks of analysis and specific predictions made using
such frameworks, it argues that even though Malthus’s predictions proved to be
8 Freni, Kurz, Lavezzi and Signorino
incorrect, his theoretical framework has much to offer, and deserves careful atten-
tion. Moreover, using this framework can be useful in addressing whether his fears
are still justified. This is done by developing a simple formulation of Malthus’s
theory of population and economic growth and by extending it to examine a
number of relevant and important issues that were neglected or not sufficiently
emphasized by him, that is, technological change, the demographic transition,
aggregate demand and the environment. In Chapter 24 Riccardo Faucci recon-
structs the evolution of the thought of the Italian economist Federico Caffè, born
in 1914, who mysteriously disappeared between 14 and 15 April 1987. Federico
Caffè was among the most important post-1945 Italian economists. As a profes-
sor at the University of Rome for almost thirty years, he authored more than 150
academic publications. An outstanding teacher, he supervised the diploma theses
of a huge number of students and educated many excellent scholars, including
Mario Draghi, Ignazio Visco, Guido M. Rey, Ezio Tarantelli, Marcello De Cecco,
and Nicola Acocella (his successor in the Rome chair). A militant intellectual,
his opinions leaned strongly toward the left. The chapter reconstructs his polit-
ical commitments, his post-war economic policy and economics contributions,
his warm admiration of Cambridge economics and his hostility to monetarism.
Chapter 25, by Duncan Foley, revisits the labour theory of value developed by
classical economists and Marx. It claims that classical political economists and
Marx conceptualized human labour in terms of the subjective cost of produc-
tion, but regarded labour nonetheless as comparable and aggregatable across
individuals. Labour in this sense is both universal across workers and fungi-
ble among different productive employments. In commodity-producing systems
where labour is mobile among different employments, the rate of exploitation in
the sense of the ratio of labour effort to money income will tend to be equalized
across employments. This proportionality is sufficient to establish a proportion-
ality between value added and labour effort over a commodity-producing system,
and the conservation of surplus value in a capitalist commodity-producing system,
despite the competition of capitals to maximize their share of the pool of surplus
value. Chapter 26, by Bruno Jossa, argues that the establishment of a system of
cooperative firms reversing the current capital–labour relation is tantamount to
a revolution, in that it results in the introduction of a new production mode. It
then asks whether the idea of a revolution enacted by peaceful and democratic
means is fully compatible with Marx and Engels’s writings. Although the best
proxy for the system imagined by Marx is doubtless an economy in which labour-
managed firms operate within a centrally planned system, the chapter argues that
a system with self-managed firms would be consistent with Marx’s theoretical
edifice even if it should fail to adopt central planning. In Chapter 27 Alberto
Quadrio Curzio analyses the works of two Italian ‘institutional economists’, Carlo
Cattaneo (1801–1869) and Giuseppe Colombo (1836–1921), who, in the nine-
teenth and twentieth century, contributed significantly to building an industrialized
nation. Attention is drawn to the Italian industrial development, which 150 years
after national unification has not yet spread to the whole country. Cattaneo and
Colombo were both influenced by the civil ethics of the Risorgimento and had a
 Introduction 9
structural concept of political economy in which economics (in particular indus-
trial growth with a focus on technological innovation) and finance were seen to
be complementary rather than alternative. Finally, they both were conscious that
overcoming the existing territorial dualism was a step on the way to national
unification.
We take this opportunity to thank all contributors for their fine work and the
colleagues we involved in assessing first versions of the chapters for helping
to improve them. We are grateful to them and the publisher, especially Emily
Kindleysides and Laura Johnson, for a smooth collaboration.
Last but not least, we thank Neri Salvadori for his generosity, kindness, support
and friendship over many years.
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