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Recensione di: Breda M., Caretti S. (2024), Il nemico di Mussolini. Giacomo Matteotti, storia di un eroe dimenticato, Milano: Solferino.

Recensione a: Perrotta C., Rizzello S., Sunna C, (2023), Human Capital. The Driving Force for Economic Development, Cham: Palgrave Macmillan.

Questo tributo commemora Salvatore Biasco, illustre collega e amico della rivista. I molteplici contributi di Biasco hanno spaziato dall’economia internazionale alla finanza, passando per l’impegno politico in prima persona. Il lavoro di Biasco ha sempre sottolineato il ruolo centrale della politica economica ma anche la sua natura endogena. In contrasto con le teorie dominanti che attribuiscono le fluttuazioni economiche e le crisi a fattori esterni, Biasco considerava problematica l’idea di un equilibrio stabile di mercato. Il lavoro di Biasco ha gettato luce sull’importante impatto delle variabili finanziarie su quelle reali, ad esempio con articoli sull’endogenità dei cicli valutari e sull’importanza dei flussi lordi di capitali nel sistema monetario internazionale.

The paper summarizes the rationale and contents of a conference held at the Accademia Nazionale dei Lincei in December 2020, celebrating the fiftieth anniversary of the Italian Statuto dei lavoratori (Charter of Workers’ Rights): a reform that represents an important advancement in Italian civic development. The paper illustrates the Charter: its attempt to reconcile, in light of the Italian Constitution, the twin and opposite characteristics of labor as sacrifice and as contributing to the social dignity of workers; and the law’s compromises between the opposite needs of the labor process (stability and flexibility of employment, employers’ freedom in hiring, the need to avoid discrimination, and so on). JEL codes: J08, J28, J48, J53, J83

Il lavoro introduce agli atti di un convegno tenuto presso l’Accademia Nazionale dei Lincei nel dicembre 2020, di celebrazione del cinquantesimo anniversario dello Statuto dei lavoratori: una riforma che costituisce un importante progresso nello sviluppo civile del paese. L’articolo illustra lo Statuto: il suo tentativo di conciliare, come previsto dalla Costituzione, le caratteristiche opposte del lavoro come sacrificio e come fondante della dignità sociale dei lavoratori; i suoi compromessi tra esigenze opposte del processo lavorativo (stabilità e flessibilità dell’impiego, la libertà dei datori nelle assunzioni e la necessità di evitare discriminazioni, e così via). The paper introduces the contributions to a conference held at the Accademia Nazionale dei Lincei in December 2020 celebrating the fiftieth anniversary of the Italian Statuto dei lavoratori (Charter of Workers’ Rights): a reform that represents an important progress in Italian civil development. The paper illustrates the Statuto: its background in the attempt to conciliate, in light of the Italian Constitution, the twin and opposite characteristics of labour as sacrifice and as contributing to the social dignity of workers; and its compromises between opposite needs of the labour process (stability and flexibility of employment, employers’ freedom in hiring and the need to avoid discrimination, and so on). JEL codes: J08, J28, J48, J53, J83

Il lavoro considera l’impatto dell’attuale crisi causata dal Covid-19 sull’Unione Europea. La risposta di politica economica è stata, rispetto alla crisi dei debiti pubblici, di ben diversa natura. Rimane ora il compito di rimediare ad alcune carenze nell’architettura istituzionale dell’Unione, e di completare il processo di unificazione, soprattutto tramite la costituzione di una fiscalità comune. L’alternativa è il perdurare degli squilibri economici e sociali che hanno attanagliato soprattutto l’area dell’euro sin da prima della crisi, e il rischio di fallimento dell’intera Unione. The essay reflects on the impact of the economic crisis caused by the Covid-19 on the European Union. The economic policy response has been very different from that to the previous sovereign debts crisis. It is still necessary now to remedy some shortcoming of the institutional architecture of the Union, and to complete the unification process especially with the creation of a common taxation scheme and own revenues. The alternative implies a continuation of the social and economic disequilibria that since before the crisis have cursed the eurozone in particular. This might lead to the unfortunate failure of the Union. JEL codes: F45, O52, N14

Con questo numero, Moneta e Credito riprende la serie di “Reminiscenze di illustri economisti”, che veniva pubblicata sia in inglese che in italiano, rispettivamente nella BNL Quarterly Review e nella nostra rivista. Anche nella nuova serie, agli economisti invitati a contribuire verrà consentita la massima libertà nell’impostazione del loro contributo, che potrà consistere in ricordi autobiografici o in riflessioni sulla propria attività di ricerca e/o sulle tendenze della nostra disciplina. Il primo contributo inaugurale pubblicato in questo numero è di A.P. Thirlwall, membro del supervisory board della PSL Quarterly Review. In this issue, Moneta e Credito is relaunching the “Recollections of Eminent Economists” series, which used to be published in both English and Italian, respectively in BNL Quarterly Review and Moneta e Credito. As before, economists invited to contribute to the new series will be granted the maximum creative liberty; the articles may be autobiographical, or consist in reflections on their research, or, more generally, on economics as a discipline. The first inaugural contribution published in this issue is by PSL Quarterly Review board member A.P. Thirlwall. JEL codes: B31, A11 Keywords: Recollections of economists, BNL Quarterly Review, autobiography, Moneta e Credito

The short editorial introduces the new issue and volume of the Review. In this issue, the PSL Quarterly Review is relaunching the “Recollections of Eminent Economists” series, which used to be published in both English and Italian, respectively in BNL Quarterly Review and Moneta e Credito. The “Recollections of Eminent Economists” series was launched in 1978, with the first article in September 1978 by John Hicks. The Recollections were intended as a series of autobiographies of intellectuals. Authors invited to contribute were allowed full liberty of topic and scope. ). As before, authors invited to contribute to the new series are granted the maximum creative liberty; the articles may be autobiographical, or consist in reflections on their research, or, more generally, on economics as a discipline. The first inaugural contribution published in this issue is by board member A.P. Thirlwall.

Oil markets are extremely complex, characterized by an interplay of economic, political, technological and ecological issues. The paper begins by pointing to the high ratio between fixed and variable costs as a characteristic of the oil sector in all its production stages. Then the story of the sector is sketched, since the expansion of Rockefeller’s Standard Oil Trust in the late Nineteenth century. Anti-trust intervention and collusion characterize the first part of the story; the notion of “trilateral oligopoly” (oil companies, producing and consuming countries) is then utilized in interpreting the developments since the Second World War. An illustration and a critique of the role played by financial markets in the determination of oil prices is accompanied by a critique of the theories interpreting oil prices as determined by its nature as a scarce natural resource. Recent trends in the oil sector, with the development of shale oil, are briefly considered.

L'olio di scisto presenta caratteristiche strutturali che lo distinguono dal petrolio "tradizionale", come il minor tempo necessario per costruire nuovi impianti, la minore durata dell'investimento e un rapporto inferiore tra costi fissi e costi variabili. Queste differenze implicano un livello più basso di controllo oligopolistico del mercato, che a medio termine potrebbe portare a un'ulteriore pressione al ribasso sui prezzi. Tuttavia, l'elevato grado di finanziarizzazione di questi mercati rende necessaria, affinché tale cambiamento di regime si concretizzi, che gli operatori dei mercati finanziari interiorizzino nuove convenzioni comportamentali e procedurali, adattate al mutato scenario tecnologico. Shale oil exhibits structural characteristics that set it apart from ‘traditional’ oil, such as the shorter time required to build new plants, the shorter duration of the investment, and a lower ratio of fixed to variable costs. These differences imply a lower degree of oligopolistic control of the market, which in the medium term could lead to further downward pressure on prices. However, the high degree of financialization of these markets makes it a necessary condition, for such a regime change to materialize, that financial market operators internalize new behavioural and procedural conventions, adapted to the changed technological scenario. JEL codes: L13, L71, Q41

The short editorial introduces the new volume and provides information on the new composition of the board of editors. Starting from this issue, the main responsibility for editing the two journals "Moneta e Credito" and "PSL Quarterly Review" shifts from Alessandro Roncaglia to Carlo D’Ippoliti. Roncaglia, chairman of Economia Civile, which publishes both journals, remains on the board as co-editor. The present introduction explains the main reasons for this change, and shortly recalls the recent history of the Review.

Il breve editoriale introduce al nuovo volume della rivista, e fornisce informazioni sul nuovo comitato di direzione. A partire da questo numero, la responsabilità principale per la direzione delle due riviste, Moneta e Credito e PSL Quarterly Review, si sposta da Alessandro Roncaglia a Carlo D’Ippoliti, Roncaglia, presidente dell’associazione Economia civile, che pubblica le due riviste, ne rimane direttore responsabile. L’introduzione spiega le ragioni di questo cambiamento, e ripercorre la storia recente della rivista. The short editorial introduces the new volume and provides information on the new composition of the board of editors. Starting from this issue, the main responsibility for editing the two journals Moneta e Credito and PSL Quarterly Review shifts from Alessandro Roncaglia to Carlo D’Ippoliti. Roncaglia, chairman of Economia Civile, which publishes both journals, remains on the board as co-editor. The present introduction explains the main reasons for this change, and shortly recalls the recent history of the review. JEL codes: Y20, A1

L'autore, seguendo gli insegnamenti e l'esempio di Paolo Sylos Labini, esplora il ruolo sociale degli economisti, sottolineando come un utile economista sia un economista impegnato eticamente, che persegue il bene comune.Testo del discorso tenuto alla conferenza "Paolo Sylos Labini e la politica delle riforme", tenutasi all'Università La Sapienza di Roma il 4 dicembre 2015, organizzata dall'Accademia dei Lincei con Economia Civile. The author, following the teachings and example of Paolo Sylos Labini, explores the social role of economists, underling how a useful economist is an ethically committed economist, who pursues the common good. Text of the speech given at the conference "Paolo Sylos Labini e la politica delle riforme", held at Sapienza University of Rome on 04 December 2015, organized by the Accademia dei Lincei with Economia Civile. JEL Codes: A11, A13, B31

The article is an introduction to the new issue of the Journal. It provides an overview of the current economic and financial situation and summarises the main topics dealt with by the following articles. Retrenchment of public expenditure is once again being called for by international agencies as well as by leading economists and politicians. The irony of this all is that by rescuing financial institutions the policy authorities – which up to now have totally ignored the problems posed by an excessive increase of private debt, focusing attention on public debt alone – have dealt with a crisis originating in the private debt area by shifting part of its weight to the public sector. This should call for some reconsideration of macroeconomic views. In any case, for any individual country considered in isolation, it is rather difficult to ignore the mainstream recommendations. Countries with already large public deficits and debt risk coming under attack on the side of financial speculation if they ignore the consensus recipes. Financial markets can then foresee a spiral of growing public expenditure for interest payments, growing deficits and growing public debt, further increasing the spread up to the point of collapse. Fiscal retrenchment then takes place, so to say, at gunpoint. There is little choice, thus, for many countries on the sign of their fiscal policies. However, this constraint leaves various options open.

L'articolo si basa sugli atti di una commissione d'inchiesta parlamentare italiana del 1962 sulla concorrenza, per esaminare l'attuale situazione italiana e le prospettive di riforma. L'autore si concentra in particolare sulla testimonianza di Ernesto Rossi. Il testo del discorso tenuto al convegno "Mercato e Concorrenza", il 18 novembre 2015, ha organizzato l'Accademia dei Lincei con Economia Civile. The article builds on the Proceedings of a 1962 Italian Parliamentary enquiry commission on competition, to examine the current Italian situation and the prospects for reform. The author focuses in particular on the testimony by Ernesto Rossi. Text of the speech given at the conference "Mercato e Concorrenza", 18 November 2015, organised the Accademia dei Lincei with Economia civile JEL codes: B30, L43, L61

La breve nota introduce la pubblicazione della rivista e ne descrive i contenuti principali. Il testo del discorso introduttivo tenuto alla conferenza "Mercato e Concorrenza", il 18 novembre 2015, ha organizzato l'Accademia dei Lincei con Economia civile. The short note introduces to the issue of the journal and describes its main contents. Text of the introductory speech given at the conference "Mercato e Concorrenza", 18 November 2015, organised the Accademia dei Lincei with Economia civile. JEL codes: D41, N14, K21

L'articolo discute la vita e le opere di Sidney Weintraub in occasione del centenario della sua nascita. L'autore ricorda brevemente il contributo di Weintraub alla rivista e alla serie di "Recollections", commentando le loro relazioni personali. L'articolo esamina la ricerca di Weintraub incentrata sulle principali differenze tra il post-keynesismo americano e la scuola post-keynesiana di Cambridge (Regno Unito), ricordando in particolare le teorie originali di Weintraub sui prezzi e sulla distribuzione del reddito. The article discusses the life and works of Sidney Weintraub on the occasion of the centenary of his birth. The author briefly recalls Weintraub’s contribution to the journal and to the series of “Recollections”, commenting on their personal relations. The article reviews Weintraub’s research focusing on the main differences between American post-Keynesianism and the Cambridge (UK) post-Keynesian school, recalling in particular Weintraub’s original theories of prices and income distribution. JEL codes: E12, B32, B31

Oil markets are extremely complex, being characterized by the interplay of economic, political, technological and ecological factors. The paper reviews the various critiques of the idea that oil prices are determined by supply and demand, with supply scarcity-constrained, and briefly recalls the model of ‘trilateral oligopoly’. This interpretative lens is applied with special reference to the golden period of the oil majors and the increasing importance of OPEC in the 1970s. However, the counter-crisis in the 1980s highlighted the limits of OPEC’s hold on the markets and the increasing role of financial markets in the determination of oil prices. Considering shale oil as an instance of technical change and its importance in the oil sector, the paper draws some basic conclusions. Among these is the author’s forecast that oil prices are likely to remain low in the medium run. JEL codes: L13, L71, Q40, Q41, Q43

L'articolo presenta la testimonianza di Paolo Sylos Labini del 1962 alla "Commissione sui limiti della concorrenza" del Parlamento italiano. Lì, Sylos Labini ricorda la sua teoria dell'oligopolio, ma estende anche le sue osservazioni a una gamma completa di riforme strutturali necessarie per l'Italia in quel momento. Il presente articolo spiega le basi teoriche delle osservazioni di Sylos Labini e sottolinea la rilevanza della testimonianza per la successiva (e anche contemporanea) elaborazione delle politiche. The article introduces Paolo Sylos Labini’s 1962 testimony at the “Commission on the limits to competition” of the Italian Parliament. There, Sylos Labini recalls his oligopoly theory, but he also extends his remarks to a full range of necessary structural reforms for Italy at the time. The present article explains the theoretical basis of Sylos Labini’s remarks, and highlights the relevance of the testimony for subsequent (and indeed contemporary) policymaking. JEL codes: L13, D43, B20

The paper presents a group of articles, published in the same issue of Moneta e Credito or accepted for publication in subsequent issues, dealing with different aspects of the "new economics of knowledge and information" and with "Internet economics". It also surveys the economic aspects of the new information and communication technologies, considering them as a Schumpeterian "epoch-making innovation" (and suggesting that Internet could be considered as a new, separate, epoch-making innovation). Attention is drawn to the issue of market forms likely to prevail in the field ofInternet services, on the inapplicability of the traditional theory of competitive equilibrium, and on the dynamic kind of competition based on technological change prevailing in the sector, likely to foster some sort of unstable oligopolistic behaviour. JEL Codes: L86, D83, L96, O33 Keywords: Information, Internet Economics, Knowledge, Technologies

Introducing the publication of a long 1956 letter by Franco Modigliani (FM) to Paolo Sylos Labini (PSL) on the draft of PSL’s book, Oligopoly and Technical Progress, the paper critically reviews the theoretical background of FM’s comments, showing how the pre-Keynesian roots dominate the so-called neoclassical synthesis as well as its shaky foundations. The paper also discusses FM’s interpretation of PSL’s oligopoly theory, as well as their collaboration (and differences) on policy issues, such as their opposition to the 100% money wage indexation adopted in Italy from the mid-1970s to the mid-1980s. Introducendo la pubblicazione di una lunga lettera del 1956 di Franco Modigliani (FM) a Paolo Sylos Labini (PSL) sulla stesura del libro di PSL, Oligopolio e Progresso Tecnico, la rivista rivede criticamente il background teorico dei commenti di FM, mostrando come le radici il pre-keynesiane dominano la cosiddetta sintesi neoclassica e le sue fondamenta instabili. Il documento discute anche l'interpretazione di FM della teoria dell'oligopolio di PSL, così come la loro collaborazione (e differenze) su questioni politiche, come la loro opposizione all'indicizzazione del 100% dei salari monetari adottata in Italia dalla metà degli anni '70 alla metà degli anni '80. JEL: B31, D43, E13, E64

Introducing the publication of a long 1956 letter by Franco Modigliani (FM) to Paolo Sylos Labini (PSL) on the draft of PSL’s book, Oligopoly and Technical Progress, the paper critically reviews the theoretical background of FM’s comments, showing how the pre-Keynesian roots dominate the so-called neoclassical synthesis as well as its shaky foundations. The paper also discusses FM’s interpretation of PSL’s oligopoly theory, as well as their collaboration (and differences) on policy issues, such as their opposition to the 100% money wage indexation adopted in Italy from the mid-1970s to the mid-1980s. Keywords: Macroeconomic theory, Oligopoly, Neoclassical synthesis, Modigliani, Sylos Labini JEL code: B31, D43, E13, E64

The article is part of the special issue of the journal, including the proceedings of the conference "Albert Hirschman scienziato sociale" held in Rome at the Accademia Nazionale dei Lincei. The author briefly recalls Hirschman's many relations to Italy: both family and professional and academic relations. The author briefly discusses how such connections might have influenced Hirschman's social and economic thought.

The article reviews "The Collected Writings of John Maynard Keynes", on occasion of the recently published paperback edition of the photostatic reprint. The original edition made available to scholars most of Keynes’s writings and important parts of his correspondence, together with scholarly introductions and editorial notes. The availability of this material favoured the development of an important body of studies on Keynes and the economists who were at Cambridge in the interwar period. Biographical research shows that the development of Keynes’s theoretical views was far from linear. Therefore, any interpretation of Keynes’s thought cannot focus exclusively on his main writings and in particular on The General Theory. For this reason, the author proposes here a number of reading paths along the thirty-volumes strong collection, highlighting the development of Keynes' ideas and activities. JEL codes: E12, B22, B31 Keywords: Keynes, uncertainty, money, Collected Works

In a recent work, F. Modigliani and T. Padoa-Schioppa presented a theoretical framework in support of the widely diffused thesis among economic commentators regarding the existence of an inverse relationship between real wages and employment. Their central thesis is that in an economy where wages are indexed 100%, for each value of the real wage only one level of real national product exists that is consistent with price stability. In the present article, the authors provide a simplified version of the model in order to highlight its main features before then demonstrating its groundlessness. They argue that not only should the attempt to give validity to the postulated inverse relationship between the level of production and the real wage supported by Modigliani and Padoa-Schioppa be rejected, so should the inclination to derive concrete policy propositions from such economic analysis. JEL: E24, E31, J31

The short note introduces the articles published in this issue, placing the different contributions in the current socio-economic context. The first two articles in particular concern a topic of great relevance to the well-functioning of a monetary production economy, namely banking regulations and especially the changes being currently introduced. Tonveronachi (2013) argues in favour of a significant de-globalization of banks and of their regulation and supervision, thus opposing the mainstream attitude supported by regulatory authorities. Masera (2013) provides a discussion of the enactment of the third Basel Capital Accord in the United States and in Europe, with the former placing greater emphasis on leverage requirements (versus risk-weighted capital requirements, which are kept simpler) and on a differentiation of the rules according to the size and complexity of the financial institutions concerned (versus the European one-size-fits-all attitude). JEL codes: A1, H12, H83

Piero Sraffa is widely regarded as the greatest Italian economist and one of the greatest economists of all time. And yet, some have argued that Sraffa’s work has not penetrated deeply into the consciousness of the economic profession. The present work responds to this view by drawing attention to Sraffa’s contribution to the reconstruction of political economy, and, more generally, to his influence on modern culture. The author demonstrates how Sraffa’s influence has been felt in different fields: not only in economics, but also that of philosophy and politics. JEL: B24, B31, E11

Luigi Ceriani (1912-1999) was the founder of Moneta e Credito and Banca Nazionale del Lavoro Quarterly Review, and their editor for the first forty years of their lives. The article illustrates his life history, in particular his role in the founding and in the successive life of the two journals as well as in the Banca Nazionale del Lavoro as director of its Economic Research Department. JEL Codes: A11

The paper introduces to the special issue of the journal, devoted to Luigi Spaventa, former board member and frequent contributor to the journal, Italian MP and minister of the Budget. While most obituaries and recollections of Spaventa focus on his academic or political activities, the author focuses here on Spaventa's contributions to economic theory, in particular the theory of capital and distribution, growth and dualism in development, international finance and the European Monetary System.

The paper introduces to the special issue of the journal, dedicated to Luigi Spaventa, former board member and frequent contributor to the journal, Italian MP and minister of the Budget, who recently passed away. While most obituaries and recollections of Spaventa focus on his academic or political activities, the author focuses here on Spaventa's contributions to economic theory, in particular concerning the theory of capital and distribution, growth and dualism in development, international finance and the European Monetary System. His writings published in the old series of the Review (as well as in the sister journal "Moneta e Credito") constitute a by no means negligible part of his output as an economist, on the strength of which he came to occupy a prominent position among Italian economists. Probably, one can find the link between his activity as a researcher and that as public servant in the civic sense, combining sharp critical rationality with a strong public service ethic. JEL Codes: B32, B24, E12

The article introduces to the new issue of the journal by putting into context the various articles contained therein. It specifically deals with the recent changes of opinion and approach on the side of the IMF and several economists concerning fiscal policy and the appropriate response to the European crisis.

The article introduces the articles collected in the present issue of the journal. It places the various contributions in perspective, critically summarizing the major economic developments since the publication of the last issue. It focuses in particular on Minsky's contribution and its relevance for understanding the current crisis, because this issue of the Review contains a hitherto unpublished work by Minsky. In the context of the present-day debate, the paper is important for its contribution towards establishing a link between the financial and the real sides of the economy. However, it is also a useful reminder to those who, in the present-day debate, reduce Minsky’s contribution to one solely related to a theory of financial fragility providing a financial-only explanation of the recent world crisis: in Minsky’s theory as well as in recent events, financial fragility interacts with increasing inequalities in income distribution. JEL Codes: E12, G01, B22

The article introduces the papers published in the present issue. It does so by elaborating a few comments on the role of institutions for economic development and how should economics analyse institutions.

Economists commonly specialize in some limited parts of the general field. This is a necessity, due to the complexity of the different issues, the amount of literature available on each of them and the possibility of recourse to different analytical or statistical tools. However, specialization has its drawbacks. Quite often, specialists in the fields of, for instance, labour economics or industrial organization, utilize tools such as the aggregate production function or Marshallian U-shaped cost curves for the firm and the industry; tools which any specialist in abstract theory knows to have been proved faulty. Again, quite often econometric exercises rely on implicit, forgotten assumptions which if duly recognized would deprive the results of any meaning with regard to the interpretation of real world events. The risks of field specialization are commonly countered by the existence of generalist journals, such as the present one. JEL Codes: A11, E12, H12

With the financialization of the economy, increasing reliance has been put on statistical models for derivatives pricing and for risk assessment in the day-to-day business of financial operators as well as in financial regulation. This practice had already been criticized from many quarters and on different accounts before the crisis, but these criticisms were simply ignored by the prevailing consensus. This work reconsiders such criticisms from a different standpoint: though they are justified, they could have been put forward in even stronger terms had they relied on Keynes’s work on probability and his notion of uncertainty. I shall thus focus on the conceptual views underlying statistical risk assessment techniques rather than on the techniques in themselves. Finally, I set out some policy implications for regulation. JEL Codes: G32, D81, E12

L'articolo discute il contributo di Aldo Montesano in questo numero, con un focus particolare sulle definizioni di economia e di economia politica.Nel tentativo di rispondere se l'economia è una disciplina morale e se si tratta di una scienza, l'articolo evidenzia che diverse scuole di economisti hanno interpretato e definito in modo diverso ciò che riguarda l'economia.Si sottolinea che nessuno di questi approcci è nato ed è ora morto, ma prospettive ancora diverse coesistono.Per questo motivo è importante da un lato consentire il pluralismo e dall'altro non sostenere le rappresentazioni caricaturali della disciplina. The article comments on the contributions by Aldo Montesano and Roberto Cellini in this number, in particular focussing on the evolution of economic thought and the changing definitions of economics and of political economy. It is here argued that the historical evolution of the discipline should induce economists to abstain from providing a precise definition of their science; and this conclusion is reinforced by the observation that contrasting assessments of the discipline and of its content matter make such a definition even more problematic. The article argues that economists even disagree on what Schumpeter called the pre-analytical vision of society and the economy, and it is therefore obvious that they developed alternative definitions of what economics is. JEL: A13, B00, A12

The paper provides an introduction to the special issue in honour of Josef Steindl (1912-1993) celebrating the centennial anniversary of his birth. Steindl contributed to the theory of the firm, applying a stochastic methodology to study firms’ growth and their distribution by size; to the analysis of technology and education, stressing among other things the link between technical progress and skilled manpower requirements; to growth and business cycle theory, connecting the basic idea of a tendency to stagnation in a capitalist economy to Keynesian-Kaleckian macroeconomics and to a post-Keynesian theory of income distribution where investments determine profits; to the analysis of personal income distribution through the use of stochastic processes, with a critique of the traditional mainstream interpretation of the so-called Pareto Law. Behind all this, there was a general vision of the economy and society in which history, institutions and social tensions all played a central role. Relying on all this, there was a constant flow of applied analyses, always rich in intuition, aimed at understanding the real world so as to be able to better intervene in it in support of human progress. JEL Codes: B31, O40, E32, O33

L'articolo riassume gli sviluppi più recenti dalla pubblicazione del numero precedente.Discute il possibile ruolo e la portata delle politiche keynesiane, suggerendo rimedi specifici alla crisi attuale in Italia.Rivede quindi in breve gli articoli pubblicati in questo numero del Journal, con particolare attenzione all'analisi di Becattini dei distretti industriali, in relazione al recente terremoto che ha danneggiato diverse Regioni italiane. The article summarises the most recent developments since the publication of the previous issue. It discusses the possible role and scope of Keynesian policies, suggesting specific remedies to Italy’s current crisis. It then shortly reviews the articles published in this issue of the Journal, with special emphasis on Becattini’s analysis of industrial districts, in relation to the recent major earthquake that damaged several Italian Regions. JEL: G01, E12, B50

In questo articolo, Alessandro Roncaglia rende un attento e dettagliato omaggio intellettuale alla memoria di Paolo Sylos Labini. Il contributo di Roncaglia fornisce allo stesso tempo un racconto biografico e racconta la traiettoria intellettuale del suo collega italiano. Mentre la teoria di Sylos Labini sull’ oligopolio e le sue forme di mercato costituisce, ovviamente, il centro della scena in queste riflessioni, essi vanno anche molto più lontano, includendo l'economia politica, dinamiche economiche, interrelazioni tra occupazione, crescita e distribuzione del reddito, l'economia dello sviluppo e la storia del pensiero economico. Questo lavoro mette in evidenza, in egual misura, i contributi e le realizzazioni dell'economista, così come le qualità della persona e del cittadino imparziale ed impegnato Paolo Sylos Labini. In this article, Alessandro Roncaglia renders a careful and detailed intellectual tribute to the memory of Paolo Sylos Labini. Roncaglia’s contribution provides at once a biographical account and recounts the intellectual trajectory of his Italian colleague. While Sylos Labini’s theory of oligopoly and his market forms obviously take centre stage in these reflections, they also reach much further afield, including political economy, economic dynamics, interrelations between employment, growth and income distribution, development economics and the history of economic thought. This paper highlights, in equal measure, the contributions and achievements of the economist, as well as the qualities of the person and the impartial and engaged citizen Paolo Sylos Labini. JEL Codes: B31 Kyewords: Biography; Economic Thought; History of Economic Thought

Luigi Ceriani (1912-1999) was the founder of Moneta e Credito and Banca Nazionale del Lavoro Quarterly Review, and their editor for the first forty years of their lives. The article illustrates his life history, in particular his role in the founding and in the successive life of the two journals as well as in the Banca Nazionale del Lavoro as director of its Economic Research Depart-ment. JEL Codes: B310

The Banca Nazionale del Lavoro Quarterly Review was born in 1947, at a time of vigorous renewal of the Bank itself. One of the key problems in the aftermath of the Second World War was to improve and extend the Banca Nazionale del Lavoro's reputation abroad. The Bank was quite well-known in Spain but very little in the English-speaking world where, moreover, it was viewed as having been closely associated with the Fascist regime. The publication of a review for foreign circulation was designed to modify this situation. In a sense the aim was to render public and explicit the Bank's new international openness and the desire to take an active part in international banking circles. JEL Codes: A14

The paper outlines the intellectual biography of Paolo Sylos Labini, a great economist with strong civic ideals. After recalling his education (in Rome, then at Harvard with Schumpeter and at Cambridge with Robertson), the paper illustrates his contributions in a variety of fields, ranging from economic policy and applied analysis (including the first econometric model of the Italian economy) to the history of economic thought and the analysis of technical progress, from social classes (with a stress on the role of the middle classes) to underdevelopment, and especially to oligopoly theory, conceived as a general theory of market forms, based on the notion of barriers to entry in an industry. Sylos Labini's political involvement and his strong civic values are also briefly illustrated. JEL Codes: B32

The article synthesises the large and extending literature on the financial and economic crisis from a Post-Keynesian point of view. The authors take on the position that the international and internal real imbalances are serious and worrying, but yet they are not the cause of the crisis or of its tremendous dimension. The flawed and insufficient regulation of finance is the prime cause of the crisis, as well as it is one of the main hindrances to expansionary macroeconomic policies that may less painfully drive developed countries out of the crisis. It then examines the most recent developments in the euro-area, claiming that we are not facing a sovereign debt crisis but rather a speculative attack on the euro. Finally, the article considers specifically the situation of Italy, currently at the hearth of such an attack, and suggests that the country was already facing critical developments before the 2007/2008 crisis. Thus, the policy measures so far suggested to exit the current stressful situation, in so far as they ignore this fact, seriously run the risk of proving insufficient or altogether noxious. JEL: B50; E12; G01

The article introduces the current issue of the journal, placing the different articles in context. The present issue of PSL Quarterly Review is fully devoted to problems connected to the current crisis. The papers published here are a selection of those originally presented at the Symposium “Where to direct proposals and action to make financial reforms effective for systemic resilience and sustainable growth” held in Rome on 1-2 June 2011, and revised in the light of the discussion at the Symposium and in answer to the referees’ suggestions. While the economic and policy debate continues unabated, it has very little impact on policy decisions. These are mainly taken in immediate response to specific events, while the most relevant issue, that of re-regulating the financial side of the world economy, is still in its infancy. JEL Codes: E11, G01, B50, H12

The financial and economic crisis brings to a reconsideration of macroeconomics: as it happened in the past, after the Great Crash of 1929 as well as after the Second World War and after the collapse of the Bretton Woods system in 1971 and the subsequent oil crisis. A brief critical survey of mainstream macroeconomics (the neoclassical synthesis and its variants, and its criticisms on the side of Keynesians and Sraffians) is followed by a brief survey of the elements of alternative macroeconomic analysis developed by Keynes and Kalecki, Minsky and Sylos Labini, and others. JEL Codes: B22, E00, E12, E13

The financial and economic crisis brings to a reconsideration of macroeconomics: as it happened in the past, after the Great Crash of 1929 as well as after the Second World War and after the collapse of the Bretton Woods system in 1971 and the subsequent oil crisis. A brief critical survey of mainstream macroeconomics (the neoclassical synthesis and its variants, and its criticisms on the side of Keynesians and Sraffians) is followed by a brief survey of the elements of alternative macroeconomic analysis developed by Keynes and Kalecki, Minsky and Sylos Labini, and others. JEL: B22, E00, E12, E13

The brief note introduces the article collected in the present issue of the journal. It places the various contributions in perspective, critically summarizing the major economic developments since the publication of the last issue. JEL: E11, G01, B50, H12