Claudio Sardoni
Biographic Data
| ID | 1206090 |
|---|---|
| NAME | Claudio Sardoni |
| GIVEN NAMES | Claudio |
| FAMILY NAME | Sardoni |
| SIGNATURE | SARDONI C |
| AFFILIATIONS | Sapienza University of Rome |
| ORCID | 0000-0001-6490-0866 |
| VERIFIED | Yes |
| TOTAL WORKS | 17 |
| TOTAL CITATIONS | 7 |
| WORKS AS AUTHOR | 16 |
| WORKS AS EDITOR | 1 |
| FIRST PUBLICATION YEAR | 1979 |
| LATEST PUBLICATION YEAR | 2026 |
| H-INDEX | 1 |
A Rejoinder to Murau and Pforr (2025)
Introduction to the Symposium in Honour of Geoff Harcourt
Keynesian Equilibria as Centers of Gravitation
Starting from some of Geoff Harcourt's contributions, this article deals with the problem of macroeconomic equilibria as centers of gravitation from a Keynesian perspective. It is argued that the Keynesian notion of short-period underemployment equilibrium (or rest state) represents a sustainable analytical notion of center of gravitation in so far as a static state is assumed. If the economy grows over time, dealing with the problem of centers o…
Are Shadow Moneys Money Proper? A Critical Discussion from the Perspective of the History of Monetary Theory
We address the issue of whether some financial instruments produced by financial innovation, like the so-called shadow moneys, can be regarded as proper money. This is done by examining some past contributions (by Menger, Jevons, Keynes and Hicks) on the nature of money and its fundamental properties. We argue that the most satisfactory contributions come from Hicks, who holds that the essential function of money is to be the economy’s standard o…
Banks, finance and macroeconomics
Images of competition and their impact on modern macroeconomics
Modern mainstream macroeconomics is characterised by its reliance on a general equilibrium framework of Walrasian origins, which is crucially associated with perfect competition and statics. To cope with the real economy, macroeconomics has been “forced” to introduce imperfections and frictions of various kinds into the perfectly competitive model. This raises, argues the paper, significant conceptual and analytical difficulties and tensions. The…
Saving and Investment Financing
Lavoie and Zezza (2020. “A Simple Stock-Flow Consistent Model with Short-Term and Long-Term Debt.” Review of Political Economy, forthcoming.) present a stock-flow consistent model which critically refers to a recent work of mine (Sardoni, C. 2019. “Investment and Saving in a Dynamic Context: The Contributions of Athanasios (Tom) Asimakopulos.” Review of Political Economy 31 (2): 233–246.) concerned with the complex relation between saving, intere…
Investment and Saving in a Dynamic Context
In the 1980s, Asimakopulos criticized both Kalecki and Keynes for the way they dealt with the problem of the investment multiplier. Kalecki's and Keynes's insufficient attention to the time dimension of the multiplier process led them to overlook some aspects of the relation between saving and investment and underestimate the importance of financing investment, especially with regard to the problem of the conversion of the firms' short-term loans…
A note on the sustainability of full employment in the presence of budget deficits
In a recent issue of this journal, Tymoigne and Wray, as well as Palley, discussed whether economies can experience stable full-employment equilibria with persistent public budget deficits. This implies continuous growth of a stock-variable: high-powered money and/or government bonds in the hands of the private sector. Their discussion assumed a stationary state. The question is whether such a situation can be regarded as sustainable over time. T…
A Modern Guide to Keynesian Macroeconomics and Economic Policies
A Modern Guide to Keynesian Macroeconomics and Economic Policies Eckhard Hein & Engelbert Stockhammer (Eds)Cheltenham: Edward Elgar, 2011, 392 pp., £95.00 hardcoverISBN 978-1-84980-140-9 Eckhard He
Some Notes on the Nature of Money and the Future of Monetary Policy
In a debate on the future of monetary policy and the displacement of money, Woodford argued that, even if innovations should lead to a situation in which the banks' demand for reserves at the central bank is zero, the central bank can still influence the economy's interest rates because its liability is the economy's unit of account. This paper deals with these topics by considering the implications of emphasizing the function of money as unit of…
The contribution of Gerald Shove to the development of Cambridge Economics
Frank Gerald Shove was a close friend of Keynes and the other protagonists of the economic debates in Cambridge during the 1920s and 1930s. Shove's influence on those debates is not well documented because he published little and had all his notes destroyed after his death. This paper looks at Shove's most significant contributions to the debates of the 1930s. Attention is concentrated on the debates over increasing returns and imperfect competit…
Keynes, Post-Keynesianism and Political Economy
Market forms and effective demand
In recent years there has been a flourishing of models with microfoundations based on imperfect (or monopolistic) competition that claim to yield Keynesian results which, it is held, are incompatible with perfect competi-tion. The paper shows that Keynes’s results do not depend on market forms but are contingent on his treatment of investment. In Keynes’s analysis, the existence of underemployment equilibria is demonstrated regardless of the assu…
Marx and Keynes on Economic Recession
Journal Article Marx and Keynes on Economic Recession: The Theory of Unemployment and Effective Demand Get access Marx and Keynes on Economic Recession: The Theory of Unemployment and Effective Demand. BY CLAUDIO SARDONI with a Foreword by Geoff Harcourt. (Brighton: Wheatsheaf, 1987. Pp. xiv+152. £25.00 hardback, ISBN 0 7450 0374 5.) J. A. Kregel J. A. Kregel The Johns Hopkins University, Bologna Center, Italy Search for other works by this autho…
Marx and Keynes on Effective Demand and Unemployment
Research Article| September 01 1986 Marx and Keynes on Effective Demand and Unemployment Claudio Sardoni Claudio Sardoni 1 Search for other works by this author on: This Site Google History of Political Economy (1986) 18 (3): 419–441. https://doi.org/10.1215/00182702-18-3-419 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search Site Citation Claudio Sardoni; Marx and Keynes on Effective Demand and Unemployment. Hist…
The Fiscal Crisis of the State
The simultaneous flourishing of a number of analyses and theories of the fiscal crisis of the State in various capitalist countries-a comprehensive survey of which was recently made by Bob Jessop (1977)-is certainly not fortuitous . It corresponds to a period of general social struggle and economic recession in the Western World in which the slowing down of the rates of growth and full employment policies have gone along with a more or less exten…
Marx and Keynes on Effective Demand and Unemployment
Research Article| September 01 1986 Marx and Keynes on Effective Demand and Unemployment Claudio Sardoni Claudio Sardoni 1 Search for other works by this author on: This Site Google History of Political Economy (1986) 18 (3): 419–441. https://doi.org/10.1215/00182702-18-3-419 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search Site Citation Claudio Sardoni; Marx and Keynes on Effective Demand and Unemployment. Hist…
Keynesian Equilibria as Centers of Gravitation
Starting from some of Geoff Harcourt's contributions, this article deals with the problem of macroeconomic equilibria as centers of gravitation from a Keynesian perspective. It is argued that the Keynesian notion of short-period underemployment equilibrium (or rest state) represents a sustainable analytical notion of center of gravitation in so far as a static state is assumed. If the economy grows over time, dealing with the problem of centers o…
Marx and Keynes on Economic Recession
Journal Article Marx and Keynes on Economic Recession: The Theory of Unemployment and Effective Demand Get access Marx and Keynes on Economic Recession: The Theory of Unemployment and Effective Demand. BY CLAUDIO SARDONI with a Foreword by Geoff Harcourt. (Brighton: Wheatsheaf, 1987. Pp. xiv+152. £25.00 hardback, ISBN 0 7450 0374 5.) J. A. Kregel J. A. Kregel The Johns Hopkins University, Bologna Center, Italy Search for other works by this autho…
The Fiscal Crisis of the State
The simultaneous flourishing of a number of analyses and theories of the fiscal crisis of the State in various capitalist countries-a comprehensive survey of which was recently made by Bob Jessop (1977)-is certainly not fortuitous . It corresponds to a period of general social struggle and economic recession in the Western World in which the slowing down of the rates of growth and full employment policies have gone along with a more or less exten…
Marx and Keynes on Effective Demand and Unemployment
Research Article| September 01 1986 Marx and Keynes on Effective Demand and Unemployment Claudio Sardoni Claudio Sardoni 1 Search for other works by this author on: This Site Google History of Political Economy (1986) 18 (3): 419–441. https://doi.org/10.1215/00182702-18-3-419 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search Site Citation Claudio Sardoni; Marx and Keynes on Effective Demand and Unemployment. Hist…
Marx and Keynes on Economic Recession
Journal Article Marx and Keynes on Economic Recession: The Theory of Unemployment and Effective Demand Get access Marx and Keynes on Economic Recession: The Theory of Unemployment and Effective Demand. BY CLAUDIO SARDONI with a Foreword by Geoff Harcourt. (Brighton: Wheatsheaf, 1987. Pp. xiv+152. £25.00 hardback, ISBN 0 7450 0374 5.) J. A. Kregel J. A. Kregel The Johns Hopkins University, Bologna Center, Italy Search for other works by this autho…
Market forms and effective demand
In recent years there has been a flourishing of models with microfoundations based on imperfect (or monopolistic) competition that claim to yield Keynesian results which, it is held, are incompatible with perfect competi-tion. The paper shows that Keynes’s results do not depend on market forms but are contingent on his treatment of investment. In Keynes’s analysis, the existence of underemployment equilibria is demonstrated regardless of the assu…
Keynes, Post-Keynesianism and Political Economy
The contribution of Gerald Shove to the development of Cambridge Economics
Frank Gerald Shove was a close friend of Keynes and the other protagonists of the economic debates in Cambridge during the 1920s and 1930s. Shove's influence on those debates is not well documented because he published little and had all his notes destroyed after his death. This paper looks at Shove's most significant contributions to the debates of the 1930s. Attention is concentrated on the debates over increasing returns and imperfect competit…
Some Notes on the Nature of Money and the Future of Monetary Policy
In a debate on the future of monetary policy and the displacement of money, Woodford argued that, even if innovations should lead to a situation in which the banks' demand for reserves at the central bank is zero, the central bank can still influence the economy's interest rates because its liability is the economy's unit of account. This paper deals with these topics by considering the implications of emphasizing the function of money as unit of…
A Modern Guide to Keynesian Macroeconomics and Economic Policies
A Modern Guide to Keynesian Macroeconomics and Economic Policies Eckhard Hein & Engelbert Stockhammer (Eds)Cheltenham: Edward Elgar, 2011, 392 pp., £95.00 hardcoverISBN 978-1-84980-140-9 Eckhard He
A note on the sustainability of full employment in the presence of budget deficits
In a recent issue of this journal, Tymoigne and Wray, as well as Palley, discussed whether economies can experience stable full-employment equilibria with persistent public budget deficits. This implies continuous growth of a stock-variable: high-powered money and/or government bonds in the hands of the private sector. Their discussion assumed a stationary state. The question is whether such a situation can be regarded as sustainable over time. T…
Investment and Saving in a Dynamic Context
In the 1980s, Asimakopulos criticized both Kalecki and Keynes for the way they dealt with the problem of the investment multiplier. Kalecki's and Keynes's insufficient attention to the time dimension of the multiplier process led them to overlook some aspects of the relation between saving and investment and underestimate the importance of financing investment, especially with regard to the problem of the conversion of the firms' short-term loans…
Images of competition and their impact on modern macroeconomics
Modern mainstream macroeconomics is characterised by its reliance on a general equilibrium framework of Walrasian origins, which is crucially associated with perfect competition and statics. To cope with the real economy, macroeconomics has been “forced” to introduce imperfections and frictions of various kinds into the perfectly competitive model. This raises, argues the paper, significant conceptual and analytical difficulties and tensions. The…
Saving and Investment Financing
Lavoie and Zezza (2020. “A Simple Stock-Flow Consistent Model with Short-Term and Long-Term Debt.” Review of Political Economy, forthcoming.) present a stock-flow consistent model which critically refers to a recent work of mine (Sardoni, C. 2019. “Investment and Saving in a Dynamic Context: The Contributions of Athanasios (Tom) Asimakopulos.” Review of Political Economy 31 (2): 233–246.) concerned with the complex relation between saving, intere…
Banks, finance and macroeconomics
Are Shadow Moneys Money Proper? A Critical Discussion from the Perspective of the History of Monetary Theory
We address the issue of whether some financial instruments produced by financial innovation, like the so-called shadow moneys, can be regarded as proper money. This is done by examining some past contributions (by Menger, Jevons, Keynes and Hicks) on the nature of money and its fundamental properties. We argue that the most satisfactory contributions come from Hicks, who holds that the essential function of money is to be the economy’s standard o…
Keynesian Equilibria as Centers of Gravitation
Starting from some of Geoff Harcourt's contributions, this article deals with the problem of macroeconomic equilibria as centers of gravitation from a Keynesian perspective. It is argued that the Keynesian notion of short-period underemployment equilibrium (or rest state) represents a sustainable analytical notion of center of gravitation in so far as a static state is assumed. If the economy grows over time, dealing with the problem of centers o…
Introduction to the Symposium in Honour of Geoff Harcourt
A Rejoinder to Murau and Pforr (2025)
Economics (15 works) · Economic Theory and Policy (14 works) · Macroeconomics (12 works) · Economic theories and models (8 works) · Keynesian economics (7 works) · Economic Theory and Institutions (5 works) · Political Economy and Marxism (5 works) · Banking stability, regulation, efficiency (4 works) · Monetary economics (4 works) · Monetary policy (4 works)