Beyond vulgar heterodox economics: a note on the legacy of Pierangelo Garegnani (1930-2011)
DOI:
https://doi.org/10.13133/2037-3651/17878Keywords:
history of economic thought, heterodox approachesAbstract
Pierangelo Garegnani’s work is not only relevant as a continuation and extension of Piero Sraffa’s intellectual enterprise, but also to clarify and overcome the acceptance, often unintentionally, of marginalist elements within heterodox economics. This might be termed vulgar heterodox economics. Garegnani’s work shows that heterodox economics can only be rebuilt on the foundations of classical political economy and the resolution of the problems of the theory of value and distribution that were at the core of their approach. Garegnani’s work shows that the recovery of the abandonment of the marginalist theory of value and distribution is necessary to establish the Keynesian principle of effective demand. His work provides the tools for a coherent analytical coupling of the ideas of Karl Marx and John Maynard Keynes.
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