School of Advanced Studies in the Reappraisal of the Surplus Approach

5-13 July 2019 Department of Economics, Roma Tre University

Objective of the School: 
The School’s purpose is to provide participants with a deeper understanding of the surplus approach as taken up and developed by Piero Sraffa and subsequent authors. Participants will therefore be introduced to the analyses of the Classical economists and to the modern research conducted within the reappraisal of their theoretical framework. The activity will embrace different topics, ranging from the theory of value and distribution to the study of economic growth, also dealing with applied analyses and policy issues. In addition, the School aims to stimulate participants into developing their own research by fostering contacts and scientific exchange between young re­sear­ch­ers and expert scholars. To this purpose, a selected number of papers by young scholars will be presented and discussed in the YSI/INET session.

Organizing Committee:

Roberto Ciccone, Saverio M. Fratini, E. Sergio Levrero, Antonella Palumbo, Daria Pignalosa, Antonella Stirati, Paolo Trabucchi, Attilio Trezzini.

Aldo Barba (“Federico II” University of Naples)
Enrico Bellino (Catholic University of Milan)
Sergio Cesaratto (University of Siena)
Roberto Ciccone (Roma Tre University)
Matteo Deleidi (Roma Tre University)
Manfredi De Leo (Italian Ministry of Economy and Finance)
Claudia Fontanari (Roma Tre University)
Saverio M. Fratini (Roma Tre University)
E. Sergio Levrero (Roma Tre University)
Antonella Palumbo (Roma Tre University)
Riccardo Pariboni (Roma Tre University)
Walter Paternesi Meloni (Roma Tre University)
Fabio Petri (University of Siena)
Daria Pignalosa (Roma Tre University)
Fabio Ravagnani (Sapienza University of Rome)
Mark Setterfield (The New School for Social Research)
Antonella Stirati (Roma Tre University)
Paolo Trabucchi (Roma Tre University)
Attilio Trezzini (Roma Tre University)

Organization of the School:

The activity is organized at two intertwined levels: lectures designed for a post graduated audience will be accompanied by seminars at a more advanced level on topics that may suggest research subjects for young scholars. In addition, a specific session will be dedicated to presentations by young participants, which will be commented by a discussant chosen among the senior scholars, and followed by a general discussion open to floor.
The lectures will introduce participants to the foundations of the main lines of research within the modern revival of Classical theory and are organized in four modules:
- Classical Theory and Marginalist (or Neoclassical) Theory: Their Different Analytical Structures (Introductory Module);
- The Critique of Neoclassical Theory (Module A);
- The Surplus Approach to Value and Distribution (Module B);
- The Classical-Keynesian Approach to Output Determination and Economic Growth (Module C).

Friday 5th July
9:30–10:30 Registration
10:30–10:50 Presentation of the School
11:00–12:45 YSI/INET Session
12:45–14:00 Lunch
14:00–15:30 R. Ciccone - introductory module – Lecture 1 – The structure of classical theory; the notion of social surplus.
15:30–15:50 Coffee break
15:50–17:20 R. Ciccone - introductory module – Lecture 2 – The structure of marginalist theory; the role of substitutability between ‘productive factors’; direct and indirect substitutability.
Saturday 6th July
9:00–10:45 S.M. Fratini - module a – Lecture 1 – Capital and profit in the classical/Marxian approach. The neoclassical/marginalist theory of distribution: the factors of production. Marginal productivity and income distribution: an introduction.
10:45–11:15 Coffee break
11:15–13:00 M. De Leo - module b – Lecture 1 – The problem of value in the surplus theories and the limits of the measurement in labour embodied
13:00–14:15 Lunch
14:15–16:00 R. Ciccone - module b – Lecture 2 – Sraffa’s analysis of the price system and the wage-profit relation
Monday 8th July
9:00–10:45 D. Pignalosa - module c – Lecture 1 – The open nature of the classical theory of distribution with respect to the theory of output. Keynes’s principle of effective demand and its relationship with neoclassical theory.
10:45–11:15 Coffee break
11:15–13:00 S.M. Fratini - module a – Lecture 2 – Capital in Solow’s model (one commodity). Capital in Swan’s model (two commodities). The Wicksell effect.
13:00–14:15 Lunch
14:15-15:15 seminar: A. Barba – Domestic Outsourcing and Wage Inequality
15:25–16:25 seminar: E. Bellino – Comparative advantages, absolute advantages and capital mobility in international relations
16:25–16:45 Coffee break
16:45–17:35 inet lecture: E.S. Levrero and M. Deleidi – The Gibson Paradox and the Distributive Effects of Monetary Policy          
Tuesday 9th July
9:00–10:45 A. Palumbo - module c – Lecture 2 – Keynes’s analysis and the neoclassical synthesis. The principle of effective demand and the classical theory as building blocks of the Classical-Keynesian approach.
10:45–11:15 Coffee break       
11:15–13:00 P. Trabucchi - module a – Lecture 3 – Capital, substitutability and reproducibility
13:00–14:15 Lunch
14:15–16:00 Young Scholars Session
Wednesday 10th July
9:00–10:45 R. Ciccone - module c – Lecture 3 – The saving-investment relation in the long run. The role of demand expansions in the accumulation process: endogeneity of the creation of productive resources.
10:45–11:15 Coffee break                        
11:15–13:00 A. Stirati - module b – Lecture 3 – Subsistence wage, surplus wage and Sraffa’s hint to a monetary determination of distribution
13:00–14:15 Lunch      
14:15–16:00 M. Setterfield - module c – Lecture 4 – The neo-Kaleckian theory: first generation (neo-Kaleckians) and second generation (Bhaduri-Marglin) models. The variability of capacity utilization.
16:00–16:20 Coffee break
16:20–17:20 seminar: S. Cesaratto – Economic Anthropology, Polanyi and the Surplus Approach
Thursday 11th July
9:00–10:45 A. Trezzini - module c - Lecture 5 – The Classical-Keynesian approach and the issue of capacity utilization
10:45–11:15 Coffee break                        
11:15–13:00 P. Trabucchi - module a – Lecture 4– The average period of production
13:00–14:15 Lunch               
14:15–17:50 round table: capacity utilisation and fully adjusted positions in demand-led growth theories
14:15–15:10 R. Pariboni – New proposals for the endogenization of normal utilisation: a critique
15:15–16:10 M. Setterfield – Long-run variation in capacity utilization in the presence of a fixed normal rate
16:10–16:30 Coffee break
16:30–17:25 A. Palumbo – Flexible capacity utilization and the determinants of investment
17:25–17:50 General discussion
Friday 12th July
9:00–9:50 inet lecture: A. Stirati and W. Paternesi Meloni - Persistent effects of autonomous demand expansions
10:00-11:00 seminar: M. Setterfield – Reconciling Demand and Supply in the Theory of Long-Run Growth
11:00–11:30 Coffee break
11:30–13:15 P. Trabucchi - module a – Lecture 5 – Reswitching of techniques
13:15–14:30 Lunch
14:30–16:15 E.S. Levrero - module b – Lecture 4 – The ‘standard commodity’ and the linear wage-profit relation
16:15–16:35 Coffee break
16:35–17:35 seminar: F. Ravagnani – Classical Theory and Exhaustible Natural Resources
Saturday 13th July
9:15–11:00 E.S. Levrero - module b – Lecture 5 – The reduction of prices to ‘dated’ quantities of labour and the movement of relative prices in response to changes in distribution
11:00–11:30 Coffee break
11:30–12:30 seminar: F. Petri – Recent views on Marx and exploitation
12:40–13:30 inet lecture: A. Palumbo and C. Fontanari – Potential output in theory and practice

Guido Aschieri (University of Buenos Aires)
Maria Cristina Barbieri (Roma Tre University)
Claudio Cantaro (Roma Tre University)
Federica Cappelli (Roma Tre University)
Omar Pietro Carnevale (University of Pisa)
Davide Cassese (Roma Tre University)
Giacomo Cucignatto (Roma Tre University)
Damiano Di Francesco (University of Pisa)
Jlenia Di Noia (Cattolica University of Milan)
Ettore Gallo (The New School)
Ivan Giovi (Cattolica University of Milan)
Mateus Girafa Lachtermacher (Sorbonne Paris Cité)
Sascha Keil (Roma Tre University)
Apurva KH (University of Hyderabad)
Alessandro Le Donne (University of Genoa)
Pedro Lima (Federal University of Rio de Janeiro)
Luigi Oddo (University of Genoa)
Matteo Pepe (Roma Tre University)
Maria Rocca (University of Genoa)
Matheus Fernando Sadde (Federal University of Rio de Janeiro)
Chiara Salvatori (Roma Tre University)
Francisco Santana (Roma Tre University)
Luis Daniel Torres-Gonzalez (University of Mexico)
Sema Yilmaz Genc (Marmara University)
Tsutomu Yoshioka (Meiji University)
Riccardo Zolea (Roma Tre University)
Fabrizio Zulli (Roma Tre University)

Young scholars’ presentations
Ettore Gallo - Investment, Autonomous Demand and Long Run Capacity Utilization: An Empirical Test for the Euro Area
Apurva KH - Estimating the multiplier effect of social sector expenditure in Karnataka
Pedro Lima - Personal credit in Brazil and the importance of formal employment
Luigi Oddo - Behind the Low Inflation: The U.S Unconventional Monetary Policy During the Great Recession
Matheus Fernando Sadde - What is there of Marxist in Sraffa’s thought?
Tsutomu Yoshioka - Dynamic Properties of a Goodwin-type Model with a Time Lag