Meacci, Ferdinando and Caldari, Katia (2007): Errors in Time as Causes of Economic Fluctuations: An Introduction. Published in: Il Pensiero Economico Italiano , Vol. 15, No. 1 (22. August 2007): pp. 127-163.
Download (313kB) | Preview
The role of expectations and of their disappointment in determining economic fluctuations was first studied by the great economists of the 1930s. Amongst them is Marco Fanno. Fanno’s most popular contributions on this topic are his 1931 article Cicli di produzione, cicli del credito e fluttuazioni industriali and his 1947  book La teoria delle fluttuazioni economiche. Relatively little known is his 1933 article Irrtümer in der Zeit als Ursachen wirtschaftlicher Schwankungen published in German in Zeitschrift für Nationalökonomie. The present article is an introduction to the English translation (published for the first time in the current issue of this journal) and of the Italian translation (available from the website of this journal) of the 1933 article. The aim of this introduction is to help readers to determine the essential similarities and some important differences between the 1931 article and the less known article of 1933. The most relevant of these differences is the greater attention devoted in the latter article to errors in time (an expression equivalent to the disappointment of expectations that is found in modern literature) and to the interactions between these errors, the origin of fluctuations and the changes in the time structure of production. Our introduction endeavours to highlight the strengths and weaknesses of the 1933 article considered both on its own and in relation to the 1931 article from which it was derived. The relations between the 1933 article, translated here, and the macroeconomic theory that was developed in the 1930s and in the following decades will be examined in a different paper.
|Item Type:||MPRA Paper|
|Original Title:||Errors in Time as Causes of Economic Fluctuations: An Introduction|
|Keywords:||Fanno, Errors, Expectations, Fluctuations|
|Subjects:||E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy
B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B22 - Macroeconomics
E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles
|Depositing User:||Ferdinando Meacci|
|Date Deposited:||12. Dec 2008 19:41|
|Last Modified:||28. Aug 2015 12:44|
ARENA R. 1998, “Marco Fanno”, in F. MEACCI, Italian Economists of the 20th Century, Cheltenham, Edward Elgar, pp.114-133.
FANNO M. (1931), “Cicli di produzione, cicli del credito e fluttuazioni industriali”, Giornale degli Economisti, XLVI, pp.329-69.
FANNO M. (1933), “Irrtümer in der Zeit als Ursachen wirtschaftlicher Schwankungen”, Zeitschrift für Nationalökonomie, IV, pp.25-51.
FANNO M. 1947, La teoria delle fluttuazioni economiche, Torino, UTET; second edition 1956.
FANNO M. 1992, Teoria del credito e della circolazione, edited by R. REALFONZO and A. GRAZIANI 1992, Napoli, Edizioni Scientifiche Italiane.
FANNO M. 1993, “Production Cycles, Credit Cycles and Industrial Fluctuations”, Structural Change and Economic Dynamics, 4, pp.403-37.
FANNO M. 2007 (Engl. transl.), “Errors in Time as Causes of Economic Fluctuations”, Il Pensiero Economico Italiano, XV, pp.147-163.
GRAZIANI A. 1993, “M. Fanno’s ‘Production Cycles, Credit Cycles and Industrial Fluctuations’: An Introduction”, Structural Change and Economic Dynamics, 4, pp.393-402.
HAGEMANN H. (ed.) 2002, Business Cycle Theory, Selected Texts 1860-1939 ,Vol. II, London, Pickering & Chatto.
HAYEK F.A. 1929, Geldtheorie und Konjunkturtheorie, Wien, Holder-Pichler-Tempsky.
HICKS J. R. 1976, “Some Questions of Time in Economics”, in A. M. TANG, F. M. WESTFIELD and J. S. WORLEY (eds), Evolution, Welfare, and Time in Economics. Essays in Honor of Nicholas Georgescu-Roegen, Toronto, Lexington Books, pp.135-151.
KAHN R. F. 1931, “The Relation of Home Investment to Unemployment”, Economic Journal, 41, pp.173-98.
KEYNES J. M. 1930, A Treatise on Money, London, Macmillan.
MEACCI F. 1994, “Hayek and the Deepening of Capital”, in M. COLONNA, H. HAGEMANN, and O. HAMOUDA (eds), Capitalism, Socialism and Knowledge, Aldershot, Edward Elgar, , Vol.II, pp. 26-44.
MEACCI F. 1998, Italian Economists of the 20th Century, Cheltenham, Edward Elgar.
MISES L. V. 1928, Geldwertstabilisierung und Konjunkturpolitik, Jena, Fischer.
MOORE H. L. 1914, Economic Cycles: their Law and Cause, New York, Macmillan.
REALFONZO R. and GRAZIANI A. 1992, “La Teoria del credito e della circolazione di Marco Fanno”, in M. FANNO, Teoria del credito e della circolazione, Napoli, Edizioni Scientifiche Italiane, pp.XV-LXXIII.
ROBINSON J. 1978, “History versus Equilibrium”, Thames Papers in Political Economy, London, Thames Polytechnic.
SCHUMPETER J. A. 1926, Die Theorie der wirtschaftlichen Entwicklung, Munchen and Leipzig, Duncker & Humblot.
TUGAN-BARANOWSKY M. I. 1913, Les crises industrielles en Angleterre, Paris, Giard et Brière.
WICKSELL K. 1897, “Der Bankzins als Regulator der Warenpreise”, Jahrbücher der Nationalökonomie, 68, pp.228-43
WICKSELL K. 1906, Lectures on Political Economy, New York, Macmillan, 1935