The business cycle theory was one of the main fields of macroeconomic research developed by Italian economists in the thirties. In the post-WWII period, general interest turned towards the theory of growth in the wake of Harrod's contributions. Fanno took full part in this theoretical turn, and made an original attempt at formulating a theory of cyclical growth. One of the main aspects that he tried to express was the real and endogenous character of economic growth. From this point of view, Fanno’s theory of cyclical growth is not far off current theories of endogenous growth, in fact it is even more complete in certain aspects as it integrates the real part with the monetary part of the economic analysis.
Endogenous and exogenous growth in MarcoFanno's thought
POMINI, MARIO
2010
Abstract
The business cycle theory was one of the main fields of macroeconomic research developed by Italian economists in the thirties. In the post-WWII period, general interest turned towards the theory of growth in the wake of Harrod's contributions. Fanno took full part in this theoretical turn, and made an original attempt at formulating a theory of cyclical growth. One of the main aspects that he tried to express was the real and endogenous character of economic growth. From this point of view, Fanno’s theory of cyclical growth is not far off current theories of endogenous growth, in fact it is even more complete in certain aspects as it integrates the real part with the monetary part of the economic analysis.
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