Federico Caffè Lectures Series

Augusto Graziani challenges traditional theories of monetary production, arguing that a modern economy based on credit cannot be understood without a focus on the administration of credit flow. Money functions as an instrument for the circulation of commodities or for keeping a stock of liquid wealth in mainstream economic theory. In neither case is it considered fundamental to the production of goods or the distribution of income. A strong exponent of the circulation theory of monetary production, Graziani presents an original and perhaps controversial argument which will stimulate debate.

Incorporating the latest results from behavioral economics and microeconomic theory, Samuel Bowles argues that conventional economics has mistakenly presented inequality as the price of progress. In place of this view, he offers a novel and optimistic account of the possibility of a more just economy.

Reform of the welfare sector is an important yet difficult challenge for countries in transition from socialist central planning to market-oriented democracies. Here a scholar of the economics of socialism and a health economist offer health sector reform recommendations for ten countries of Eastern Europe, drawn from nine guiding principles.

The book presents a compelling argument for the essential role of government in shaping economic policy. It highlights the importance of foundational principles, effective coordination, and the expansive reach of government actions in addressing economic challenges. The author, a leading expert in the field, draws on extensive research to illustrate how strategic government involvement can drive economic growth and stability.

Focusing on the regulation of public services in developing countries, this work by Jean-Jacques Laffont presents a groundbreaking theoretical analysis. It explores the unique challenges and frameworks necessary for effective governance and service delivery in these regions, offering insights into economic and policy implications. Laffont's approach aims to enhance understanding of how regulatory mechanisms can be tailored to meet the specific needs of developing nations, making it a significant contribution to the field.

A leading expert on economic policy makes the convincing case for the foundation, coordination and reach of government action through economic policy. Presenting justifications for government intervention in coping with market failures, Acocella applies the theory of economic policy to current global issues.