The Theory of Value and the Foundations of Economic Policy: In Memoriam Pierangelo Garegnani

Abstract

Key elements in the life's work of Pierangelo Garegnani (9th August 1930–14th October 2011) derive from the analytical results first developed in his 1958 PhD dissertation at Cambridge University. The critique of Walras's theory of capital articulated in the dissertation was extended in later years to the identification of the implications of the change in the concept of equilibrium in the works of Hicks and Debreu. Garegnani's work on re-switching in the 1960s provided the foundation for an important dissection of theories of output and employment. Combining these contributions with the classical approach to the theory of value and distribution results in turn results in important insights into the relationship between theory and the development of institutions, and hence into economic policy-making.

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