Economic Theory

An essay on the monetary theory of distribution by Massimo Pivetti

By Massimo Pivetti

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More likely these developments are signs that the prospective profitability of investment-in both physical capital as well as in the trainIng of employees-has sunk to a low level in the 1990s. What could be the causes of the weakening Of the forces of growth in Italy? A well-documented accounting would be somewhat beyond our scope here. 26 Enterprise and Inclusion in Italy It may be suggested, however, that much of Italy's economic miracle in the 1960s and first half of the 1970s was due to the extraordinary saving done by Italians, much of which was drawn into investments offering high rates of return as a result of the decay and destruction of capital in the 1930s and 1940s and some of which was prevented from going overseas by various restrictions on international capital transactions.

And Italian corporate rates, the highest in Europe by the early 1990s, have not come down in recent years. 12 But some reservations are in order. First, the conception of the cost of capital in the present neoclassical model abstracts from the risk premium normally required by investors, including country risk. So the (ex post) real interest rate on, say, government bonds or even high-grade ("investmentgrade") private securities might seriously underestimate the best real interest rate that global equity and credit markets would charge Italian fIrms.

The quantity of money, M, demanded by the country (its currency and demand deposits) is modeled in the usual way. Let P denote a fixed-weight index of the producers' prices, and note that through arbitrage P must be IOThus R here, which might better be denoted Rf to remind us of an operating firm, is the rent from operations, thus excluding the subsidy, while the total return to the owner, say Rh, equals Rf + ~. 41 New Hazards to Enterprise and Inclusion equated to the price level in the rest of the currency union, P*.

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