Augusto Graziani, one of the leading Italian economists in his generation, brought to economics the gifts of an analytically-oriented mind, crystal-clear logical reasoning, flawless erudition, and a passionate interest in the political and policy implications of both theoretical models and empirical analysis. After a presentation of Graziani’s life and career, this article investigates the links connecting his theoretical evolution from general equilibrium analysis to circuit theory, his interpretation of the development of the Italian economy, and his approach to the history of economics. While recognising change in his analytical framework, I argue in favour of a basic continuity in his thought around the central themes of capital accumulation and the origins of its ownership and control.
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