Gattopardo Economics

Here is a nice new working paper by Thomas Palley titled Gattopardo economics: The Crisis And The Mainstream Response Of Change That Keeps Things The Same.

From the introduction:

Il Gattopardo (The Leopard) is a sweeping movie, based on the novel by Giuseppe Tomasi di Lampedusa, about social tumult and class conflict in Sicily in the 1860s. Directed by Luchino Visconti and starring Burt Lancaster, the film follows the Prince of Salina who is intent on preserving the existing aristocratic class order in the face of a rising bourgeoisie. As the crisis grows, Tancredi, the prince’s wily nephew, speculates that things must change if they are to remain the same. And they do. After the revolution, the old aristocracy remains in charge, allied via marriage with the new urban elite.

The concept of gattopardo is directly relevant for understanding the response of the economics profession since the financial crash of 2008. The response has been gattopardo economics, which is change that keeps things the same.

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