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The participants hide 3 facets in their topic - the contributions of Italian authors, Smithsonian techniques on schooling, development and ethical facets, and, ultimately, a few smooth contributions.

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Attwood (1817; 1964) suggested that monetary policy should be conducted through open-market operations. Mill (1848), in turn, demonstrated how expansionary phases were triggered by expectations of rising prices, while falling prices fostered crises by spreading panic. Marshall (1890) elaborated on Mill‘s analysis and extended his model to the various sectors of the economy, offering an in-depth treatment of waves of optimism and pessimism. Hawtrey (1913; 1919; 1928; 1940) highlighted how high levels of bank liquidity accommodated low interest rates and fostered advantageous loans and hence boosted output.

The interdependence between output sectors reflected the vertical and horizontal organization of production; an expansion caused by economic factors had a monetary impact in the form of an increase in costs and hence prices, as well as a psychological impact in the form of a wave of optimism. However, expansionary phases could not continue indefinitely and some event would eventually invert the expansionary phase. As the growth rate started to decline, the economy would inevitably enter a crisis.

27 Del Vecchio viewed the state‘s economic intervention with little enthusiasm, to the point that he wrote: Economic policy is reduced to teaching not so much what the state must do but what it must not do, meaning that economic intervention, including necessary and appropriate actions, must be subject to certain limits (Del Vecchio, 1924, p. 85). It is significant, however, that a liberal economist like Del Vecchio should ratify the status attained by the new discipline. Notwithstanding his negative view of the state‘s intervention, already in 1921-22 Del Vecchio recognized the many dimensions of economic policy: that is, agricultural, mining, industrial, trade, etc.

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