In this paper, we assess the ability of the Cobb-Douglas framework to match the empirical evidence
for Italy. While the growth accounting approach requires the validity of this functional form
and of its parameters, we conduct econometric analysis on a panel of regions for the years 2000-
2006 and suggest (i) an alternative specification and (ii) a twofold time series data construction, under
which the Cobb-Douglas framework appears to yield the most credible and well-specified formulation
of the Italian production function.
Key words: Production function, Total Factor Productivity, Capital stocks.
JEL Classification: O47, E23.
Education and Second Birth Risks in Italy
by Concetto Paolo Vinci, Luigi Aldieri, Adriana Baronepages: 16€ 6.00
This paper investigates the role of women’s education in the transition towards having a second
child in Italy by using the Longitudinal Investigation on Italian Families (ILFI).
By implementing a simple event-history model, we find a negative effect of women’s education
on the transition rate towards a second child.
This phenomenon might be attributed to the ‘partner’ effect: according to this effect women often
live with partners with the same level of education. The empirical investigation supports this effect.
In order to test for the robustness of our empirical results, we estimate a model where we also
consider employment status and being a Catholic. The results confirm the negative effect of a partner’s
education, while the negative effect of female education vanishes.
Key words: Fertility, Human Capital, Education.
JEL Classification: I21, J13, J24.
A Note on Consumer Price Dynamics for Subpopulations in Italy
This paper computes the consumer price indexes for subpopulations chosen according to the age
of the head of the family, to his professional condition, to the presence or not of children in the unit,
stressing whether these indexes differ statistically from those referring to the whole population. Any
divergence over a long period of time between inflation measures for sub-populations and the general
level of prices normally used to index salaries and pensions determines distributive effects that
are poorly known today, but which could potentially be very significant.
Key words: Consumer Price Index, sub-populations, ageing.
JEL Classification: E31, J14.
Relational Goods and the Well-being of People Working in Italian Social Cooperatives
The paper investigates the role of relational goods in individual satisfaction with life. Individual
data provided by the Italian Survey on Social Cooperatives (ICSI, 2007) are used in the econometric
analysis, carried out on a sample of 4134 individuals working in Italian social cooperatives. The relationship
between relational life and life satisfaction is characterized by problems of endogeneity
and biunivocal causality. Therefore, the objective is not to establish causation, but rather to identify
the association between life satisfaction and relational goods. Our results show that time spent on relationships
within social enterprises with colleagues, superiors, volunteers, customers and outsiders
(on-the-job relationships and relationships) is a key determinant of satisfaction with life.
Key words: happiness, on-the-job relationships, relational goods, social cooperatives.
JEL Classification: A12, I31, L30.
Note e discussioni
In Search of Good Economics. A note on Luigi Lodovico Pasinetti, «Keynes and the Cambridge Keynesians»
This paper analyses Luigi Pasinetti’s evaluation of the meaning, importance and outcomes of the
Keynesian revolution and the role played by the most important of the Cambridge Keynesians; it
also considers the results of his attempt to complete John Maynard Keynes’ and Piero Sraffa’s elaboration,
introducing the idea of a «natural economic system». In particular some of Pasinetti’s theories
concerning the role of economics together with the other social sciences in leading to an understanding
of production and distribution in industrial and post-industrial society, and in establishing
scientific policy guidelines, are discussed.
Key words: Distribution and development, criteria of rationality in social choices, separation theorem,
JEL Classification: B290, B410.