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Economics visionary Michel Aglietta has passed away.

Renowned economist and founder of the institutional analysis of capitalism theory in the 1970s passed away at 87 years old on April 24.

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Economics visionary Michel Aglietta has passed away.

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Meet Michel Aglietta, a legendary economist who passed away on April 24 at the venerable age of 87. He was one of the rare minds who developed an insightful understanding of our economic systems, peeling back the layers to reveal their hidden workings. Born in 1938, educated at École Polytechnique, and with a stint at Harvard, Michel Aglietta published his groundbreaking book "Regulation and the Crisis of Capitalism" in 1976 at the tender age of 38. This work, published by Calmann-Lévy, marked the beginnings of the regulation theory, a unique approach to understanding capitalism's dynamics that ties into various disciplines including economy, history, and social sciences.

Gardening a New Generation of ThinkersMichel Aglietta was a teacher at heart, often likening himself to a gardener nurturing the growth of ideas. In 2016, he spoke movingly about teaching as a means to foster creativity and independence, prompting young minds to shape their own thoughts and find their unique voices. His vision of teaching, as he expressed upon receiving the Legion of Honor, was about helping students discover their inner resources, guide them when necessary, and above all, encourage self-discovery rather than impose preconceived notions. As a professor, director of nearly 50 theses, and a member of countless juries, Michel Aglietta has left an indelible mark on countless lives.

The Legacy of Regulation TheoryMichel Aglietta's Regulation Theory originated at Paris Nanterre University and challenged conventional economic thought by focusing on the adaptive yet crisis-prone nature of capitalism. The theory, which considers the interplay of economic structures and social norms, has proven influential in shiftiing focus towards institutional analysis and understanding policy implications. Its concepts, like the regime of accumulation, modes of regulation, and structural crises, continue to shape discussions on capitalism's evolution and vulnerabilities.

One of the key concepts that Aglietta developed is the idea of money as a social institution. He believed that money functioned not only as a tool for exchange but also as a means of building trust, distinguishing between state-backed credit systems and decentralized forms like cryptocurrencies. Aglietta's work continues to be relevant today, offering valuable insights into the institutional analysis of economic crises and the role of central banking in our ever-changing world.

Enrichment Data:Michel Aglietta's Regulation Theory was born in the 1970s as a unique framework to analyze capitalism's evolution and crisis dynamics. This theory, developed by the French economist Michel Aglietta, is recognized as a cornerstone of the French Regulation School.

  • Origins and Development: Aglietta's seminal work, A Theory of Capitalist Regulation: The US Experience (2015 reissue), built upon his work at Paris Nanterre University to dissect the institutional "modes of regulation" that stabilize capitalist accumulation over time. The theory emerged as a response to both neoclassical economics and classical Marxism.
  • Key Concepts: The theory encompasses key concepts such as the regime of accumulation (long-term patterns of production and consumption), modes of regulation (institutional frameworks), structural crises (inevitable breakdowns when regimes and regulations become misaligned), and money as a social institution (Aglietta later explored money's role in trust-building).
  • Impact on Economics and Social Sciences: Aglietta's work continues to influence institutional analysis, policy-making, and the study of neoliberalism's institutional contradictions. The theory has bridged the gap between various disciplines, particularly economics, sociology, and political science.
  1. Michel Aglietta, the distinguished economist who passed away at 87, was not just a scholar but also a teacher, likening himself to a gardener nurturing ideas.
  2. As the pioneer of the Regulation Theory, Aglietta's groundbreaking work, first published in 1976, challenged conventional economic thought by focusing on capitalism's adaptive yet crisis-prone nature.
  3. Aglietta's Regulation Theory, still influential today, offers unique insights into the role of money as a social institution, considering its function in building trust and the differences between centralized and decentralized forms like cryptocurrencies.
  4. Michel Aglietta's legacy extends beyond academia, influencing not only economics but also numerous other disciplines such as sociology, political science, education-and-self-development, and business finance through his unique approach to understanding capitalism's dynamics and evolution.
Remarkable economist, co-creator in the 1970s of the regulatory theory that explores capitalism's movements by institutions, passed away on Thursday, 24th April, at the venerable age of 87.
Acclaimed economist, originator in the 1970s of the institution-based analysis of capitalism's flow, passed away last Thursday, at 87 years old.
Renowned economist, originator of regulation theory in the 1970s that examines capitalism through an institutional lens, passes away at 87 on April 24.

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