Revisiting Pantaleoni’s theory of political prices: Analytical limitations and political topicality

The work of Maffeo Pantaleoni has long been a subject of intense debate among economists and historians of economic thought (Bini, 1995; Michelini, 1998; Bellanca, Giocoli, 1998). Among his many contributions, his treatment of the problem of prices has garnered particular attention, sparking discussions that continue to resonate in contemporary economic discourse. Pantaleoni’s distinction between “political prices” and “economic prices” has been especially contentious, not only because of its analytical complexity but also due to the broader ideological and historical context in which it was formulated. This chapter explores the outdatedness of Pantaleoni’s theory of political prices, situating it within the evolution of economic thought from his time to the post-World War II era and beyond.