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5 - Causality vs. Interdependence

A Distinction That Conveys a World’s View

Published online by Cambridge University Press:  17 February 2022

By
Enrico Bellino  and
Sebastiano Nerozzi
Edited by
Enrico Bellino  and
Sebastiano Nerozzi
Enrico Bellino
Affiliation:
Università Cattolica del Sacro Cuore, Milano
Sebastiano Nerozzi
Affiliation:
Università Cattolica del Sacro Cuore, Milano
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Summary

The chapter aims to show how many conceptual points of the classical-Keynesian analysis are essentially based on a suitable interaction between causal and interdependent relationships. Throughout the analysis, the terms ‘causality’ and ‘interdependence’ are interpreted following the interpretation given by Herbert Simon as analytical characteristics of the relations between the magnitudes involved in the theory, rather than a feature of economic reality. A meticulous work of revisiting the analytical formulations of some important foundations of both classical and Keynesian theories has been presented here to bring to the surface the sequential or the simultaneous nature of the determination of the main variables and the economic meaning attached to these analytical properties.

Keywords

causalitysequentiallyinterdependenceclassical distribution theorylabour theory of valuetransformation of values into pricesstandard commodity
Type
Chapter
Information
Pasinetti and the Classical Keynesians
Nine Methodological Issues
 , pp. 112 - 156
Publisher: Cambridge University Press
Print publication year: 2022

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