Skip to main content Accessibility help
×
Hostname: page-component-78c5997874-v9fdk Total loading time: 0 Render date: 2024-11-05T21:16:07.671Z Has data issue: false hasContentIssue false

11 - Pasinetti’s Separation Theorem

Published online by Cambridge University Press:  17 February 2022

Enrico Bellino
Affiliation:
Università Cattolica del Sacro Cuore, Milano
Sebastiano Nerozzi
Affiliation:
Università Cattolica del Sacro Cuore, Milano
Get access

Summary

Cambridge economics can still be seen as a distinctive subdiscipline, involving a revival of classical and Keynesian economics and contributing to macroeconomics, to the theory of growth and distribution, to capital theory and to the history of economic thought. Pasinetti has been a major representative of this school for more than half a century. The present essay is the concluding chapter of a Festschrift for him. It provides a synthesis of the other chapters, which are dedicated to individual aspects of Pasinetti’s contributions to Cambridge economics. It leads from the methodological foundations and the theory of prices, based on production, to the theory of investment under uncertainty and to distribution, to capital theory and to growth with structural change. This is explained with Pasinetti’s normative turn. The formal conditions for the maintenance of full employment in an economy with differential rates of productivity growth in the different sectors have to be separated from the institutions, the legal and ethical rules and the historical conditions that may be required to realise full employment. The exposition is in part critical and concerns shortcomings of neoclassical approaches, and in part constructive.

Type
Chapter
Information
Pasinetti and the Classical Keynesians
Nine Methodological Issues
, pp. 290 - 316
Publisher: Cambridge University Press
Print publication year: 2022

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Böhm-Bawerk, E. von (1921 [1884]) Kapital und Kapitalzins. Erste Abteilung. Geschichte und Kritik der Kapitalzins-Theorien, 4th ed., Jena, G. Fischer.Google Scholar
Garegnani, P. (1981) ‘Valore e distribuzione in Marx e negli economisti calssici’, in Garegnani, P. (ed.) Marx e gli economisti classici, Torino, Giulio Einaudi, pp. 552.Google Scholar
Heilbroner, R. L. (1980) The Worldly Philosophers, 5th ed., New York, Simon and Shuster.Google Scholar
Hobsbawm, E. J. (1969) Industry and Empire, Harmondsworth, Penguin.Google Scholar
Keynes, J. M. (1931 [1972]) ‘Essays in Persuasion’, in Moggridge, D. (ed.) The Collected Writings of John Maynard Keynes, vol. xviii, London, Macmillan.Google Scholar
Keynes, J. M. (1933 [1973]) ‘Thomas Robert Malthus’, in Moggridge, D. (ed.) The Collected Writings of John Maynard Keynes, vol. x: Essays in Biography, London, Macmillan, pp. 71108.Google Scholar
Keynes, J. M. (1936 [1973]) ‘The General Theory of Employment, Interest and Money’, in Moggridge, D. (ed.) The Collected Writings of John Maynard Keynes, vol. vii, London, Macmillan.Google Scholar
Manara, C. F. (1968) ‘Il modello di Piero Sraffa per la produzione congiunta di merci a mezzo di merci’, in Collettanea Mathematica, vol. 1, Milan, Editrice L’industria, pp. 318.Google Scholar
Pasinetti, L. L. (1974) Growth and Income Distribution: Essays in Economic Theory, Cambridge, Cambridge University Press.Google Scholar
Pasinetti, L. L. (1975) Lezioni di teoria della produzione, Bologna, Il Mulino.Google Scholar
Pasinetti, L. L. (1981) Structural Change and Economic Growth: A Theoretical Essay on the Dynamics of the Wealth of Nations, Cambridge, Cambridge University Press.Google Scholar
Pasinetti, L. L. (1988) ‘La centralità del lavoro nei sistemi economici industriali’, in Angelini, G. Barucci, P. et al. (eds.) Una repubblica fondata sul lavoro, Rome, Editrice Ave, pp. 7995.Google Scholar
Pasinetti, L. L. (2007) Keynes and the Cambridge Keynesians: A ‘Revolution in Economics’ to Be Accomplished, Cambridge, Cambridge University Press.Google Scholar
Poser, H. (2012) Wissenschaftstheorie. Eine philosophische Einführung, Stuttgart, Reclam.Google Scholar
Schefold, B. (1999) ‘Use Value and the “Commercial Knowledge of Commodities”: Reflections on Aristotle, Savary and the Classics’, in Mongiovi, G. and Petri, F. (eds.) Value, Distribution and Capital: Essays in Honour of Pierangelo Garegnani, London, Routledge, pp. 122144.Google Scholar
Schefold, B. (2011) ‘Political Economy as “Geisteswissenschaft”, Edgar Salin and Other Economists around George’, in Lane, M. S. and Ruehl, M. A. (eds.) A Poet’s Reich: Politics and Culture in the George Circle, Rochester and New York, Camden House, pp. 164204.CrossRefGoogle Scholar
Schefold, B. (2014) ‘Amintore Fanfani e le tesi di Max Weber, in Cova, A. and Besana, C. (eds.) Amintore Fanfani: Formazione culturale, identità e responsabilità politica, Milan, Vita e Pensiero, pp. 115128.Google Scholar
Schefold, B. (2019a) ‘Continuity and Change in the Transition: From the Classical to the Neoclassical Theory of Normal Prices’, in Rosselli, A. Naldi, N. and Sanfilippo, E (eds.) Money, Finance and Crises in Economic History: The Long-Term Impact of Economic Ideas, London and New York, Routledge, pp. 1126.Google Scholar
Schefold, B. (2019b) ‘The Transformation of Values into Prices on the Basis of Random Systems Revisited’, in Evolutionary and Institutional Economics Review, Japanese Association for Evolutionary Economics, 16(2), pp. 261302.CrossRefGoogle Scholar
Schefold, B. (2020) ‘What Remains of the Cambridge Critique of Capital Theory, If Reswitching and Reverse Capital Deepening Are Empirically Rare and Theoretically Unlikely?’, in European Journal of Economics and Economic Policies, 17(2), pp. 220240.Google Scholar
Sinha, A. (ed.) (2021) A Reflection on Sraffa’s Revolution in Economic Theory, London, Palgrave/Macmillan.Google Scholar

Save book to Kindle

To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×