Luigi L. Pasinetti, 1930-
Leading member of the second generation of Cambridge
Keynesians, Luigi Pasinetti also founded its Neo-Ricardian
strain. Pasinetti, a student of Piero Sraffa at Cambridge,
developed one of the first rigorous mathematical formulations of Ricardo's
theory of value and distribution (1960). His insights led him later to develop one of the
more general expositions of the reswitching problem in Neoclassical capital theory (1966)
and thus made him a leader of the Cambridge (UK) side during the Cambridge Capital Controversy.
Pasinetti also lent his efforts tot he Kaldorian theory of growth and placed that model as a
centerpiece of the new Cambridge approach (1962).
No stranger to controversies, Pasinetti engaged his intellectual Neoclassical
opponents head-on - Samuelson, Solow, Meade, Modigliani . Thus, Pasinetti was
responsible for several fundamental pillars of Cambridge
school. His efforts to develop the Neo-Ricardian
strain are well-documented in his stunningly clear Lectures (1977) and in his Essays
(1974) and his even more remarkable 1981 treatise.
Since leaving Cambridge for Rome,
Pasinetti has continued in pursuing the details and extending the applicability of the
Neo- Ricardian system (e.g. 1980, 1988). He has become particularly
interested in structural change, i.e. the responses of multi-sectoral
models of the economy to technical changes.
Major works of Luigi L. Pasinetti
- "A Mathematical Formulation of the Ricardian System",
1960, RES.
- "Cyclical Fluctations and Economic Growth", 1960, Oxford EP.
- "Rate of Profit and Income Distribution in Relation to the Rate of Economic
Growth", 1962, RES.
- "Professor Meade's Rate of Profit in a Growing
Economy", 1964, EJ.
- "A New Theoretial Approach to the Problems of Economic Growth", 1965, APSSV
- "The Rate of Profit in a Growing Economy: A reply", 1966, EJ.
- "New Results in an Old Framework: Comments on Samuelson
and Modigliani", 1966, RES.
- "Changes in the Rate of Profit and Switches of Techniques", 1966, QJE.
- "Switches of Technique and the `Rate of Return' in Capital Theory", 1969, EJ.
- "Again on Capital Theory and Solow's Rate of Return",
1970, EJ.
- "The Notion of Vertical Integration in Economic Analysis", 1973, Metroeconomica.
- Growth and Income Distribution: Essays in economic theory, 1974.
- Lectures on the Theory of Production, 1977.
- "The Rate of Interest and the Distribution of Income in a Pure Labor Economy",
1980, JPKE.
- Editor, Essays on the Theory of Joint Production, 1980.
- Structural Change and Economic Growth: A theoretical essay on the dynamics of the
wealth of nations, 1981.
- 典he Accumulation of Capital・ 1983, Cambridge JE
- "Conditions of Existence of a Two-Class Economy in the Kaldor and More General
Models of Growth and Distribution", 1983, Kyklos.
- "Sraffa's Circular Process and the Concept of Vertical Integration", Political
Economy, 1986.
- "Theory of Value: A source of alternative paradigms in economic analysis",
1986, in Baranzini and Scazzieri, editors, Foundations of Economics.
- "Growing Subsystems, Vertically Hyper-Integrated Sectors and the Labour Theory of
Value", 1988, Cambridge JE.
- "Sraffa on Income Distribution", 1988, Cambridge JE.
- 迭icardian Debt/Taxation Equivalence in the Kaldor Theory of Profits and Income Distribution・
1989, Cambridge JE
- 鉄raffa's Circular Process and the Concept of Vertical Integration・
1990, in Bharadwaj and Schefold, eds., Essays on Piero Sraffa
- Structural Economic Dynamics: A Theory of the Economic Consequences of Human
Learning. 1993
- 摘conomic Theory and Institutions・1996, in Delorme and Dopfer, eds.,
The Political Economy of Diversity
- 笛oan Robinson and 然eswitching樗, 1996, in Marcuzzo et al.,
editors, The Economics of Joan Robinson
London: Routledge, 1996, pp. 209-217;
- 典he Principle of Effective Demand・and "The Marginal Efficiency of Investment・
1997, in Harcourt and Riach, eds., A 鉄econd Edition・of the General
Theory
- 笛.M.Keynes's 然evolution・・the major event of twentieth-century
economics?・ 1998, in Pasinetti and Schefold, editors, The Impact of Keynes on
Economics in the 20th Century.
- "La critica della teoria neoclassica della crescita e della distribuzione",
2000/1, Moneta e Credito
- "Continuity and Change in Piero Sraffa's Thought - An Archival
Excursus"
- "Economic Theory and Technical Progress",
2000/1, JEI,
- "Public Debt in the European Union Countries: Two ways of facing the problem"
- "The Principle of Effective Demand and its relevance in the long run",
2000/1
Resources on Pasinetti
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