Luigi L. Pasinetti, 1930-

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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

Resources on Pasinetti


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