By Mauro Baranzini, G. Harcourt
This number of essays makes an attempt to guage Luigi Pasinetti's contribution and to provide new insights into the problems which he has illuminated. the amount additionally offers a basic evaluate of the importance of a few key problems with the 'pure' Post-Keynesian university of monetary suggestion, which has, and nonetheless has, its powerful carry within the collage of Cambridge, and to which Luigi Pasinetti has develop into the 'senior inheritor' because the deaths of the founding participants, Piero Sraffa, Joan Robinson, Nicholas Kaldor and Richard Kahn within the Nineteen Eighties.
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Additional info for The Dynamics of the Wealth of Nations: Growth, Distribution and Structural Change
Example text
A rate of interest equal to the growth rate of the wage rate, which Pasinetti calls the 'natural' rate of interest - that keeps 'labour commanded' equal to 'labour embodied' through time. Hence there exists a level of interest on interpersonal loans (Le. a 'natural' interest) which 'if paid annually by debtors to creditors, keeps income flowing to each single individual, through time as well as at any given point of time, in proportion to labour contributed to the production process' (Pasinetti, 1980-81, p.
III is to provide a 'preliminary survey' of price movements consequent upon changes in distribution on the assumption that the methods of production remain unchanged. The complete analysis of these movements is presented in Ch. VI. The comparison of the 'preliminary survey' with the complete analysis reveals that in order to obtain the results of Ch. VI Sraffa needed a number of propositions to hold. These propositions are proved by using the Standard commodity which is shown in this way to he, first of all, a tool of analysis.
1969) 'Some Cambridge Controversies in the Theory of Capital', Journal of Economic Literature, pp. 369-405. Harcourt, G. C. (1972) Some Cambridge Controversies in the Theory of Capital (Cambridge: Cambridge University Press). Harcourt, G. C. ', Oxford Economic Papers, pp. 25-65. Reprinted in Harcourt (1982), pp. 239-78. Harcourt, G. C. ', Thames Papers in Political Economy; reprinted in P. Arestis and T. Skouras (eds) (1985) Post Keynesian Economic Theory (Brighton: Wheatsheaf; Armonk, New York: M.