L. L. Pasinetti: When Workers Save

  • J. A. Kregel


Kaldor’s basic distributional formulae, upon which his distribution theory rests, were corrected for certain omissions in a 1962 paper1 by Luigi Pasinetti. Pasinetti pointed out that, although Kaldor had made allowance for workers’ savings in his equations, he had not extended to them the possibility of purchasing capital with their savings, nor analysed the effects of the income the workers might receive from owning assets. After making the appropriate alterations, Pasinetti concluded that Kaldor’s results were valid, irrespective of the savings of workers.


Real Wage Physical Capital Total Profit Income Class Wage Income 
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Copyright information

© J. A. Kregel 1971

Authors and Affiliations

  • J. A. Kregel
    • 1
  1. 1.University of BristolUK

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