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Pasinetti on Structural Economic Dynamics and on the Pure Labour Theory of Value

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Book cover Luigi L. Pasinetti: An Intellectual Biography

Part of the book series: Palgrave Studies in the History of Economic Thought ((PHET))

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Abstract

Baranzini and Mirante stress how up to 1962 economic theory did not offer an analysis of ‘structural economic dynamics’. The theory of growth was confined to one-sector macro-models; from here to multi-sector models the step is complex. Pasinetti was first in formulating in his 1962 Cambridge Ph.D. a simple multi-sectoral growth theory subject to changing production coefficients (technical progress) and changing consumption coefficients (according to Engel’s Law). Moreover, Pasinetti’s vertically hyper-integrated sectors possess remarkable analytical and normative properties; a generalization may be obtained of Adam Smith’s pure labour theory of value. Pasinetti’s current project is to formulate a theory of value that goes back to Adam Smith, bypassing the frame of analysis of economists like Leontief, Sraffa, Marx, Ricardo and many others.

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Notes

  1. 1.

    In particular Faye Duchin, Georg Erber, Harald Hagemann, Michael A. Landesmann, Shinishiro Nakamura, Roberto Scazzieri, Albert Steenge, and Alessandro Vercelli. Among the Advisory Board: Sukhomoy Chakravarty, Christopher Freeman, Richard Goodwin, Wassily W. Leontief and Luigi L. Pasinetti.

  2. 2.

    And Kaldor as well in his correspondence with Pasinetti in the late 1950s and early 1960s (see Part I of this volume).

  3. 3.

    Leon maintains that much of his work in applied economics was done in order to criticize the U-turn in economics brought about by the US and UK policies of the 1980s and early 1990s, showing that supply-side policies in situations of deficient effective demand caused slow growth, useless government spending and increasing public debt. He recently published a volume on The Economics of Effective Demand to show that it is the economy as a whole that determines agents’ behaviour, rather than the other way around. According to him, firms are influenced, in the division of their functions, by changes in the macro-economy (that he defines as ‘the macrofoundations of microeconomics’). On this point, see also Crotty (1980).

  4. 4.

    Ester G. Silva and Aurora A. C. Teixeira (2008) have published an interesting paper in the review Structural Change and Economic Dynamics with the title ‘Surveying Structural Change: Seminal Contributions and a Bibliometric Account’. They maintain that ‘Structural change analysis has an important tradition in economic theory. However, up to the present date, no attempt had been made to provide an overall survey on the matter. This paper aims to fill this gap. To this end, bibliometric methods were applied, combining 9703 citations from the area’s “seed journal” with a review of 910 abstracts of all theoretical and empirical articles on structural change that were published over the past 40 years in the journals indexed in the Econlit. We testify the recent rise of interest in structural change where technological issues gained increasing relevance. The 1990s witnessed a spurt in formal work, but more recently such trend was not confirmed; on the contrary, there has been a strong impetus towards empirically led work. Our analysis further reveals that most contributions put great emphasis on technology-driven growth and lack an appropriate treatment of the demand side’ (Silva and Teixeira 2008, p. 273).

  5. 5.

    This paragraph has been kindly suggested to us by Professors Kazuhiro Kurose, of Tohoku University, and by Takao Sasaki, Honorary Professor of Hokkaido University. Professor Sasaki has played an important role in the development of Pasinetti’s theory in Japan in the last two decades and has been the supervisor of Kazuhiro Kurose and Micaela Notarangelo who both received, under his guidance, their Ph.D. from the Graduate School of Economics and Business Administration, Hokkaido University, Japan. Kazuhiro Kurose is now full Professor at the Graduate School of Economics and Management of Tohoku University in Sendai and has been Visiting Fellow at the Catholic University of Milan 2011/13, where Pasinetti was, at that time, teaching on Keynesian economics. He has published several papers based on Pasinetti’s models both in English (see Kurose 2009, 2013) and in Japanese. Micaela Notarangelo, after spending several years in Japan, returned to Europe in 2001; and she taught for a semester at the University of Lugano, Switzerland, where Luigi Pasinetti was teaching macro-economics and economic analysis.

  6. 6.

    On these issues, see also Bortis (1997), Scazzieri (1983, 1996a, 2012, 2015) and Porta and Scazzieri (2008).

  7. 7.

    See Pasinetti (2018).

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Authors and Affiliations

  1. University of Lugano, Lugano, Switzerland

    Mauro L. Baranzini

  2. University of Applied Sciences of Southern Switzerland and University of Lugano, Lugano, Switzerland

    Amalia Mirante

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  1. Mauro L. Baranzini
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  2. Amalia Mirante
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Baranzini, M.L., Mirante, A. (2018). Pasinetti on Structural Economic Dynamics and on the Pure Labour Theory of Value. In: Luigi L. Pasinetti: An Intellectual Biography. Palgrave Studies in the History of Economic Thought. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-71072-3_9

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  • DOI: https://doi.org/10.1007/978-3-319-71072-3_9

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