Luigi Pasinetti and the Political Economy of Growth and Distribution

  • Joseph Halevi


This paper, especially written especially for our volumes following a suggestion by G.C. Harcourt, arises from a set of notes I wrote in July 2014 for my long-time friend, Thomas Ferguson, Professor of Political Science at the University of Massachusetts in Boston and a leading member of the Institute of New Economic Thinking, who asked me to prepare a point by point briefing on Pasinetti’s work in the light of a meeting with him in Milan. In the present essay the sequence is kept as in the original notes with some important additions while the text has been changed into a more discursive style.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Bibliographical References

References to Pasinetti’s works

  1. Pasinetti, Luigi L. (1958) “Il recente modello di sviluppo di J. Robinson e la teoria neoclassica del capitale: alcune osservazioni”, Rivista Internazionale di Scienze Sociali, Vol. 66, pp. 429–444.Google Scholar
  2. Pasinetti, Luigi L. (1959) “On Concepts and Measures of Changes in Productivity”, The Review of Economics and Statistics, vol. 41, pp. 270–282 [Reprinted in Pasinetti 1974, chapter I].CrossRefGoogle Scholar
  3. Pasinetti, Luigi L (1960) “A Mathematical Formulation of the Ricardian System”, The Review of Economic Studies, vol. 27, pp. 78–98.CrossRefGoogle Scholar
  4. Pasinetti, Luigi L. (1960) “Cyclical Fluctuations and Economic Growth”, Oxford Economic Papers, New Series, Vol. 12, No. 2, pp. 215–241 [Reprinted in Pasinetti 1974, chapter III].CrossRefGoogle Scholar
  5. Pasinetti, Luigi L. (1962) “Rate of Profit and Income Distribution in relation to the Rate of Economic Growth”, The Review of Economic Studies, vol. 29, 267–279 [Reprinted in Pasinetti 1974, chapter V].CrossRefGoogle Scholar
  6. Pasinetti, Luigi L. (1965) “A New Theoretical Approach to the Problem of Economic Growth”, Vatican City: Pontificiae Academiae Scientiarum Scripta Varia, n. 28.Google Scholar
  7. Pasinetti, Luigi L. (1966) “Changes in the Rate of Profit and Switches of Techniques”, The Quarterly Journal of Economics, vol. 80, pp. 503–517.Google Scholar
  8. Pasinetti, Luigi L. (1969) “Switches of Techniques and ‘the Rate of Return’ in Capital Theory”, The Economic Journal, vol. 79, pp. 508–531.CrossRefGoogle Scholar
  9. Pasinetti, Luigi L. (1974) Growth and Income Distribution — Essays in Economic Theory, Cambridge U.K.: Cambridge University Press.Google Scholar
  10. Pasinetti, Luigi L. (1974a) “From Classical to Keynesian economic dynamics”, in Pasinetti 1974, chapter IV, pp. 86–102.Google Scholar
  11. Pasinetti Luigi L. (1974b) “The rate of profit in an expanding economy”, in Pasinetti 1974, chapter VI, pp. 121–146.Google Scholar
  12. Pasinetti, Luigi L. (1974c) “The economics of effective demand”, in Pasinetti 1974, chapter II, pp. 29–53.Google Scholar
  13. Pasinetti, Luigi L. (1975) Lezioni di teoria della produzione, Bologna: Il Mulino.Google Scholar
  14. Pasinetti, Luigi L. (1977) Lectures on the Theory of Production, New York N.Y.: Columbia University Press.CrossRefGoogle Scholar
  15. Pasinetti, Luigi L. (1981) Structural Change and Economic Growth, Cambridge U.K.: Cambridge University Press.Google Scholar
  16. Pasinetti, Luigi L (1987) “‘Satisfactory’ versus ‘Optimal’ Economic Growth”, Rivista internazionale di scienze economiche e commerciali, October, Vol. 34 (10), pp. 989–999.Google Scholar
  17. Pasinetti, Luigi L. (1988) “Growing subsystems, vertically hyper-integrated sectors and the labour theory of value”, Cambridge Journal of Economics, Vol. 12 (1), pp. 125–134.CrossRefGoogle Scholar
  18. Pasinetti, Luigi L. (1993) Structural Economic Dynamics, Cambridge U.K.: Cambridge University Press.CrossRefGoogle Scholar
  19. Pasinetti, Luigi L (1997) “The Social ‘Burden’ of High Interest Rates” in: P. Arestis, G. Palma, and M. Sawyer (eds.), Capital Controversy, Post-Keynesian Economics and the History of Economic Thought, Essays in Honour of Geoff Harcourt, volume I; London & N.Y: Routledge, pp. 161–168. 1997.Google Scholar
  20. Pasinetti, Luigi L (1998) “The myth (or folly) of the 3% deficit/GDP Maastricht ‘parameter’”, Cambridge Journal of Economics, Vol. 22 (1), pp. 103–116.CrossRefGoogle Scholar
  21. Pasinetti, Luigi L (2002) “An «analytical» approach to the «just» rate of interest: the priority of labour over capital”, Rivista Internazionale di Scienze Sociali, Anno 110, No. 3 (Luglio–Settembre), pp. 323–329.Google Scholar
  22. Pasinetti, Luigi L. (2012) “A few counter-factual hypotheses on the current economic crisis”, Cambridge Journal of Economics, vol. 36 (6), pp. 1433–1453.CrossRefGoogle Scholar

Other References

  1. Baranzini, Mauro and G.C. Harcourt (1993) The Dynamics of the Wealth of Nations: Growth, Distribution, and Structural change: Essays in Honour of Luigi Pasinetti, New York: St, Martin’s Press.Google Scholar
  2. Dobb, Maurice (1960) An Essay on Economic Growth and Planning, London: Routledge & Kegan Paul.Google Scholar
  3. Duesenberry, James (1958) Business Cycles and Economic Growth, New York: McGraw Hill.Google Scholar
  4. Dorfman, Robert; Paul Samuelson, and Robert Solow (1958) Linear Programming and Economic Analysis, New York N.Y.: McGraw-Hill.Google Scholar
  5. Felipe, Jesus and John S.L. McCombie (2013) The Aggregate Production Function and the Measurement of Technical Change: ‘Not Even Wrong’, Cheltenham: Edward Elgar.CrossRefGoogle Scholar
  6. Kalecki, Michał (1971) Selected Essay of the Dynamics of the Capitalist Economy, 1933–1970, Cambridge: Cambridge University Press.Google Scholar
  7. Piketty, Thomas (2014) Capital in the Twenty-First Century, Cambridge, Massachusetts: The Belknap Press of Harvard University Press [originally published as Le capital au XXIe siècle, Paris: Seuil, 2013].CrossRefGoogle Scholar
  8. Sen, Amartya (1960) Choice of Techniques: An Aspect of the Theory of Planned Economic Development, Oxford: Blackwell.Google Scholar
  9. Sraffa, Piero (1960) Production of Commodities by Means of Commodities, Cambridge: Cambridge University Press; and: Produzione di merci a mezzo di merci, Torino: Einaudi, 1960.Google Scholar
  10. Toporowski, Jan (2014a) “The crisis of finance and the crisis of accumulation: it was not a ‘Lehman Brothers Moment’”, unpublished paper, London: SOAS.Google Scholar
  11. Toporowski, Jan (2014b) “The discrete charme of the economic crisis. Interview to Jan Toporowski (part one)”, Scholar

Copyright information

© Joseph Halevi, G. C. Harcourt, Peter Kriesler and J. W. Nevile 2016

Authors and Affiliations

  • Joseph Halevi

There are no affiliations available

Personalised recommendations