Growth and Income Distribution: Essays in Economic Theory.

PASINETTI, Luigi L. (1930-):

ISBN 10: 0521204747 / ISBN 13: 9780521204743

Published by Cambridge, etc.: Cambridge University Press, 1974., 1974

About this Item

First Edition, first printing (the first edition is sometimes misidentified as 1975). x, 151 pp. Original cloth. Near Fine, in near fine dust jacket (British price-clipped). 'Leading member of the second generation of Cambridge Keynesians, Luigi Pasinetti also founded its Neo-Ricardian strain. . . . 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' (History of Economic Thought Web site). 'In 'Rate of Profit and Income Distribution in Relation to the Rate of Economic Growth,' (1962) . . . Pasinetti showed that the rate of profit in Kaldorian growth equilibrium is totally independent of the saving propensities of the working class, depending only on the saving rate of capitalists. This 'bootstrap' theorem, whereby capitalists appear to be capable of raising the profitability of their own capital simply by saving more, generated a great deal of discussion, which resulted, as so often happens in economics, in the conclusion that it all depends on a number of other circumstances, which may or may not prevail. This and other relevant papers by Pasinetti are reprinted in his Growth and Income Distribution--Essays in Economic Theory' (Mark Blaug, Great Economists Since Keynes, p. 191).

Seller Inventory # 15058

Bibliographic Details

• Title: Growth and Income Distribution: Essays in Economic Theory.
• Publisher: Cambridge, etc.: Cambridge University Press, 1974.
• Publication Date: 1974
• Language: English
• ISBN 10: 0521204747
• ISBN 13: 9780521204743
• Binding: Hardcover
• Edition: 1st Edition
• Condition: Near Fine
• Dust Jacket Condition: Near Fine

About this title

Synopsis

This 1974 collection of six essays in economic theory represents a major contribution to the field. The first contains the formulation of the Ricardian system, whilst the next two contain, respectively, the author's synthetic treatment of the complex problems of fluctuations and economic growth, and his well-known theorem that in the long run the rate of profit and income distribution are independent of the propensities to save of the working class. The essays that follow provide the missing links: a coherent picture of the macroeconomic theories that have originated in Cambridge and a discussion of their deep foundations in classical economic analysis. Finally, the author evaluates some economic controversies and draws his conclusions on the basic forces determining rate of profit in the process of economic growth. Although the arguments are highly theoretical, they require no knowledge of mathematics beyond elementary calculus and algebra.

Book Description

This 1974 collection of six essays in economic theory represents a major contribution to the field. The essays examine the formulation of the Ricardian system, macroeconomic theories originating from Cambridge and economic controversies. Although the arguments are highly theoretical, they require no knowledge of mathematics beyond elementary calculus and algebra.