From the effective demand as a principle to the ownership of the capital as social responsibility. Rereading Luigi Pasinetti




effective demand, Pasinetti, Capital, Structural change, social responsibility


This paper tries to highlight some essential elements that emerge from Luigi Pasinetti’s work. Much of the research project that Pasinetti developed, especially in the 1981 book, was already present in nuce in the 1974 collection of essays. Here the theory of effective demand is presented for the first time, emphasizing the essential differences between sequential and simultaneous economic reasoning. The relevance of structural change is already apparent, and will be explored in a multisectoral scheme only in the 1981 book. The main insights that can be drawn from Pasinetti’s reflections on open economic systems and his ethical stance suggest that ownership of the means of production not only confers rights but it also imposes responsibilities on the community.

Author Biography

Stefano Lucarelli, University of Bergamo

Since April 2017 I am Associate Professor in Economic Policy at University of Bergamo (Previous position: Assistant Professor in Political Economy since November 2007 ). Since 2013 I am membre associé at the Centre d'Economie de la Sorbonne - CNRS. In December 2013 I obtained the National Promotion to Associate Professor in Economic Policy. Since 2008 my research projects include institutional economics, cognitive capitalism, monetary theory of production, financialization, stock-flow consistent models and complementary currencies. I have been involved as researcher in the D-CENT European Project - VII f.p. (2013-2016) and in DECODE European Project - H2020 (2017-2020). Since February 2018 I am INET grantee.


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How to Cite

Lucarelli, S. (2024). From the effective demand as a principle to the ownership of the capital as social responsibility. Rereading Luigi Pasinetti. PSL Quarterly Review, 76(307), 353–371.