From the effective demand as a principle to the ownership of the capital as social responsibility. Rereading Luigi Pasinetti
DOI:
https://doi.org/10.13133/2037-3643/18240Keywords:
effective demand, Pasinetti, Capital, Structural change, social responsibilityAbstract
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.
References
Bellino E. and Nerozzi S. (2017), “Causality and interdependence in Pasinetti’s works and in the modern classical approach”, Cambridge Journal of Economics, 41 (6), pp. 1653-1684.
Brancaccio E. and Garbellini N. (2018), “Luigi Pasinetti on Disrupting Neoclassical Hegemony in Economics”, Institute for New Economic Thinking, March. Available at: https://www.ineteconomics.org/perspectives/blog/luigi-pasinetti-on-disrupting-neoclassical-hegemony-in-economics
Cohen A. (2021), “How to Quit Your Job in the Great Post-Pandemic Resignation Boom”, Bloomberg Businessweek, 10 May. Available at: https://www.bloomberg.com/news/articles/2021-05-10/quit-your-job-how-to-resign-after-covid-pandemic#xj4y7vzkg
Coin F. (2023), Le grandi dimissioni. Il nuovo rifiuto del lavoro e il tempo di riprenderci la vita, Torino: Einaudi.
Ferguson T. (2016), “Economics in a Different Key, INET interviews Luigi Pasinetti”, video interviews by Nadia Garbellini, Institute for New Economic Thinking. Available at: https://www.ineteconomics.org/perspectives/blog/economics-in-a-different-key
Garbellini N. (2022), “Why the Classic-Keynesian Trend May Be of Interest to a Young Scholar Today”, in Bellino E. and Nerozzi S. (eds.), Pasinetti and the Classical Keynesians. Nine Methodological Issues (pp. 259-289), Cambridge University Press.
Garbellini N. (2023), “Luigi Pasinetti (1930-2023)”, Review of Political Economy, 35 (2): 582-585, February.
Grossi P. (2018), Una Costituzione da vivere. Breviario di valori per italiani di ogni età, Marietti 1820.
Halevi J. (1998), “I trucchi di Maastricht nell’analisi di Pasinetti”, il manifesto, 28 February.
Halevi J. (2016), “Luigi Pasinetti and the Political Economy of Growth and Distribution”, in Halevi J., Harcourt G.C., Kriesler P. and Nevile J.W. (eds.), Post-Keynesian Essays from Down Under. Volume IV: Essays on Theory. Theory and Policy in an Historical Context (pp. 310-326), Basingstoke, UK: Palgrave Macmillan.
Halevi J. (2023), “Luigi Lodovico Pasinetti”, Moneta e Credito, 76 (301), pp. 95-99.
Harcourt G. (2012), “Luigi Pasinetti: the senior living heir of the Cambridge School of Economics and the last of the great system-builders”, in Arena R. and Porta P.L. (eds.) Structural Dynamics and Economic Growth (pp. 137-144), Cambridge University Press.
Keynes J.M. ([1930] 1933), “Economic Possibilities for our Grandchildren”, in Keynes J.M., Essays in Persuasion (pp. 358-374), London: Macmillan.
Keynes J.M. (1936), The General Theory of Employment Interest and Money, London: Macmillan.
Lunghini G. (2008), “Una rivoluzione incompiuta e un programma di ricerca. Pasinetti e Keynes (e Sraffa)”, Rivista di Storia Economica, Aprile, pp. 103-117.
Lunghini G. and Gnesutta C. (1999), “Unemployment and Social Needs”, in Gandolfo G. and Marzano F. (eds.), Economic Theory and Social Justice (pp. 121-145), London: Palgrave Macmillan.
Pasinetti L.L. (1962), A Multisectoral Model of Economic Growth, unpublished Ph.D. dissertation, University of Cambridge.
Pasinetti L.L. (1974), Growth and Income Distribution. Essays in Economic Theory, Cambridge (UK): Cambridge University Press.
Pasinetti L.L. (1981), Structural Change and Economic Growth: A Theoretical Essay on the Dynamics of the Wealth of Nations, Cambridge (UK): Cambridge University Press.
Pasinetti L.L. (1985), La ricchezza delle nazioni, Istituto Universitario di Magistero “Suor Orsola Benincasa”, Napoli: Guida.
Pasinetti L.L. (1993), Structural Economic Dynamics: A Theory of the Economic Consequences of Human Learning, Cambridge (UK): Cambridge University Press.
Pasinetti L.L. (1997), “The marginal efficiency of Investment”, in Harcourt G.C. and Riach P.A. (eds.), A ‘Second Edition’ of The General Theory, Vol. 1 (pp. 198-218), Routledge.
Pasinetti L.L (1998), “The Myth (or Folly) of the 3% Deficit/GDP Maastricht ‘Parameter’”, Cambridge Journal of Economics, 22 (1), pp. 103-116.
Pasinetti L.L. (2000), “Critique of the neoclassical theory of growth and distribution”, BNL Quarterly Review, 53 (215), pp. 383-431.
Pasinetti L.L. (2001), “The Principle of Effective Demand and its Relevance in the Long Run”, Journal of Post Keynesian Economics, 23 (3), pp. 383-390.
Pasinetti L.L. (2002), “Una crisi strutturale” in Jacobelli J. (ed.), Dove va nel 2003 l’economia italiana?, Collana del Centro Culturale Saint-Vincent, Rubbettino, pp. 130-136. English translation by Lucarelli S., PSL Quarterly Review, this issue.
Pasinetti L.L. (2004), “Capitale”, in Dizionario di dottrina sociale della Chiesa. Scienze sociali e Magistero edited by Centro di Ateneo per la Dottrina Sociale della Chiesa, Milano: Vita e Pensiero. English translation by Lucarelli S., PSL Quarterly Review, this issue.
Pasinetti L.L. (2005), “Beyond the Accumulation of Capital”, in Gibson B. (ed.), Joan Robinson’s Economics. A Centennial Celebration (pp. 247-265), Celtenham (UK) and Northampton (MA, USA): Edward Elgar.
Pasinetti L.L. (2007), Keynes and the Cambridge Keynesians. A ‘Revolution in Economics’ to Be Accomplished, Cambridge: Cambridge University Press.
Pasinetti L.L. (2012), Dottrina sociale della Chiesa e teoria economica, Vita e Pensiero.
Pasinetti L.L. and Mariutti G.P. (2007), “Globalizzazione economica: incentivi, ostacoli e sproporzioni” in Troiani L. (ed.), Globalizzazione e trasmissione di modelli culturali e formativi (pp. 235-273), Milano: LED Edizioni Universitarie.
Reati A. (2010), “Perché la teoria post-keynesiana non è dominante”, Moneta e Credito, 63 (252), pp. 341-363.
Smith A. ([1776] 1975), An Inquiry into the Nature and Causes of the Wealth of Nations, in Campbell R.H. and Skinner A.S. (eds.), The Glasgow Edition of the Works and Correspondence of Adam Smith, Oxford University Press.
Sraffa P. (1960), Production of Commodities by Means of Commodities. A Prelude to A Critique of Economic Theory, Cambridge (UK): Cambridge University Press.
Stiglitz J.E (2018) “Where modern macroeconomics went wrong”, Oxford Review of Economic Policy, 34 (1-2), pp. 70-106.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Stefano Lucarelli
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
