Causality and interdependence in Pasinetti's works and in the modern classical approach

Enrico Bellino and Sebastiano Nerozzi

MPRA Paper from University Library of Munich, Germany

Abstract: The formal representation of economic theories normally takes the form of a model, that is, a system of equations which connect the endogenous variables with the values of the parameters which are taken as given. Sometimes, it is possible to identify one or more equations which are able to determine a subset of endogenous variables priorly and independently of the other equations and of the value taken by the remaining variables of the system. The first group of equations and variables are thus said to determine causally the remaining variables. In Pasinetti’s works this notion of causality has often been emphasized as a formal property having the burden to convey some deep economic meaning. In this work, we will go through those Pasinetti’s works where this notion of causality plays a central role, with the purpose to contextualize it within the econometric debate of the Sixties, to enucleate its economic meaning and to show its connections with other fields of the modern classical approach.

Keywords: causality; interdependence; modern classical approach; Ricardo theory distribution; Keynes’ analysis; ‘given quantities’; surplus approach; structural dynamics; vertical integration (search for similar items in EconPapers)
JEL-codes: B00 B24 B51 C50 E12 (search for similar items in EconPapers)
Date: 2013-12-12
New Economics Papers: this item is included in nep-hme, nep-hpe and nep-mac
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