Pasinetti on Structural Economic Dynamics and on the Pure Labour Theory of Value

Mauro L. Baranzini and Amalia Mirante
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Mauro L. Baranzini: University of Lugano
Amalia Mirante: University of Applied Sciences of Southern Switzerland and University of Lugano

Chapter 9 in Luigi L. Pasinetti: An Intellectual Biography, 2018, pp 247-276 from Palgrave Macmillan

Abstract: Abstract Baranzini and Mirante stress how up to 1962 economic theory did not offer an analysis of ‘structural economic dynamics’. The theory of growth was confined to one-sector macro-models; from here to multi-sector models the step is complex. Pasinetti was first in formulating in his 1962 Cambridge Ph.D. a simple multi-sectoral growth theory subject to changing production coefficients (technical progress) and changing consumption coefficients (according to Engel’s Law). Moreover, Pasinetti’s vertically hyper-integrated sectors possess remarkable analytical and normative properties; a generalization may be obtained of Adam Smith’s pure labour theory of value. Pasinetti’s current project is to formulate a theory of value that goes back to Adam Smith, bypassing the frame of analysis of economists like Leontief, Sraffa, Marx, Ricardo and many others.

Date: 2018
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DOI: 10.1007/978-3-319-71072-3_9

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