On Pasinetti’s ‘natural’ rate of interest

Enrico Bellino ()
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Enrico Bellino: Università Cattolica del Sacro Cuore, Via Emilia Parmense, 84, 29122, Piacenza, Italy

Bulletin of Political Economy, 2019, vol. 13, issue 2, 117-137

Abstract: This paper provides a concise exposition of the notion of ‘natural rate of interest’ introduced by Luigi Pasinetti in his structural change analysis. Its normative nature is suitably stressed: it is that rate of interest that prevents that debt and credit relations among individuals alter a distribution of national income based on the ‘labour principle’, that is, a situation where each individual perceives income in proportion to the quantity of labour provided.

Keywords: rate of interest; technical progress; structural change; physical numéraires; nominal numéraires (search for similar items in EconPapers)
JEL-codes: B51 D20 D33 E40 E43 E49 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:awu:journl:v:13:y:2019:i:2:p:117-137

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