Formulating Non-Proportionally Growing Economies: A Generalisation of Pasinetti’s Analysis

Sobei H. Oda

Bulletin of Political Economy, 2007, vol. 1, issue 2, 129-159

Abstract: This paper describes non-proportionally growing economies with changing technology and consumption demand. Specifically, this paper gives a new expression of the quantity system of nonproportionally growing economies without assuming anything about the types of technical progress or the dynamics of consumption demand, as well as some mathematical analysis and simulations as examples of its applications. The new expression can be regarded as a generalisation of Pasinetti’s formulation of non-proportionally growing economies in terms of vertically hyper-integrated sectors, because both formulations based on the same economic model while the former can analyse properly what the latter cannot express: non-labour-augmenting technical progress, seasonal change in consumption and production, traverse for changing technology and consumption demand, etc.. The new expression of non-proportionally growing economies, which pays a special attention to the time structure of production, strengthens the analytical power of the multi-sectorial production model and Pasinetti’s analysis of structural change, deepening our understanding of real economies, where technology and consumption demand never cease to change. This paper provides the following: 1. The derivation of the new expression of non-proportionally growing economies as well as its application to non-labour-augmenting technical progress and other examples mentioned above with their mathematical analysis and numerical simulations. 2. Some discussion about the time structure of production in the von-Neumann model as well as some implications of non-proportional growth to the Keynesian policies.

Date: 2007
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