An Unaccomplished Revolution and a Research Programme. Pasinetti on Keynes (and Sraffa)

Giorgio Lunghini

Rivista di storia economica, 2008, issue 1, 103-118

Abstract: Luigi L. Pasinetti's, "Keynes and the Cambridge Keynesians" deals with the (unaccomplished) Keynes's revolution in economics. Why did it not succeed to the extent that Keynes and his pupils had hoped for? This book addresses this and other questions by tracing the historical development of Keynesian economics. Part I of the book contains the author's "Federico Caffè Lectures on Keynes's General Theory". Part II is a series of biographical essays where Pasinetti, himself a witness and participant of the group on which he writes, presents the successful and unsuccessful endeavours of Keynes's most important pupils: Richard Kahn, Joan Robinson, Nicholas Kaldor, Piero Sraffa and Richard Goodwin. Part III looks to the future by proposing a novel two-stage methodological approach to economic analysis and by developing a production paradigm based on a model of a pure labour economy that makes sense of Keynes's 'revolution in economics', discussing the many ways in which the Keynesian way of doing economics is incompatible with the neoclassical tradition.

Date: 2008
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