Note: Pasinetti's counter–factual hypotheses

J. E. Woods

Cambridge Journal of Economics, 2013, vol. 37, issue 6, 1431-1435

Abstract: In a recent article in this journal, Luigi L. Pasinetti not only reminded us of the role played by the Modigliani–Miller (MM) theorem in the current crisis but also provided a critique based on examining its underlying assumptions. In this note, I extend his critique as it applies to one component of the theorem—namely, the dividend invariance proposition—by demonstrating that its conclusions cannot follow from its assumptions. There has been a 'logical slip'. Copyright , Oxford University Press.

Date: 2013
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