Finance and the Cambridge Equation: A Commentary Note

Man-Seop Park

No 504, Discussion Paper Series from Institute of Economic Research, Korea University

Abstract: Ciccarone (2004) attempts to show that the Pasinetti theorem allows for the profit-making financial sector. In this effort, however, he ends up with unwittingly associating the theorem with the Wicksellian monetary theory. The present note traces the origin of this uncomfortable association to his incomplete understanding of the income of financial capitalists, and tries on its part to demonstrate that the Pasinetti theorem is in the tradition of the 'monetary analysis' of the (Post) Keynesian monetary theory, in contrast to the 'real analysis' of the Wicksellian theory.

Keywords: Pasinetti theorem; Monetary analysis; Real analysis (search for similar items in EconPapers)
JEL-codes: B59 E12 (search for similar items in EconPapers)
Date: 2005
New Economics Papers: this item is included in nep-fmk, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:iek:wpaper:0504

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