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Full Description
Luigi L. Pasinetti was one of the most significant figures in the history of post-Keynesian economics. In his final book, he reflects on the history and future of post-Keynesian economics, as well as a broad range of issues relating to his previous work. He argues that the economics profession has reached a critical impasse, unable to grasp the true nature of the unprecedented world we now inhabit. He examines how modern economic thought has diverged from addressing real-world challenges, challenging outdated frameworks to offer, instead, a path for reflection and reorientation. With a rigorous critique of prevailing paradigms, Pasinetti proposes an alternative framework of analysis extending an invitation for economists to rethink foundational assumptions. Providing his final statement on these issues, this book delivers a compelling critique of the current state of economics and political economy and offers a vital contribution for reimagining these disciplines in extraordinary times.
Contents
Part I. The Basic Conceptual Approach: 1. Theory of value - source of alternative paradigms in economic theory; 2. The 'production paradigm' in historical perspective; Part II. The (Objective) Theory of Value in Inter-Industry Analysis: 3. Wassily Leontief input-output model; 4. Piero Sraffa's price system; 5. The Marxian 'problem of transformation of values into prices of production' after Sraffa; 6. The notion of vertical integration in economic analysis; Part III. Structural Economic Dynamics - A Step-By-Step Approach: 7. Production in the short run; 8. Population growth at constant returns to scale as the simplest case of economic expansion; 9. The explosive forces of technical change: the twin aspects of production expansion and evolution of demand; 10. A general multi-sector dynamic model; Part IV. A General (Objective) Pure Labour Theory of Value: 11. The natural features of a growing economic system; 12. The accumulation of capital and the progress of technical knowledge; 13. Growing subsystems, vertically hyper-integrated sectors and the pure labour theory of value - generalisation completed; 14. Beyond production: the 'natural' rate of interest; 15. Concluding notes on the social implications of an evolving, learning economy.
