A prominent member of the second generation of Cambridge Keynesians, Luigi Pasinetti has been a key player in the development of neo-Ricardian economics as well. Having studied under Piero Sraffa at Cambridge, he developed a mathematical representation of Ricardo's theory of value and distribution, as well as the reswitching problem in neoclassical capital theory: thus making him a leader of the British Cambridge side during the Cambridge Capital Controversy. Since leaving Cambridge for Rome, he has become particularly interested (...) in structural change, i.e. the responses of multi-sectoral models of the economy to technical changes. This book draws together Pasinetti's main contributions in the field of value theory. (shrink)

First published in 1981 this book presents an original theoretical treatment of the problems of maintaining full employment in a multisector economic system with a growing population and different rates of technical progress in different sectors. The conditions for full employment and full capacity utilisation are examined when prices are stable and when there is inflation. This approach is carried out, not in terms of input-output relations, as has become customary in multisector models, but rather in terms of vertically integrated (...) sectors. This makes it possible to analyse the economic growth process in terms of the structural dynamics of production, of prices and of employment. Remarkable implications are drawn for a surprisingly large number of theoretical problems, which have been under discussion since Adam Smith: from price theory to the theory of rates of profit and the rates of interest; from production theory to the theories of fluctuating growth, ever-changing composition of output, choice of technique and international trade. (shrink)

This 1974 collection of six essays in economic theory represents a major contribution to the field. The first contains the formulation of the Ricardian system, whilst the next two contain, respectively, the author's synthetic treatment of the complex problems of fluctuations and economic growth, and his well-known theorem that in the long run the rate of profit and income distribution are independent of the propensities to save of the working class. The essays that follow provide the missing links: a coherent (...) picture of the macroeconomic theories that have originated in Cambridge and a discussion of their deep foundations in classical economic analysis. Finally, the author evaluates some economic controversies and draws his conclusions on the basic forces determining rate of profit in the process of economic growth. Although the arguments are highly theoretical, they require no knowledge of mathematics beyond elementary calculus and algebra. (shrink)

What was the Keynesian revolution in economics? Why did it not succeed to the extent that Keynes and his close pupils had hoped for? Keynes and the Cambridge Keynesians addresses these and other questions by tracing the historical development of Keynesian economics. The book is split into three parts. Part I contains the author's Caffè Lectures on Keynes's 'unaccomplished revolution'. Part II is a series of biographical essays where the author, 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, Pierro Sraffa and Richard Goodwin. Part III of the book looks to the future by developing a conceptual analytical framework 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. (shrink)

This book is a theoretical investigation of the influence of human learning on the development through time of a 'pure labour' economy. The theory proposed is a simple one, but aims to grasp the essential features of all industrial economies. Economists have long known that two basic phenomena lie at the root of long-term economic movements in industrial societies: capital accumulation and technical progress. Attention has been concentrated on the former. In this book, by contrast, technical progress is assigned the (...) central role. Within a multi-sector framework, the author examines the structural dynamics of prices, production and employment against a background of 'natural' relations. He also considers a number of institutional problems. Institutional and social learning, know-how, and the diffusion of knowledge emerge as the decisive factors accounting for the success and failure of industrial societies. (shrink)

Previously published as special issues of _The European Journal of the History of Economic Thought_ and _The Review of Political Economy_, this volume contains the papers devoted to the life and work of Piero Sraffa. Sraffa was a leading intellectual of the twentieth century. He was brought to Cambridge by John Maynard Keynes and had an important impact on the philosopher Ludwig Wittgenstein. He received the golden medal Söderström of the Swedish Academy of Sciences for his edition of David Ricardo's (...) _Works and Correspondence_ and he is the author of _Production of Commodities by Means of Commodities_, one of the most often cited book in economics. Using hitherto unpublished material from Sraffa's literary heritage kept at Trinity College, Cambridge, the papers throw new light on the intellectual development of the young Sraffa and correct several of the received views on him and his contribution. Themes covered concern his: objectivism rediscovery and reformulation of the classical theory of value and distribution criticism of Alfred Marshall's analysis relationship with his Cambridge colleagues and friends biography around the time when he left Italy for the UK friendship with Wittgenstein and his impact on the latter's thinking. (shrink)

This thought-provoking book discusses the concept of progress in economics and investigates whether any advance has been made in its different spheres of research. The authors look back at the history, successes and failures of their respective fields and thoroughly examine the notion of progress from an epistemological and methodological perspective. The idea of progress is particularly significant as the authors regard it as an essentially contested concept which can be defined in many ways – theoretically or empirically; locally or (...) globally; or as encouraging or impeding the existence of other research traditions. The authors discuss the idea that for progress to make any sense there must be an accumulation of knowledge built up over time rather than the replacement of ideas by each successive generation. Accordingly, they are not concerned with estimating the price of progress, reminiscing in the past, or assessing what has been lost. Instead they apply the complex mechanisms and machinery of the discipline to sub-fields such as normative economics, monetary economics, trade and location theory, Austrian economics and classical economics to critically assess whether progress has been made in these areas of research. -/- Bringing together authoritative and wide-ranging contributions by leading scholars, this book will challenge and engage those interested in philosophy, economic methodology and the history of economic thought. It will also appeal to economists in general who are interested in the advancement of their profession. (shrink)

This book is the first of its kind to provide a comprehensive overview of happiness in Economics. Although it is comparatively unusual to put happiness and economics together, the association appears increasingly exciting and fruitful. A number of studies have been produced following Richard Easterlins and Tibor Scitovskys pioneering works throughout the 1970s. The essays collected in this book provide an authoritative and comprehensive assessment both theoretical, applied and partly experimental of the whole field moving from the so-called paradoxes of (...) happiness in Economics. The book breaks new ground, particularly on the more recent directions of research on happiness, well-being, interpersonal relations and reciprocity. The meaning of happiness is thoroughly explored and the tension between a hedonic-subjective idea of happiness and a eudaimonic-objective one is discussed. This volume opens with Richard Easterlins own assessment of the main issues. Other authors include Robert H. Frank, Robert Sugden, Bruno S. Frey, Alois Stutzer, Richard Layard, Martha C. Nussbaum, Matt Matravers, Bernard M.S, van Praag, Oded Stark, You Q. Wang, Ruut Veenhoven, Charlotte Phelps, Stefano Zamagni, and Luigi Pasinetti. (shrink)

Ever since Adam Smith, economists have been preoccupied with the puzzle of economic growth. The standard mainstream models of economic growth were and often still are based either on assumptions of diminishing returns on capital with technological innovation or on endogenous dynamics combined with a corresponding technological and institutional setting. An alternative model of economic growth emerged from the Cambridge School of Keynesian economists in the 1950s and 1960s. This model - developed mainly by Luigi Pasinetti - emphasizes (...) the importance of demand, human learning and the growth dynamics of industrial systems. Finally, in the past decade, new mainstream models have emerged incorporating technology or demand-based structural change and extending the notion of balanced growth. This collection of essays reassesses Pasinetti's theory of structural dynamics in the context of these recent developments, with contributions from economists writing in both the mainstream and the Cambridge Keynesian traditions and including Luigi Pasinetti, William Baumol, Geoffrey Harcourt and Nobel laureate Robert Solow. (shrink)

Jesper Jespersen’s Macroeconomic methodology: a post Keynesian perspective. Cheltenham : Edward Elgar, 2009, 272 pp. Luigi Pasinetti’s Keynes and the Cambridge Keynesians: a revolution to be accomplished. Cambridge and New York: Cambridge University Press, 2009 [2007], 412 pp.

Recent economic and financial crises have exposed mainstream economics to severe criticism, bringing present research and teaching styles into question. Building on a solid and vivid tradition of economic thought, this book challenges conventional thinking in the field of economics. The authors turn to the work of Luigi Pasinetti, who proposed a list of nine methodological and theoretical ideas that characterize the Classical Keynesian School. Drawing inspiration from both Keynes and Sraffa, this school has forged a long-standing and (...) ambitious research programme often advocated as a competing paradigm to mainstream economics. Overall, the Classical Keynesian School provides a comprehensive analytical framework into which most non-mainstream schools of thought can be integrated. In this collection, a group of leading scholars critically assess the nine main ideas that, in Pasinetti's view, characterize the Classical-Keynesian approach, evaluating their relevance for both the history of economics and for present economic research. (shrink)

This book focuses on analyzing data on current initiatives and best practices in citizen engagement and education programs across various disciplines by highlighting emergent research and application techniques within citizen science initiatives.

This article discusses the logic of the Epimenides Paradox using a graphical representation of the logical operators involved. The graphical representation of the Logical Operators is the one used in digital electronics. This method of investigation is very effective in revealing the hidden error in the reasoning that leads to the contradiction. The article explains the vicious circle that the mind goes through when trying to analyze the Paradox. Finally, the article proposes a solution of the Paradox with final conclusions (...) that are not paradoxical but simply counterintuitive. The endless deduction is generated by subsequent evaluations that take place on different levels. In its evaluation the Mind alternates a level of logical evaluation with a level of semantic evaluation. (shrink)

"Results presented in two international seminars held in Palermo and Milan in 2012"--Page 1.

The present book is a collection of 9 essays, focusing on the ethical, religious, and political aspects of Wittgenstein's thought, illustrated and investigated with reference to their complex interaction with Wittgenstein's philosophical method and with his conception of language and human agency.