Abstract
Pasinetti has always stressed, from the early 1960s onwards, that economic relationships belong to two different categories, implying distinct methods of analysis. The first corresponds to that set of relationships that are independent of the institutional set-up, labelled as ‘natural dynamics’. The second is very much determined by the institutional framework. Pasinetti has concentrated his attention on this ‘natural dynamics’. A distinctive feature of Pasinetti’s ‘natural dynamics’ is that the determinacy of a given path of structural change is obtained by means of specific ‘equilibrium’ requirements (full-employment and full-capacity utilization), independently of the institutional set-up and thus also independently of particular behavioural and motivational features. At the end of this chapter, Baranzini and Mirante refer to two important conferences recently organized in Pasinetti’s honour.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
For a fuller treatment, see Porta (1998, pp. 43–60).
- 2.
In Baranzini and Quadrio Curzio (2012, Sect. 6).
- 3.
The topics covered a wide spectrum, ranging from classical, marginalist and Keynesian economics to the problems of general equilibrium and quantitative methods. Roberto Cippà (The Queen’s), Roberto Scazzieri (Linacre) and the first author of this volume (The Queen’s) were the convenors of the scientific meetings. The institution at which the seminars took place was no casual choice. Since 1969, The Queen’s College had sponsored the Florey European Studentship Scheme, originally planned by Lord Howard Florey, provost of the college and Nobel laureate for the therapeutical discovery of penicillin. Lord Florey’s aim was two-fold: to invigorate the College and Oxford by bringing to them the best research graduates of continental European universities, and to strengthen the ties of international co-operation in most fields of academic research. The Queen’s College in those years became a place of meeting and discussion for a number of British and continental research students, and academic visitors, and led to the publication of the volume Advances in Economic Theory, published by Basil Blackwell, Oxford, 1982, and edited by the first author of this volume. Contributors were Roberto Scazzieri, Christopher J. Bliss, Roberto F. Cippà, Carlo Casarosa, Alvaro Cencini, Bernard Schmitt, Megnad Desai, Roy McCloughry, Nicholas H. Dimsdale, Mario Biagioli, Luigi L. Pasinetti, Mauro L. Baranzini, Heinrich Bortis, Pietro Balestra, Giuseppe Mazzarino and Augusto Schianchi. From the mid-1980s to the end of the 1990s The Queen’s College seminar moved to the Continent. In fact, thanks to the Swiss Science Foundation of Berne and to a number of Italian Universities, Roberto Scazzieri (Padua and Bologna), Ferdinando Meacci (Padua), Pier Luigi Porta (State University of Milan), Heinrich Bortis (Fribourg) and the first author of this chapter (Verona first and then Lugano, Switzerland) organized alternatively in Switzerland and Italy a yearly International Workshop on the ‘Wealth of Nations in Economic Theory’. A number of Oxbridge or Oxbridge-connected economists joined these intensive meetings like, for instance, Izumi Hishiyama, Francis Seton, Michael A. Landesmann, Richard Arena, Florian Fleck, Mark Perlman, Prue Kerr, Bernard Schmitt, Alvaro Cencini, Harald Hagemann, Mario Amendola, Heinrich Bortis, Gianni Vaggi, just to mention a few. Nicholas Georgescu-Roegen joined a special meeting in Engelberg, Switzerland, in March 1990.
- 4.
Bibliography
Andreoni, A. 2012. Industrial Policies for Manufacturing Development: Structural Dynamics and Institutional Changes. Paper presented at the Conference ‘The Economics of Structural Change: Theory, Institutions and Policies, in honour of Luigi L. Pasinetti’, Gonville and Caius College, Cambridge, September 12–13.
Baddeley, M., and R. Scazzieri. 2012. Introductory Remarks. In The Economics of Structural Change: Theory, Institutions and Policies: A Conference in Honour of Luigi Pasinetti, Gonville and Caius College, Cambridge, September 12–13.
Baranzini, M., ed. 1982. Advances in Economic Theory. Oxford/New York: Blackwell/St Martin’s Press.
———. 2009. A Note on Income and Wealth Distribution. In Proceedings. Rendiconti degli atti dell’Accademia Nazionale dei Lincei. Round table on Luigi Pasinetti’s book Keynes and the Cambridge Keynesians. A ‘Revolution in Economics’ to Be Accomplished, ed. T. Cozzi, 791–798. Rome: Accademia Nazionale dei Lincei.
Baranzini, M., and G.C. Harcourt, eds. 1993. The Dynamics of the Wealth of Nations: Growth, Distribution and Structural Change: Essays in Honour of Luigi L. Pasinetti. Basingstoke and London/New York: Macmillan/St. Martin’s Press.
Baranzini, M., and A. Mirante. 2016. A Compendium of Italian Economists at Oxbridge: Contributions to the Evolution of Economic Thinking. London/New York: Palgrave Macmillan.
Baranzini, M., and A. Quadrio Curzio. 2012. From Adam Smith to Structural Dynamics: Luigi Pasinetti’s Life-Long Contribution. Paper presented at the Conference ‘The Economics of Structural Change: Theory, Institutions and Policies, in honour of Luigi L. Pasinetti’, Gonville and Caius College, Cambridge, September 12–13.
Baranzini, M., and R. Scazzieri. 1990. ‘Introduction’ and ‘Economic Structure: Analytical Perspectives’. In The Economic Theory of Structure and Change, ed. M. Baranzini and R. Scazzieri, 1–20, 227–333. Cambridge: Cambridge University Press.
Baumol, W.J. 2009. Lecture in Appreciation of Luigi Pasinetti’s Book. In Proceedings. Rendiconti degli atti dell’Accademia Nazionale dei Lincei. Round table on Luigi Pasinetti’s book Keynes and the Cambridge Keynesians. A ‘Revolution in Economics’ to Be Accomplished, ed. T. Cozzi, 775–781. Rome: Accademia Nazionale dei Lincei.
Bellino, E. 2015. Sraffa’s Price Equations in Light of Garegnani and Pasinetti – The “Core” of Surplus Theories and the “Natural” Relations of an Economic System. Cahiers d’Economie Politique 69 (2): 15–44.
Bertola, G. 2009. Keynes and the Cambridge Keynesians: An Incomplete Revolution? In Proceedings. Rendiconti degli atti dell’Accademia Nazionale dei Lincei. Roundtable on Luigi Pasinetti’s book Keynes and the Cambridge Keynesians. A ‘Revolution in Economics’ to Be Accomplished, ed. T. Cozzi, 815–817. Rome: Accademia Nazionale dei Lincei.
Bortis, H. 1993. Reflections on the Significance of the Labour Theory of Value in Pasinetti’s Natural System. In The Dynamics of the Wealth of Nations: Growth, Distribution and Structural Change: Essays in Honour of Luigi L. Pasinetti, ed. M. Baranzini and G.C. Harcourt, 351–383, op. cit.
———. 1996. Structural Economic Dynamics. Structural Change and Economic Dynamics 7 (2): 135–146.
———. 1997. Institutions, Behaviour and Economic Theory: A Contribution to Classical-Keynesian Political Economy. Cambridge: Cambridge University Press.
———. 2012. Towards a Synthesis in Post-Keynesian Economics in Luigi Pasinetti’s Contribution. In Structural Dynamics and Economic Growth, ed. R. Arena and P.L. Porta, 145–180. Cambridge: Cambridge University Press.
———. 2015. Capital Mobility and Natural Resources Dynamics: A Classical-Keynesian Perspective. In Resources, Production and Structural Dynamics, ed. M. Baranzini, C. Rotondi, and R. Scazzieri, 155–173. Cambridge; Cambridge University Press.
Cardinale, I., and R. Scazzieri, eds. 2018. The Palgrave Handbook of Political Economy. London: Palgrave Macmillan.
Casarosa, C. 1982a. The New View of the Ricardian Theory of Distribution and Economic Growth. In Advances in Economic Theory, ed. M. Baranzini, 227–239, op. cit.
———. 1982b. Aggregate Supply and Expected Demand Analysis in Keynes’s General Theory: An Essay on the Microfoundations. In Advances in Economic Theory, ed. M. Baranzini, 67–79, op. cit.
Cingolani, M. 2012. Structural Change and Its Implications for EU Policy Coordination. Paper presented at the Conference ‘The Economics of Structural Change: Theory, Institutions and Policies, in honour of Luigi L. Pasinetti’, Gonville and Caius College, Cambridge, September 12–13.
Ciocca, P. 2009. Openness to History in Pasinetti’s Work. In Proceedings. Rendiconti degli atti dell’Accademia Nazionale dei Lincei. Round table on Luigi Pasinetti’s book Keynes and the Cambridge Keynesians. A ‘Revolution in Economics’ to Be Accomplished, ed. T. Cozzi, 813–814, op. cit.
Conso, G. 2009. Welcome Address. In Proceedings. Rendiconti degli atti dell’Accademia Nazionale dei Lincei. Round table on Luigi Pasinetti’s book Keynes and the Cambridge Keynesians. A ‘Revolution in Economics’ to Be Accomplished, ed. T. Cozzi, 769–770, op. cit.
Costabile, L. 2015. Monetary Analysis, Financial Innovation and Institutions Before the Industrial Revolution: A Paradigm Case. In Resources, Production and Structural Dynamics, ed. M. Baranzini, C. Rotondi, and R. Scazzieri, 213–231. Cambridge: Cambridge University Press.
Costabile, L., and R. Scazzieri. 2008. Social Models, Growth and Key Currencies. In Institutions for Social Well-Being. Alternatives for Europe, ed. L. Costabile, 126–151. London: Palgrave Macmillan.
Cozzi, T., ed. 2009. Proceedings. Rendiconti degli atti dell’Accademia Nazionale dei Lincei. Round table on Luigi Pasinetti’s book Keynes and the Cambridge Keynesians. A ‘Revolution in Economics’ to Be Accomplished, Series No. IX, 20.4. Rome: Accademia Nazionale dei Lincei; and ‘Introduction and Hints for Discussion’, 771–774.
Dosi, G., M. Grazzi, L. Marengo, and S. Settepanella. 2012. Heterogeneity, Industries and Technological Change. Paper presented at the Conference ‘The Economics of Structural Change: Theory, Institutions and Policies, in honour of Luigi L. Pasinetti’, Gonville and Caius College, Cambridge, September 12–13.
Garbellini, N., and A.L. Wirkierman. 2012. On Concepts and Measures of Changes in Productivity. Paper presented at the Conference ‘The Economics of Structural Change: Theory, Institutions and Policies, in honour of Luigi L. Pasinetti’, Gonville and Caius College, Cambridge, September 12–13.
Harcourt, G.C. 2006. The Structure of the Post-Keynesian Economics: The Core Contributions of the Pioneers. Cambridge: Cambridge University Press.
———. 2009. A Revolution Yet to Be Accomplished: Reviewing Luigi Pasinetti, Keynes and the Cambridge Keynesians: A “Revolution in Economics” to Be Accomplished. History of Economic Ideas 17 (1): 203–208; reprinted in Harcourt, G.C., ed. 2012. On Skidelsky’s Keynes and Other Essays. Selected Essays of G. C. Harcourt, 181–188. London: Palgrave Macmillan.
———. 2012. Luigi Pasinetti: The Senior Living Heir of the Cambridge School of Economics and the Last of the Great System-Builders. In Structural Dynamics and Economic Growth, ed. R. Arena and P.L. Porta, 137–144. Cambridge: Cambridge University Press.
Hicks, J.R. 1979. Causality in Economics. Oxford: B. Blackwell.
———. 1986. Is Economics a Science? In Foundations of Economics. Structures of Inquiry and Economic Theory, ed. M. Baranzini and R. Scazzieri, 91–101, op. cit.
Lavoie, M., and M. Seccareccia. 1988. Money, Interest and Rentiers: The Twilight of Rentier Capitalism in Keynes’s General Theory. In Keynes and Public Policy After Fifty Years, ed. O. Hamouda and J.N. Smithin, 145–158. Aldershot: E. Elgar.
———. 1999. Fair Interest Rates. In Encyclopedia of Political Economy, ed. P.A. O’Hara, vol. 1, 543–545. London/New York: Routledge.
Leontief, W.W. 1941. The Structure of American Economy, 1919–1939. An Empirical Application of Equilibrium Analysis. Cambridge, MA: Harvard University Press.
———. 1953. Studies in the Structure of the American Economy. Oxford/New York: Oxford University Press.
Neumann, J. von. 1937. Über ein ökonomisches Gleichungssystem und eine Verallgemeinerung des Brouwerschen Fixpunktsatzes. In Ergebnisse eines Mathematischen Kolloquiums, vol. VIII, Vienna, 73–83. (English translation as ‘A Model of General Economic Equilibrium’, The Review of Economic Studies, 1945/6, 13 (1): 1–9.
Offer, A., and G. Söderberg. 2016. The Nobel Factor. The Prize in Economics, Social Democracy, and the Market Turn. Princeton/Oxford: Princeton University Press.
Palley, T.I. 2002. Financial Institutions and the Cambridge Theory of Distribution. Cambridge Journal of Economics 26 (2): 275–277.
Park, M.-S. 2002. Kaldor’s “Institutional Theory” of Income Distribution Revisited: Different Views on the Nature of the Corporate Economy. Journal of Post Keynesian Economics 24 (2): 313–327.
———. 2004. Credit Money and Kaldor’s “Institutional” Theory of Income Distribution. Review of Political Economy 16 (1): 79–99.
Pasinetti, L.L. 1964/5. Causalità e interdipendenza nell’analisi econometrica e nella teoria economica. In Annuario dell’Università Cattolica del Sacro Cuore, Anno Accademico 1964–65, 233–250. Milan: Vita e Pensiero.
———. 1981. Structural Change and Economic Growth: A Theoretical Essay on the Dynamics of the Wealth of Nations. Cambridge: Cambridge University Press.
———. 1982. A Comment on the “New View” of the Ricardian Theory. In Advances in Economic Theory, M. Baranzini, 240–242, op. cit.
———. 1986. Theorie of Value—A Source of Alternative Paradigms in Economic Analysis. In Foundations of Economics, ed. M. Baranzini and R. Scazzieri, 409–431. Oxford/New York: B. Blackwell.
———. 1993. Structural Economic Dynamics: A Theory of the Economic Consequences of Human Learning. Cambridge: Cambridge University Press.
———. 1994. Economic Theory and Institutions. In The Political Economy of Diversity, ed. R. Delorme and K. Dopfer, 34–45. Aldershot: E. Elgar.
———. 2007. Keynes and the Cambridge Keynesians: A ‘Revolution in Economics’ to Be Accomplished. Cambridge: Cambridge University Press.
———. 2009. Reply to Criticism. In Proceedings. Rendiconti degli atti dell’Accademia Nazionale dei Lincei. Round table on Luigi Pasinetti’s book Keynes and the Cambridge Keynesians. A ‘Revolution in Economics’ to Be Accomplished, ed. T. Cozzi, 819–826, op. cit.
———. 2012a. Piero Sraffa and the Future of Economics. Cambridge Journal of Economics 36 (6): 1303–1314.
———. 2012b. A Few Counterfactual Hypotheses on the Current Economic Crisis. Cambridge Journal of Economics 36 (6): 1433–1453.
———. 2012c. ‘Growth and Structural Change: Perspectives for the Future’, and ‘Second Afterword: The Significance of Structural Economic Dynamics’. In Structural Dynamics and Economic Growth, ed. R. Arena and P.L. Porta, 276–282 and 283–287. Cambridge: Cambridge University Press.
———. 2018. A Theory of Value, forthcoming.
Porta, P.L. 1998. Structural Analysis in Retrospect. A Note on Luigi Pasinetti’s Structural Economic Dynamics, Storia del Pensiero Economico 35: 43–60.
———. 2009. The Cambridge Keynesians and the Italian Tradition of Political Economy. In Proceedings. Rendiconti degli atti dell’Accademia Nazionale dei Lincei. Round table on Luigi Pasinetti’s book Keynes and the Cambridge Keynesians. A ‘Revolution in Economics’ to Be Accomplished, ed. T. Cozzi, 799–803, op. cit.
———. 2012. The Cambridge School and Structural Dynamics: Luigi Pasinetti’s Approach in the Light of the Italian Tradition of Economic Thought. Paper presented at the Conference ‘The Economics of Structural Change: Theory, Institutions and Policies, in honour of Luigi L. Pasinetti’, Gonville and Caius College, Cambridge, September 12–13.
Porta, P.L., and R. Scazzieri. 2008. A Revolution to Be Accomplished. Keynes and the Cambridge Keynesians. Economia Politica 25 (3): 455–480.
Porta, P.L., R. Scazzieri, and A. Skinner, eds. 2001. Knowledge, Social Institutions and the Division of Labour. Cheltenham/Northampton: E. Elgar.
Quadrio Curzio, A. 2011. Resources and Economic Dynamics, Technology and Rents. Milan: Vita e Pensiero.
Quadrio-Curzio, A. 2009. Final Comments. In Proceedings. Rendiconti degli atti dell’Accademia Nazionale dei Lincei. Round table on Luigi Pasinetti’s book Keynes and the Cambridge Keynesians. A ‘Revolution in Economics’ to Be Accomplished, ed. T. Cozzi, 827–830, op. cit.
Reati, A. 2012. The Economic Policy of Structural Change: An Outline and Missed Opportunities. Paper presented at the Conference ‘The Economics of Structural Change: Theory, Institutions and Policies, in honour of Luigi L. Pasinetti’, Gonville and Caius College, Cambridge, September 12–13.
———. 2014. Economic Policy for Structural Change. Review of Political Economy 26 (1): 1–22.
Scazzieri, R. 1983. Economic Dynamics and Structural Change: A Comment on Pasinetti. Rivista Internazionale di Scienze Economiche e Commerciali 30 (1): 73–90.
———. 1990. Vertical Integration in Economic Theory. Journal of Post-Keynesian Economics 13 (1): 20–46.
———. 1996. Introduction Pasinetti’s Structural Economic Dynamics: A Symposium. Structural Change and Economic Dynamics 7 (2): 123–125.
———. 2009. In Search of a “Unifying Overall Frame”. In Proceedings. Rendiconti degli atti dell’Accademia Nazionale dei Lincei. Round table on Luigi Pasinetti’s book Keynes and the Cambridge Keynesians. A ‘Revolution in Economics’ to Be Accomplished, ed. T. Cozzi, 805–811, op. cit.
———. 2011. Structural Economic Dynamics: Looking Back and Forging Ahead. In Gli economisti post-keynesiani di Cambridge e l’Italia, Atti dei Convegni Lincei, 205–233. Rome: Scienze e Lettere.
———. 2012. The Concept of “Natural Economic System”: A Tool for Structural Analysis and an Instrument for Policy Design. In Structural Dynamics and Economic Growth, ed. R. Arena and P.L. Porta, 218–240. Cambridge: Cambridge University Press.
Seccareccia, M. 1996. Post Keynesian Fundism and Monetary Circulation. In Money in Motion: The Post Keynesian and Circulation Approaches, ed. G. Delaplace and E.J. Nell, 400–416. London: Macmillan.
Seccareccia, M., and M. Lavoie. 1989. Les idées révolutionnaires de Keynes en politique économique et le déclin du capitalisme rentier. Economie appliquée 42 (1): 47–70.
———. 2016. Income Distribution, Rentiers and Their Role in a Capitalist Economy. Journal of Political Economy 45 (3): 200–223.
Solow, R.M. 2009. On Pasinetti and the Unfinished Cambridge Revolution. In Proceedings. Rendiconti degli atti dell’Accademia Nazionale dei Lincei. Round table on Luigi Pasinetti’s book Keynes and the Cambridge Keynesians. A ‘Revolution in Economics’ to Be Accomplished, ed. T. Cozzi, 783–789, op. cit.
Spaventa, L. 2002. Economics and Institutions: Some Reflections on Pasinetti and Caravale. In Essays in Memory of Giovanni Caravale, ed. D. Tosato, 354–356. London/New York: Routledge.
Sraffa, P. 1960. Production of Commodities by Means of Commodities: Prelude to a Critique of Economic Theory. Cambridge: Cambridge University Press.
Zamagni, S. 2015. Development, Capabilities and Institutions. In Resources, Production and Structural Dynamics, ed. M. Baranzini, C. Rotondi, and R. Scazzieri, 279–298. Cambridge: Cambridge University Press.
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 2018 The Author(s)
About this chapter
Cite this chapter
Baranzini, M.L., Mirante, A. (2018). Pasinetti on ‘Natural’ Versus ‘Institutional’ Relations: Two Conferences in His Honour. In: Luigi L. Pasinetti: An Intellectual Biography. Palgrave Studies in the History of Economic Thought. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-71072-3_10
Download citation
DOI: https://doi.org/10.1007/978-3-319-71072-3_10
Published:
Publisher Name: Palgrave Macmillan, Cham
Print ISBN: 978-3-319-71071-6
Online ISBN: 978-3-319-71072-3
eBook Packages: Economics and FinanceEconomics and Finance (R0)