Luigi Pasinetti: The Senior Living Heir of the Cambridge School of Economics and the Last of the Great System-Builders

  • G. C. Harcourt


Luigi Pasinetti and I were PhD students together in Cambridge in the 1950s. We met informally to discuss Joan Robinson’s magnum opus, The Accumulation of Capital (1956), which she called ‘my big book’. Luigi was way ahead of me in his understanding of the intricacies of her analysis of, for example, Wicksell effects, the Ruth Cohen curiosum, and so on, but we were at one in our admiration of her overall performance in the book. (It was published when she was the same age as Keynes was when he published The General Theory.) Subsequently we were colleagues in the Cambridge Faculty in the 1960s. I read some of Luigi’s papers then in draft and I have continued to do so in subsequent years when I was in Australia and then back in Cambridge while he returned full time to Italy. He, in turn, was very kind to me, especially with his detailed, useful comments on certain key sections of my 1972 book on capital theory. Mauro Baranzini and I much enjoyed preparing the Festschrift volume for Luigi’s sixtieth birthday (Baranzini and Harcourt, 1993). (We started five years before his birthday and presented it to him three years after, vaguely right even if precisely wrong.)


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.


  1. Baranzini, M. and Harcourt, G.C. (eds) (1993), The Dynamics of the Wealth of the Nations. Growth, Distribution and Structural Change. Essays in Honour of Luigi Pasinetti, Basingstoke, Hants: Macmillan.Google Scholar
  2. Baumol, W.J. (1951), Economic Dynamics. An Introduction, London: Macmillan.Google Scholar
  3. Galbraith, J.K. (1967), The New Industrial State, Boston, MA: Houghton Mifflin.Google Scholar
  4. Goodwin, R.M. and Punzo, L.F. (1987), The Dynamics of a Capitalist Economy, Oxford: Polity Press.Google Scholar
  5. Harcourt, G.C. (1972), Some Cambridge Controversies in the Theory of Capital, Cambridge University Press.Google Scholar
  6. —— (1985), ‘A twentieth-century eclectic: Richard Goodwin’, Journal of Post Keynesian economics, 7, 410–21, reprinted in Sardoni (ed.) (1992), 379–87.CrossRefGoogle Scholar
  7. —— (2007), ‘What is the Cambridge approach to economics?’ in Hein, E. and Truger, A. (eds) Money, Distribution and Economic Policy. Alternatives to Orthodox Macroeconomics. Cheltenham, Northampton, MA: Edward Elgar.Google Scholar
  8. Harcourt, G.C. and Riach, P.A. (eds) (1997), A ‘Second Edition’ of The General Theory, 2 vols, London: Routledge.Google Scholar
  9. Keynes, J.M. (1935), ‘The Commemoration of Thomas Robert Malthus: Three allocutions: III Mr Keynes,’ Economic Journal, XLV, 230–4.Google Scholar
  10. —— (1936), The General Theory of Employment, Interest and Money, London: Macmillan.Google Scholar
  11. Pasinetti, L.L. (1974), Growth and Income Distribution. Essays in Economic Theory, Cambridge University Press.Google Scholar
  12. —— (1981), Structural Change and Economic Growth. A Theoretical Essay on the Dynamics of the Wealth of the Nations, Cambridge University Press.Google Scholar
  13. —— (1993), Structural Economic Dynamics. A Theory of the Economic Consequences of Human Learning, Cambridge University Press.Google Scholar
  14. —— (1997a), ‘The marginal efficiency of investment’ in Harcourt and Riach (eds.), vol. 1, 198–218.Google Scholar
  15. —— (1997b), ‘The principle of effective demand’ in Harcourt and Riach (eds.), vol. 1, 93–104.Google Scholar
  16. —— (2005a), ‘The Cambridge School of Keynesian Economics,’ Cambridge Journal of Economics, 29, 837–48.CrossRefGoogle Scholar
  17. —— (2005b), ‘How much of John Maynard Keynes do we find in Franco Modigliani?’, Banca Nazionale del Lavoro Quarterly Review, LVIII, 21–39.Google Scholar
  18. —— (2007), Keynes and the Cambridge Keynesians. A ‘Revolution in Economics’ to be Accomplished, Cambridge University Press.Google Scholar
  19. Robinson, J. (1956), The Accumulation of Capital, London: Macmillan.Google Scholar
  20. —— (1979), The Generalization of the General Theory and Other Essays, London: Macmillan.CrossRefGoogle Scholar
  21. Samuelson, P.A. (2005), ‘Franco: a mind never at rest’, Banca Nazionale del Lavoro Quarterly Review, LVIII, 5–9.Google Scholar
  22. Sardoni, C. (ed.) (1992), On Political Economists and Modern Political Economy. Selected Essays of G.C. Harcourt, London: Routledge.Google Scholar
  23. Solow, R.M. (2005), ‘Modigliani and Keynes’, Banca Nazionale del Lavoro Quarterly Review, LVIII, 11–19.Google Scholar

Copyright information

© Joseph Halevi, G. C. Harcourt, Peter Kriesler and J. W. Nevile 2016

Authors and Affiliations

  • G. C. Harcourt

There are no affiliations available

Personalised recommendations