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A Two-class Economy from the Multi-sectoral Perspective: The Controversy between Pasinetti and Meade-Samuelson-Modigliani Revisited

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  • Kazuhiro Kurose

Abstract

We examine the Pasinettian two-class multi-sectoral model with a microfoundation of capitalists and workers, specifcally, two combinations of their behaviour. First, both act as in?nitely lived agents (ILA) and second, capitalists act as ILA while workers follow overlapping generations behaviour. We analyse the switch of equilibria simul- taneously with the paradox in capital theory. Pasinetti equilibrium is independent of technology and the microfoundation. Dual equilibrium depends on technology and dif- fers by microfoundation. Numerical examples of net output/capital ratio and capital intensity imply we should analyse income and wealth distribution by the models with capital as a bundle of reproducible commodities.

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  • Kazuhiro Kurose, 2020. "A Two-class Economy from the Multi-sectoral Perspective: The Controversy between Pasinetti and Meade-Samuelson-Modigliani Revisited," TERG Discussion Papers 416, Graduate School of Economics and Management, Tohoku University.
    • Handle: RePEc:toh:tergaa:416
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    File URL: http://hdl.handle.net/10097/00128137
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    Cited by:

    1. Sasaki, Hiroaki, 2021. "Automation Technology, Economic Growth, and Income Distribution in an Economy with Dynasties and Overlapping Generations," MPRA Paper 105446, University Library of Munich, Germany.
    2. Kazuhiro Kurose, 2022. "A two-class economy from the multi-sectoral perspective: the controversy between Pasinetti and Meade–Hahn–Samuelson–Modigliani revisited," Evolutionary and Institutional Economics Review, Springer, vol. 19(1), pages 239-270, April.

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