Pasinetti versus Rebelo: Two different models or just one?
Pasinetti's [Pasinetti, L.L., 1960. A mathematical formulation of the Ricardian system. Review of Economic Studies 27, 78-98] model formalizing Ricardian growth theory and one of the simplest models developed within the 'new' growth theory [Rebelo, S., 1991. Long run policy analysis and long run growth. Journal of Political Economy 99, 500-521] are shown to share the same structure. This enforces the thesis according to which many endogenous growth models have a 'Classical' flavour. The main difference from Pasinetti's to Rebelo's framework may be interpreted as reflecting the change in the consumption pattern of workers from early to late industrial societies.
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References listed on IDEAS
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- Gabriel Felbermayr & Omar Licandro, 2003.
"The underestimated virtues of the two-sector AK model,"
Economics working papers
2003-15, Department of Economics, Johannes Kepler University Linz, Austria.
- Felbermayr Gabriel J & Licandro Omar, 2005. "The Underestimated Virtues of the Two-sector AK Model," The B.E. Journal of Macroeconomics, De Gruyter, vol. 5(1), pages 1-19, September.
- Gabriel J. FELBERMAYR & Omar LICANDRO, 2002. "The Under-Estimated Virtues of the Two-Sector AK Model," Economics Working Papers ECO2002/27, European University Institute.
- Rebelo, Sergio, 1991.
"Long-Run Policy Analysis and Long-Run Growth,"
Journal of Political Economy,
University of Chicago Press, vol. 99(3), pages 500-521, June.
- repec:cup:cbooks:9780521443258 is not listed on IDEAS
- Kurz, Heinz D & Salvadori, Neri, 1998. "Morishima on Ricardo: A Rejoinder," Cambridge Journal of Economics, Oxford University Press, vol. 22(2), pages 227-39, March.
- Jones, Charles I, 1995. "Time Series Tests of Endogenous Growth Models," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 495-525, May.
- Hahn, F H, 1975. "Revival of Political Economy: The Wrong Issues and the Wrong Argument," The Economic Record, The Economic Society of Australia, vol. 51(135), pages 360-64, September.
- Morishima, M, 1996. "Morishima on Ricardo: Two Replies," Cambridge Journal of Economics, Oxford University Press, vol. 20(1), pages 91-109, January.
- Kurz, Heinz D & Salvadori, Neri, 1992. "Morishima on Ricardo: Review Article," Cambridge Journal of Economics, Oxford University Press, vol. 16(2), pages 227-47, June.
- Neri Salvadori, 1998. "A Linear Multisector Model of “Endogenous” Growth and the Problem of Capital," Metroeconomica, Wiley Blackwell, vol. 49(3), pages 319-335, October.
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