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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"Long Run Policy Analysis and Long Run Growth,"
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- 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.
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