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From the effective demand as a principle to the ownership of the capital as social responsibility. Rereading Luigi Pasinetti

Author

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  • Stefano Lucarelli

    (University of Bergamo, Italy)

Abstract

This paper tries to highlight some essential elements that emerge from Luigi Pasinetti's work. Much of the research project that Pasinetti developed, especially in the 1981 book, was already present in nuce in the 1974 collection of essays. Here the theory of effective demand is presented for the first time, emphasizing the essential differences between sequential and simultaneous economic reasoning. The relevance of structural change is already apparent, and will be explored in a multisectoral scheme only in the 1981 book. The main insights that can be drawn from Pasinetti's reflections on open economic systems and his ethical stance suggest that ownership of the means of production not only confers rights but it also imposes responsibilities on the community.

Suggested Citation

  • Stefano Lucarelli, 2023. "From the effective demand as a principle to the ownership of the capital as social responsibility. Rereading Luigi Pasinetti," PSL Quarterly Review, Economia civile, vol. 76(307), pages 353-371.
    • Handle: RePEc:psl:pslqrr:2023:43
    as

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    File URL: https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/18240/17123
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    References listed on IDEAS

    as
    1. Luigi L. Pasinetti, 2000. "Critique of the neoclassical theory of growth and distribution," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 53(215), pages 383-431.
    2. Joseph Halevi, 2016. "Luigi Pasinetti and the Political Economy of Growth and Distribution," Working Papers Series 40, Institute for New Economic Thinking.
    3. Pasinetti, Luigi L, 1998. "The Myth (or Folly) of the 3 Percent Deficit/GDP Maastricht 'Parameter.'," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 22(1), pages 103-116, January.
    4. Luigi L. Pasinetti, 2001. "The Principle of Effective Demand and Its Relevance in the Long Run," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 23(3), pages 383-390, March.
    5. Nadia Garbellini, 2023. "Luigi Pasinetti 1930–2023," Review of Political Economy, Taylor & Francis Journals, vol. 35(2), pages 582-585, April.
    6. Joseph E Stiglitz, 2018. "Where modern macroeconomics went wrong," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 34(1-2), pages 70-106.
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    JEL classification:

    • A23 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Graduate
    • B32 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Obituaries
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General

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