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Pasinetti on ‘Natural’ Versus ‘Institutional’ Relations: Two Conferences in His Honour

In: Luigi L. Pasinetti: An Intellectual Biography

Author

Listed:
  • Mauro L. Baranzini

    (University of Lugano)

  • Amalia Mirante

    (University of Applied Sciences of Southern Switzerland and University of Lugano)

Abstract

Pasinetti has always stressed, from the early 1960s onwards, that economic relationships belong to two different categories, implying distinct methods of analysis. The first corresponds to that set of relationships that are independent of the institutional set-up, labelled as ‘natural dynamics’. The second is very much determined by the institutional framework. Pasinetti has concentrated his attention on this ‘natural dynamics’. A distinctive feature of Pasinetti’s ‘natural dynamics’ is that the determinacy of a given path of structural change is obtained by means of specific ‘equilibrium’ requirements (full-employment and full-capacity utilization), independently of the institutional set-up and thus also independently of particular behavioural and motivational features. At the end of this chapter, Baranzini and Mirante refer to two important conferences recently organized in Pasinetti’s honour.

Suggested Citation

  • Mauro L. Baranzini & Amalia Mirante, 2018. "Pasinetti on ‘Natural’ Versus ‘Institutional’ Relations: Two Conferences in His Honour," Palgrave Studies in the History of Economic Thought, in: Luigi L. Pasinetti: An Intellectual Biography, chapter 10, pages 277-296, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-319-71072-3_10
    DOI: 10.1007/978-3-319-71072-3_10
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