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Finale and Pasinetti’s Legacy

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

Baranzini and Mirante first report on Pasinetti’s article ‘A Few Counterfactual Hypotheses on the Current Economic Crisis’, where he underlines the relevance of the second Cambridge controversy on income distribution in explaining the financial crises started in 2008. This controversy between the two Cambridges brought to fame the Modigliani-Miller Theorem and deeply influenced modern corporate finance. The wide acceptance of this theorem is, for Pasinetti, partly responsible for the present financial crisis. The authors conclude that thanks to Pasinetti’s original approach, a number of empirical rules and theoretical frameworks, often incompatible with traditional theories, were more satisfactorily explained and understood. Pasinetti’s whole scientific life has been driven by the desire to provide new frameworks for the explanation of the mechanisms at the bases of modern economic systems.

Suggested Citation

  • Mauro L. Baranzini & Amalia Mirante, 2018. "Finale and Pasinetti’s Legacy," Palgrave Studies in the History of Economic Thought, in: Luigi L. Pasinetti: An Intellectual Biography, chapter 11, pages 297-315, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-319-71072-3_11
    DOI: 10.1007/978-3-319-71072-3_11
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