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Luigi Pasinetti and the making of classical-Keynesian political economy

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  • Bortis, Heinrich

Abstract

The paper is made up of two sections. The first contains some preliminary remarks to elaborate a classical-Keynesian system of political economy: closing the gap between Keynes and Sraffa, and the close connections existing between Ricardo, Sraffa and Keynes. The second section starts with a presentation of the social process of production, followed by considering the relationship between this process and the problems of value and distribution. Subsequently, the determination of output and employment in a monetary production economy is dealt with. Finally, the crucial importance of the Pasinetti transformation for linking classical and Keynesian elements of analysis is put to the fore. In the concluding remarks classical-Keynesian political economy is set into a wider context.

Suggested Citation

  • Bortis, Heinrich, 2024. "Luigi Pasinetti and the making of classical-Keynesian political economy," Structural Change and Economic Dynamics, Elsevier, vol. 69(C), pages 395-405.
    • Handle: RePEc:eee:streco:v:69:y:2024:i:c:p:395-405
    DOI: 10.1016/j.strueco.2023.11.012
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    References listed on IDEAS

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    1. Heinrich Bortis, 2013. "Piero Sraffa and Shackle’s Years of High Theory: Sraffa’s Significance in the History of Economic Theories," Palgrave Macmillan Books, in: Enrico Sergio Levrero & Antonella Palumbo & Antonella Stirati (ed.), Sraffa and the Reconstruction of Economic Theory: Volume Three, chapter 3, pages 55-83, Palgrave Macmillan.
    2. Piero V. Mini, 1991. "Keynes, Bloomsbury and The General Theory," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-11651-5, December.
    3. Heinrich Bortis, 2019. "Principles underlying classical–Keynesian employment and distribution policies," Chapters, in: Nikolaos Karagiannis & John E. King (ed.), A Modern Guide to State Intervention, chapter 9, pages 191-208, Edward Elgar Publishing.
    4. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720, September.
    5. Heinrich Bortis, 2003. "Keynes and the Classics: Notes on the Monetary Theory of Production," Chapters, in: Louis-Philippe Rochon & Sergio Rossi (ed.), Modern Theories of Money, chapter 19, pages 411-474, Edward Elgar Publishing.
    6. Roberto Scazzieri, 1990. "Vertical Integration in Economic Theory," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 13(1), pages 20-46, September.
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