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Ricardian Comparative Advantage and the Perils of the Stationary State

In: The Dynamics of the Wealth of Nations

Author

Listed:
  • Andrea Maneschi

Abstract

Professor Luigi Pasinetti’s ‘A Mathematical Formulation of the Ricardian System’ has justly earned him a lasting reputation among scholars of Ricardian economics, and remains one of the contributions for which he is best known to the profession at large (Pasinetti, 1960). It inspired many of the subsequent attempts to capture the essential features of the system of thought of Ricardo and other classical economists in mathematical form. Pasinetti’s model is couched in explicitly dynamic form and establishes the existence, uniqueness and stability of the stationary-state equilibrium solution obtained. As Professor Pasinetti acknowledges in his paper, his two-sector model can be reduced to the one-sector one in terms of corn developed by Nicholas Kaldor a few years before (Kaldor, 1955–6). However, in contrast to Kaldor’s primarily graphical exposition, Pasinetti’s model is not only presented with full mathematical rigour, but has the advantage of being cast in terms of two sectors, with a further generalization to many nonwage goods.

Suggested Citation

  • Andrea Maneschi, 1993. "Ricardian Comparative Advantage and the Perils of the Stationary State," Palgrave Macmillan Books, in: Mauro Baranzini & G. C. Harcourt (ed.), The Dynamics of the Wealth of Nations, chapter 4, pages 124-146, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-349-22728-0_5
    DOI: 10.1007/978-1-349-22728-0_5
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