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Finance and the Cambridge Equation: A Commentary Note

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  • MAN-SEOP PARK

    (Department of Economics, Korea University)

Abstract

Ciccarone (2004) attempts to show that the Pasinetti theorem allows for the profit-making financial sector. In this effort, however, he ends up with unwittingly associating the theorem with the Wicksellian monetary theory. The present note traces the origin of this uncomfortable association to his incomplete understanding of the income of financial capitalists, and tries on its part to demonstrate that the Pasinetti theorem is in the tradition of the 'monetary analysis' of the (Post) Keynesian monetary theory, in contrast to the 'real analysis' of the Wicksellian theory.

Suggested Citation

  • Man-Seop Park, 2005. "Finance and the Cambridge Equation: A Commentary Note," Discussion Paper Series 0504, Institute of Economic Research, Korea University.
    • Handle: RePEc:iek:wpaper:0504
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    File URL: http://econ.korea.ac.kr/~ri/WorkingPapers/w0504.pdf
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    References listed on IDEAS

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    1. Giuseppe Ciccarone, 2004. "Finance and the Cambridge equation," Review of Political Economy, Taylor & Francis Journals, vol. 16(2), pages 163-177.
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    More about this item

    Keywords

    Pasinetti theorem; Monetary analysis; Real analysis;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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