Pasinetti and the Classical Keynesians: Nine Methodological Issues

346 Pages·2022·2.512 MB·English

by  Enrico Bellino (editor), Sebastiano Nerozzi (editor)

|
Pasinetti and the Classical Keynesians
Recenteconomicandfinancialcriseshaveexposedmainstreameconomics
to severe criticism, bringing present research and teaching styles into
question.Buildingonasolidandvividtraditionofeconomicthought,this
book challenges conventional thinking in the field of economics. The
authors turn to the work of Luigi Pasinetti, who proposed a list of nine
methodological and theoretical ideas that characterise the Classical
KeynesianSchool.DrawinginspirationfrombothKeynesandSraffa,this
school has forged a long-standing and ambitious research programme
often advocated as a competing paradigm to mainstream economics.
Overall,theClassicalKeynesianSchoolprovidesacomprehensiveanalyt-
ical framework into which most non-mainstream schools of thought can
beintegrated.Inthiscollection,agroupofleadingscholarscriticallyassess
the nine main ideas that, in Pasinetti’s view, characterise the Classical
Keynesian approach, evaluating their relevance for both the history of
economicsandforpresenteconomicresearch.
enrico bellino is Professor of Political Economy at Università
CattolicadelSacroCuore.
sebastiano nerozzi isProfessorofHistoryofEconomicThoughtand
BusinessHistoryatUniversitàCattolicadelSacroCuore.

Pasinetti and the Classical
Keynesians
Nine Methodological Issues
Edited by
enrico bellino
UniversitàCattolicadelSacroCuore
sebastiano nerozzi
UniversitàCattolicadelSacroCuore
UniversityPrintingHouse,CambridgeCB28BS,UnitedKingdom
OneLibertyPlaza,20thFloor,NewYork,NY10006,USA
477WilliamstownRoad,PortMelbourne,VIC3207,Australia
314–321,3rdFloor,Plot3,SplendorForum,JasolaDistrictCentre,
NewDelhi–110025,India
103PenangRoad,#05-06/07,VisioncrestCommercial,Singapore238467
CambridgeUniversityPressispartoftheUniversityofCambridge.
ItfurtherstheUniversity’smissionbydisseminatingknowledgeinthepursuitof
education,learning,andresearchatthehighestinternationallevelsofexcellence.
www.cambridge.org
Informationonthistitle:www.cambridge.org/9781108831116
DOI:10.1017/9781108923309
©CambridgeUniversityPress2021
Thispublicationisincopyright.Subjecttostatutoryexception
andtotheprovisionsofrelevantcollectivelicensingagreements,
noreproductionofanypartmaytakeplacewithoutthewritten
permissionofCambridgeUniversityPress.
Firstpublished2021
AcataloguerecordforthispublicationisavailablefromtheBritishLibrary.
ISBN978-1-108-83111-6Hardback
CambridgeUniversityPresshasnoresponsibilityforthepersistenceoraccuracy
ofURLsforexternalorthird-partyinternetwebsitesreferredtointhispublication
anddoesnotguaranteethatanycontentonsuchwebsitesis,orwillremain,
accurateorappropriate.
Contents
List of Contributors pagevii
Foreword: The PoliticalEconomy ofLuigiPasinetti ix
Mauro Baranzini, Alberto QuadrioCurzio
and Roberto Scazzieri
Introduction 1
EnricoBellino and Sebastiano Nerozzi
1 Reality (and Not Simply Abstract Rationality) as the
StartingPointof EconomicTheory 13
Maria Cristina Marcuzzo
2 Economic Logic with Internal Consistency (andNot
Only Formal Rigour): Realism and Internal Consistency
in Piero Sraffa 30
Neri Salvadoriand Rodolfo Signorino
3 Malthus and the Classics(Not Walras and the
Marginalists) asthe Major Inspiring Source in the
Historyof EconomicThought: The Principle of Effective
Demand and ClassicalEconomics 50
Heinz D. Kurz
4 Non-ergodic (in Place of Stationary, Timeless) Economic
Systems:ConsiderationsSuggested by Joan Robinson’s
Distinction between Two ‘Notions’ of Time in
Economic Theory 79
Ariel Dvoskin and Paolo Trabucchi
5 Causality vs. Interdependence: ADistinction That
Conveys a World’s View 112
EnricoBellino and Sebastiano Nerozzi
v
vi Contents
6 Macroeconomics before Microeconomics: A Sceptic’s
Guide toMacroeconomics 157
Murray Milgate and John Eatwell
7 Disequilibrium and Instability(Not Equilibrium) as the
NormalState of theIndustrial Economies:
AMethodologicalStandpoint on Structural
EconomicDynamics 187
Ariel LuisWirkierman
8 NecessityofFindinganAppropriateAnalytical
FrameworkforDealingwithTechnicalChangeand
EconomicGrowth:TechnicalChange,Structural
DynamicsandEmployment 214
Harald Hagemann
9 AStrong,DeeplyFelt, Social Concern 233
ClaudiaRotondi
10 Why theClassic-Keynesian Trend May Be of Interest
toa Young Scholar Today 259
Nadia Garbellini
11 Pasinetti’sSeparation Theorem 290
Bertram Schefold
Author Index 317
Contributors
mauro baranzini
Universitàdella SvizzeraItaliana
enrico bellino
UniversitàCattolica del Sacro Cuore
ariel dvoskin
Universidad Nacionalde SanMartin
john eatwell
Queens’ College, University ofCambridge
nadia garbellini
Universitàdegli Studi diModena eReggio Emilia
harald hagemann
Universität Hohenheim
heinz d. kurz
Universität Graz
maria cristina marcuzzo
Universitàdi RomaLa Sapienza
murray milgate
Queens’ College, University ofCambridge
sebastiano nerozzi
UniversitàCattolica del Sacro Cuore
vii
viii ListofContributors
alberto quadrio curzio
Università CattolicadelSacro Cuore
claudia rotondi
Università CattolicadelSacro Cuore
neri salvadori
Università diPisa
roberto scazzieri
Università diBologna
bertram schefold
Goethe-Universität, Frankfurt
rodolfo signorino
Università degli Studi diPalermo
paolo trabucchi
Università deglStudiRomaTre
ariel luis wirkierman
Goldsmiths, Universityof London