Growth and income distribution: Essays in economic theory: Luigi L. Pasinetti. Cambridge: Cambridge University Press, 1979, pp. ix + 151. $7.95 (paperbound)

Abstract

Preface Part I. A Mathematical Formulation of the Ricardian System: 1. Theory of value 2. Theory of distribution 3. Theory of economic growth 4. 'Natural' equilibrium in a two-commodity system 5. Some characteristics of the Ricardian system 6. The market solutions and the attainment of the 'natural' equilibrium 7. The equilibrium of the stationary state 8. The process of economic growth 9. Multi-commodity production 10. Concluding remarks Appendix - existence and uniqueness of stable solutions Part II. The Economics of Effective Demand: 1. Malthus on effective demand 2. The principle of effective demand 3. Theories of under-consumption (And over-production) 4. J. M. Keynes' 'general theory' of employment 5. The principle of effective demand in a different context 6. Ricardian features of effective demand in a different context. 7. Anti-Keynesian features of some 'Keynesian' literature 8. The principle of acceleration 9. Final remarks Appendix - the 'lagged' multiplier Part III. Cyclical Fluctuations and Economic Growth: 1. The model 2. A graphical device 3. The dynamics of income 4. The dynamics of the stock of capital 5. Interrelations between the dynamics of capital 6. The various interpretation of the endogenous dynamics of an economic system 7. Possibility of a steady growth 8. The difficulties of providing a theory which may explain both cycles and growth 9. A more flexible use of macro-economic models 10. A reinterpretation of the complex dynamics of a modern economic system Mathematical appendix Part IV. From Classical to Keynesian Economic Dynamics: 1. Pre-Malthusian Views on Population 2. Malthus' Principle of population 3. The 'law of diminishing returns' 4. Population growth and technical progress 5. Long-run equilibrium conditions - Domanr's contribution 6. The 'natural rate of growth - Harrod's contribution 7. New answer to an old Ricardian problem 8. Kaldor's theory of income distribution 9. Concluding remarks Part V. Rate of Profit and Income Distribution in relation to the Rate of Economic Growth: 1. A post-Keynesian theory of income distribution and the rate of profit 2. A correction 3. Reformulating the model 4. Rate and share of profits in relation to the rate of growth 5. A fundamental relation between profits and savings 6. Implications 7. The conditions of stability 8. The case of a socialist system 9. Models and reality Part VI. The Rate of Profit in and Expanding Economy: 1. Harrod-Domar's dilemma 2. The 'Cambridge equation' 3. The marginal productivity alternative 4. Extreme assumptions and general results 5. A first approximation synthesis 6. Irrelevance of the workers' savings required for the disappearance of the capitalists 9. Capital-output ratio and rate of profit 10. The case of a highly flexible capital-output ratio 11. Conclusions for the general case 12. Rate of interest and rate of profit 13. Many groups of savers 14. Further extensions 15. A socialist economy 16. The rate of profit in an expanding economy References Index.