A prominent member of the second generation of Cambridge Keynesians, Luigi Pasinetti has been a key player in the development of neo-Ricardian economics as well. Having studied under Piero Sraffa at Cambridge, he developed a mathematical representation of Ricardo's theory of value and distribution, as well as the reswitching problem in neoclassical capital theory: thus making him a leader of the British Cambridge side during the Cambridge Capital Controversy. Since leaving Cambridge for Rome, he has become particularly interested in structural change, i.e. the responses of multi-sectoral models of the economy to technical changes. This book draws together Pasinetti's main contributions in the field of value theory.
Luigi Pasinetti is one of the most influential economists of the past half century and a key figure in the development of the Post-Keynesian and Neo-Ricardian schools of economics.
1. Introduction 2. The Basic Philosophical Approach 3. The Input-output Approach and the Theory of Value 4. Vertical Integration and the Labour Theory of Value: A Step by Step Approach 5. A Generalised Theory of Labour Value
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