Structural dynamics and the wealth of nations. Luigi Pasinetti's system of economic theory

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Cardinale, Ivano; Galbraith, James and Scazzieri, Roberto. 2023. Structural dynamics and the wealth of nations. Luigi Pasinetti's system of economic theory. Structural Change and Economic Dynamics, ISSN 0954-349X [Article] (In Press)

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Official URL: https://doi.org/10.1016/j.strueco.2023.11.019

Abstract or Description

The article presents Luigi Pasinetti’s theoretical system by foregrounding (i) the multiple forms of interdependence between specialised production activities, and the representations of economic structure associated with each form of interdependence (e.g., horizontal vs. vertical); (ii) the coordination requirements imposed on interdependent activities by the need to achieve systemic goals such as full employment and full utilization of production capacity; (iii) the bounded open-endedness of the proportions between activities that satisfy such requirements; (iv) the distinction between the coordination requirements imposed by economic structure and the contextual conditions that may or may not make it possible to satisfy those requirements; and hence (v) the different socio-political and institutional arrangements that may be compatible with different systemic objectives. In this light, the essay introduces a collection of articles published in Structural Change and Economic Dynamics that explores the interfaces between Pasinetti’s work and multiple lines of research in economics.

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Article

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https://doi.org/10.1016/j.strueco.2023.11.019