Describe pasinettis theory of economic growth and distribution
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Economic growth, Theory of value, Mathematical formulation of the Ricardian system, Pasinetti's Theorem, Vertically integrated sectors, Structural change. ... He has also developed the theory of structural change and economic growth, structural economic dynamics and uneven sectoral development.
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Luigi L. Pasinetti (born 12 September 1930) is a post-Keynesian school economist in Italy. Pasinetti is called the successor of the "Keynesians of Cambridge" and a pupil of Piero Sraffa and Richard Kahn.
Explanation:
- The theory of Pasinetti is a basic theory that elaborates the connection between the rate of benefit and the allocation of income and the pace of economic development by dealing with the propensities to conserve.
- Keynes's theory of successful demand plays a critical role in Pasinetti's works on production, delivery, and later on systemic reform, as the development of the capitalist economy has contributed to a society in which income no longer need to be calculated residually.
Learn more about Economic growth:
What is meant by economic growth? Differentiate between economic growth and economic development.
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