Luigi L. Pasinetti (born 1930) is arguably the most influential of the second generation of the Cambridge Keynesian School of Economics, both because of his achievements and his early involvement with the direct pupils of John Maynard Keynes. This comprehensive intellectual biography traces his research from his early groundbreaking contribution in the field of structural economic dynamics to the ‘Pasinetti Theorem’. With scientific outputs spanning more than six decades (1955–2017), Baranzini and Mirante analyse the impact of his research work and roles at Cambridge, the Catholic University of Milan and at the new University of Lugano. Pasinetti’s whole scientific life has been driven by the desire to provide new frameworks to explain the mechanisms of modern economic systems, and this book assesses how far this has been achieved.

Recent economic and financial crises have exposed mainstream economics to severe criticism, bringing present research and teaching styles into question. Building on a solid and vivid tradition of economic thought, 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 characterize the Classical Keynesian School. Drawing inspiration from both Keynes and Sraffa, this school has forged a long-standing and ambitious research programme often advocated as a competing paradigm to mainstream economics. Overall, the Classical Keynesian School provides a comprehensive analytical framework into which most non-mainstream schools of thought can be integrated. In this collection, a group of leading scholars critically assess the nine main ideas that, in Pasinetti's view, characterize the Classical-Keynesian approach, evaluating their relevance for both the history of economics and for present economic research.

Based on the observation of economic reality, this book provides for the foundations of a new structure of national payment systems. Specifically, to this end, a rigorous accounting for money transactions, savings, and invested profit is suggested, with a major aim to settle sustainable lending levels. Profit lies at the heart of economic activities. Indeed, companies, from small to large, seek net gains to remunerate shareholders and to increase their assets. Yet, economists are far from sharing a common theory of profit. Using mathematical tools and a discursive approach, this book contributes to the debates in such regard, in the attempt to provide new answers to old economic issues. What is macroeconomic profit? Is there any relationship between wages, lending, and profit? This book is an accesible resource for economists and financial experts as well as global economics students, researchers, academics and historians alike. It will challenge policy-makers and professionals and lead them on a thought-provoking journey through the realm of macroeconomics.

Classical Economics, Keynes and Money casts new light on an approach to economic theory and policy that combines the modern classical theory of prices and income distribution with a Keynesian analysis of money and finance. Structured in four parts, the work considers issues within classical economics, monetary economics, Keynesian and post-Keynesian Economics, rationality and economic methodology. These themes are all central to the work of Carlo Panico, and the chapters both reflect on and build on his key contributions to the field. This collection is of interest to advanced students and researchers in the history of economic thought, monetary theory, financial economics and heterodox economics.

This book chronicles the rise and especially the demise of diverse revolutionary heterodox traditions in Cambridge theoretical and applied economics, investigating both the impact of internal pressures within the faculty as also the power of external ideological and political forces unleashed by the global dominance of neoliberalism. Using fresh archival materials, personal interviews and recollections, this meticulously researched narrative constructs the untold story of the eclipse of these heterodox and post-Keynesian intellectual traditions rooted and nurtured in Cambridge since the 1920s, and the rise to power of orthodox, mainstream economics. Also expunged in this neoclassical counter-revolution were the structural and radical policy-oriented macro-economic modelling teams of the iconic Department of Applied Economics, along with the atrophy of sociology, development and economic history from teaching and research in the self-purifying faculty. This book will be of particular interest to researchers in the history of economic thought, sociology of knowledge, political economy, especially those engaged in heterodox and post-Keynesian economics, and to everyone wishing to make economics fit for purpose again for negotiating the multiple economic, social and environmental crises rampant at national and global levels.

Zusammenfassung: This book, set out over four-volumes, provides a comprehensive history of economic thought in the 20th century. Special attention is given to the cultural and historical background behind the development of economic theories, the leading or the peripheral research communities and their interactions, and a critical appreciation and assessment of economic theories throughout these times. Volume III addresses economic theory in the period of the new golden age of capitalism, between the years from the end of the Second World War to the mid1970s, which saw the establishment of the new mainstream, in particular in its Harvard-MIT-Cowles version. It was the period of the pre-eminence of the Neoclassical Keynesian Synthesis--the theoretical core of the period's dominant school of thought. This work provides a significant and original contribution to the history of economic thought and gives insight to the thinking of some of the major international figures in economics. It will appeal to students, scholars and the more informed reader wishing to further their understanding of the history of the discipline. Roberto Marchionatti is Professor Emeritus of Economics at the University of Torino, Fellow of the Accademia delle Scienze di Torino, and a Life Member of Clare Hall College, Cambridge. He has previously been a Visiting Scholar at the University of New York and the University of Cambridge. He is the editor of Annals of Fondazione Luigi Einaudi: An Interdisciplinary Journal of Economics, History and Political Science and he has been co-editor of History of Economic Ideas. He has published almost 50 journal articles and more than 15 books as well as a great number of contributions in edited volumes

This book is a theoretical investigation of the influence of human learning on the development through time of a 'pure labour' economy. The theory proposed is a simple one, but aims to grasp the essential features of all industrial economies. Economists have long known that two basic phenomena lie at the root of long-term economic movements in industrial societies: capital accumulation and technical progress. Attention has been concentrated on the former. In this book, by contrast, technical progress is assigned the central role. Within a multi-sector framework, the author examines the structural dynamics of prices, production and employment (implied by differentiated rates of productivity growth and expansion of demand) against a background of 'natural' relations. He also considers a number of institutional problems. Institutional and social learning, know-how, and the diffusion of knowledge emerge as the decisive factors accounting for the success and failure of industrial societies.

Piero Sraffa's work has had a lasting impact on economic theory and yet we know surprisingly little about the man behind it. This is the first intellectual biography of Sraffa and it details his working relationship with thinkers as diverse as Gramsci, Keynes, Wittgenstein as well as discussing the genesis of his major works.

Modern political culture features a deep-seated faith in the power of numbers. But quantitative evidence has not always been revered, as William Deringer shows. After the 1688 Revolution, as Britons learned to fight by the numbers, their enthusiasm for figures arose not from efforts to find objective truths but from the turmoil of politics itself.

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