A labour theory of value / Luigi L. Pasinetti.

Format:

Book

Author/Creator:

Pasinetti, Luigi L., Author.

Language:

English

Subjects (All):

Value.

Labor.

Physical Description:

1 online resource (xix, 535 pages) : digital, PDF file(s).

Edition:

1st ed.

Place of Publication:

Cambridge : Cambridge University Press, 2026.

Summary:

Luigi L. Pasinetti was one of the most significant figures in the history of post-Keynesian economics. In his final book, he reflects on the history and future of post-Keynesian economics, as well as a broad range of issues relating to his previous work. He argues that the economics profession has reached a critical impasse, unable to grasp the true nature of the unprecedented world we now inhabit. He examines how modern economic thought has diverged from addressing real-world challenges, challenging outdated frameworks to offer, instead, a path for reflection and reorientation. With a rigorous critique of prevailing paradigms, Pasinetti proposes an alternative framework of analysis extending an invitation for economists to rethink foundational assumptions. Providing his final statement on these issues, this book delivers a compelling critique of the current state of economics and political economy and offers a vital contribution for reimagining these disciplines in extraordinary times.

Contents:

Theory of value : source of alternative paradigms in economic theory

The 'production paradigm' in historical perspective

Wassily Leontief input-output model

Piero Sraffa's price system

The Marxian 'problem of transformation of values into prices of production' after Sraffa

The notion of vertical integration in economic analysis

Production in the short run

Population growth at constant returns to scale as the simplest case of economic expansion

The explosive forces of technical change : the twin aspects of production expansion and evolution of demand

A general multi-sector dynamic model

The natural features of a growing economic system

The accumulation of capital and the progress of technical knowledge

Growing subsystems, vertically hyper-integrated sectors and the pure labour theory of value - generalisation completed

Beyond production : the 'natural' rate of interest

Concluding notes on the social implications of an evolving, learning economy.

Notes:

Title from publisher's bibliographic system (viewed on 10 Jul 2026).

ISBN:

1-009-69486-3