TY - JOUR
T1 - Causality and interdependence in Pasinetti’s works and in the modern classical approach
AU - Bellino, Enrico
AU - Nerozzi, Sebastiano
PY - 2017
Y1 - 2017
N2 - The formal representation of economic theories normally takes the shape of a model, that is, a system of equations which connect the endogenous variables with the values of the parameters which are taken as given. Sometimes, it is possible to identify one or more equations which are able to determine a subset of endogenous variables priory and independently of the other equations and of the value taken by the remaining variables of the system. The first group of equations and variables are thus said to causally determine the remaining variables. In Pasinetti’s works, this notion of causality has often been emphasized as a formal property having the burden of conveying a profound economic meaning. In this paper, we will go through those works of Pasinetti where the notion of causality plays a central role, with the purpose of contextualizing it within the econometric debate of the Sixties, enucleate its economic meaning and show its connections with other fields of the modern classical approach.
AB - The formal representation of economic theories normally takes the shape of a model, that is, a system of equations which connect the endogenous variables with the values of the parameters which are taken as given. Sometimes, it is possible to identify one or more equations which are able to determine a subset of endogenous variables priory and independently of the other equations and of the value taken by the remaining variables of the system. The first group of equations and variables are thus said to causally determine the remaining variables. In Pasinetti’s works, this notion of causality has often been emphasized as a formal property having the burden of conveying a profound economic meaning. In this paper, we will go through those works of Pasinetti where the notion of causality plays a central role, with the purpose of contextualizing it within the econometric debate of the Sixties, enucleate its economic meaning and show its connections with other fields of the modern classical approach.
KW - Causality and interdependence
KW - Modern classical approach
KW - Pasinetti
KW - Structural economic dynamics
KW - Surplus approach
KW - Causality and interdependence
KW - Modern classical approach
KW - Pasinetti
KW - Structural economic dynamics
KW - Surplus approach
UR - https://publicatt.unicatt.it/handle/10807/99450
UR - https://www.scopus.com/inward/citedby.uri?partnerID=HzOxMe3b&scp=85066351372&origin=inward
UR - https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85066351372&origin=inward
U2 - 10.1093/cje/bew060
DO - 10.1093/cje/bew060
M3 - Article
SN - 1464-3545
VL - 2017
SP - 1653
EP - 1684
JO - Cambridge Journal of Economics
JF - Cambridge Journal of Economics
IS - 41
ER -