"Reply to Stiglitz", contained in: Morishima, Michio, "Pasinetti's 'Growth and Income Distribution' Revisited"

The Journal of Economic Literature received numerous unusually strong reactions, including one from the Author of the book L.L.Pasinetti, to J.E. Stiglitz’s review, published in the JEL December 1975 issue of : Growth and Income Distribution: Essays in Economic Theory (Cambridge University Press, 1974, translated into 4 languages). M.Perlman, Editor of the Journal, asked Professor Miroshima to review the correspondence and prepare a sort of position paper on the various views. After discussing the question of how to protect reviewers from disgruntled authors and authors from bad reviewers, professor Miroshima considers the main four criticisms made by Stiglitz to the book in light of the overall complaint made by L.L.Pasinetti that Stiglitz had not read the book carefully and that 3 out of the 4 criticisms made were trivial and raised because the reviewer had missed the purpose for which the book was written. Professor Miroshima reproduces in full Pasinetti’s rebuttal of Stiglitz’s criticisms. Prof. Miroshima while agreeing fully with Pasinetti’s rebuttal, partially upheld Stiglitz’s question of whether the simplistic models represented in the book actually do capture the process of growth and the determinants of the distribution of income, but criticizes Stiglitz for how he constructed his proof. Professor Miroshima then goes on to give his independent comments on Pasinetti’s book.