Pasinetti's [Pasinetti, L.L., 1960. A mathematical formulation of the Ricardian system. Review of Economic Studies 27, 78–98] model formalizing Ricardian growth theory and one of the simplest models developed within the ‘new’ growth theory [Rebelo, S., 1991. Long run policy analysis and long run growth. Journal of Political Economy 99, 500–521] are shown to share the same structure. This enforces the thesis according to which many endogenous growth models have a ‘Classical’ flavour. The main difference from Pasinetti's to Rebelo's framework may be interpreted as reflecting the change in the consumption pattern of workers from early to late industrial societies.
Pasinetti versus Rebelo: Two different models or just one?
D'ALESSANDRO, SIMONE;SALVADORI, NERI
2008-01-01
Abstract
Pasinetti's [Pasinetti, L.L., 1960. A mathematical formulation of the Ricardian system. Review of Economic Studies 27, 78–98] model formalizing Ricardian growth theory and one of the simplest models developed within the ‘new’ growth theory [Rebelo, S., 1991. Long run policy analysis and long run growth. Journal of Political Economy 99, 500–521] are shown to share the same structure. This enforces the thesis according to which many endogenous growth models have a ‘Classical’ flavour. The main difference from Pasinetti's to Rebelo's framework may be interpreted as reflecting the change in the consumption pattern of workers from early to late industrial societies.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
