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- Title
The Pasinetti Paradox in Neoclassical and More General Models.
- Authors
Samuelson, Paul; Modigliani, Franco
- Abstract
The Pasinetti paradox in neoclassical and more general models was discussed. The stability of the Pasinetti golden-age in the case where it is valid was investigated. The general analysis was shown to apply even though capitalists and workers may be divided into any number of subcategories each with a different propensity to save. The limitations on the Pasinetti theorem was outlined. The neoclassical model was then reverted back to show that the golden-age equilibria are stable in the sense that when the paradox is appropriate for each it will in fact be approached asymptotically from all sufficiently nearby values. The concept of a generalized golden age was discussed.
- Subjects
EMPLOYEES; INVESTORS; LABOR; ECONOMICS; PARADOX; DISTRIBUTION (Economic theory); ECONOMIC models; ECONOMETRICS; MATHEMATICAL models
- Publication
Review of Economic Studies, 1966, Vol 33, Issue 4, p269
- ISSN
0034-6527
- Publication type
Article
- DOI
10.2307/2974425