Describe Pasinetti's theory of economic growth and distribution.

Question

07 Aug 2023

Answer :

Word Count : 417

Pasinetti's theory of economic growth and distribution, also known as the Pasinetti model, was developed by Italian economist Luigi Pasinetti in the 1960s. The model seeks to explain the relationship between economic growth and income distribution within an economy. It challenges traditional neoclassical theories that assume a natural tendency towards an equilibrium distribution of income.

According to Pasinetti, economic growth is driven by the accumulation of capital and technological progress. He argues that the distribution of income plays a crucial role in determining the pace and pattern of economic growth. In the Pasinetti model, income distribution is characterized by the share of wages and ___ ______ ________ _____ _________.
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