This paper provides a concise exposition of the notion of ‘natural rate of interest’ introduced by Luigi Pasinetti in his structural change analysis. Its normative nature is suitably stressed: it is that rate of interest that allows that debt and credit relations among individuals do not alter a distribution of national income based on the ‘labour principle’, that is, a situation where each individual perceives income in proportion to the quantity of labour provided.
Bellino, E., On Pasinetti's 'natural' rate of interest, <<BULLETIN OF POLITICAL ECONOMY>>, 2019; 2019 (2): 6-27 [http://hdl.handle.net/10807/153517]
On Pasinetti's 'natural' rate of interest
Bellino, Enrico
Primo
2019
Abstract
This paper provides a concise exposition of the notion of ‘natural rate of interest’ introduced by Luigi Pasinetti in his structural change analysis. Its normative nature is suitably stressed: it is that rate of interest that allows that debt and credit relations among individuals do not alter a distribution of national income based on the ‘labour principle’, that is, a situation where each individual perceives income in proportion to the quantity of labour provided.
File in questo prodotto:
Non ci sono file associati a questo prodotto.
I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
