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The chapter aims to show how many conceptual points of the classical-Keynesian analysis are essentially based on a suitable interaction between causal and interdependent relationships. Throughout the analysis, the terms ‘causality’ and ‘interdependence’ are interpreted following the interpretation given by Herbert Simon as analytical characteristics of the relations between the magnitudes involved in the theory, rather than a feature of economic reality. A meticulous work of revisiting the analytical formulations of some important foundations of both classical and Keynesian theories has been presented here to bring to the surface the sequential or the simultaneous nature of the determination of the main variables and the economic meaning attached to these analytical properties.
In 2005, Luigi Pasinetti was asked by his friend and colleague Pier Paolo Varri how he would like his seventy-fifth birthday to be celebrated. Pasinetti immediately replied: ‘let us discuss my new book!’. The book was, of course, Keynes and the Cambridge Keynesians, which was almost finished at that time. One of the most original and provocative parts was the ‘Postlude: Fighting for Independence’ of Book Two (The Cambridge School of Keynesian Economics), where he portrays what he considers the main features of the classical-Keynesian school, offering a list of nine theoretical and methodological characteristics, qualifying and unifying (to some extent, at least) the economists associated with it (Pasinetti, 2007, pp. 217–237). When, about a couple of years ago, John E. Woods (a student of Luigi Pasinetti at King’s College in the late 1960s) and Philip Good (economics editor of Cambridge University Press) launched the idea of a collection of essays discussing Pasinetti’s ‘nine characteristics’, we felt it certainly an appropriate, though a somewhat unconventional, way to celebrate Pasinetti’s career as an economist.
Recent economic and financial crises have exposed mainstream economics to severe criticism, bringing present research and teaching styles into question. Building on a solid and vivid tradition of economic thought, this book challenges conventional thinking in the field of economics. The authors turn to the work of Luigi Pasinetti, who proposed a list of nine methodological and theoretical ideas that characterize the Classical Keynesian School. Drawing inspiration from both Keynes and Sraffa, this school has forged a long-standing and ambitious research programme often advocated as a competing paradigm to mainstream economics. Overall, the Classical Keynesian School provides a comprehensive analytical framework into which most non-mainstream schools of thought can be integrated. In this collection, a group of leading scholars critically assess the nine main ideas that, in Pasinetti's view, characterize the Classical-Keynesian approach, evaluating their relevance for both the history of economics and for present economic research.
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