Year: 2025
Type: article
Abstract: ABSTRACT This article examines the convergence of Luigi Pasinetti's and Adolph Lowe's political economy, linking capital theory, institutions, and normative methodology. Pasinetti's two‐stage approach and Lowe's instrumental method share a common emphasis on the structural requirements and institutional arrangements for attaining and maintaining full employment. Pasinetti's analysis of structural dynamics and Lowe's traverse analysis are complementary methodologies for analyzing the employment consequences of structural and technological change within dynamic industrial economies. Synthesizing the methodology of Pasinetti and Lowe underscores the policy relevance of government‐led intervention to attain and maintain full employment and provide a robust foundation for normative macroeconomic analysis.
Source: Metroeconomica
DOI: 10.1111/meca.70008
Author: Michael J. Murray
Institution: Bemidji State University
Language: English
Topic: Economic Theory and Policy
Domain: Social Sciences
Open Access status: hybrid
Estimated APC paid: $3,350
OpenAlex ID: W7117114872