The Ricardian System. A Graphical Exposition

Rodolfo Signorino, Neri Salvadori

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2 Citazioni (Scopus)

Abstract

Ever since its publication, Pasinetti’s 1960 paperhas been a primary reference for all scholars interested in Ricardian economics.However, Kaldor's 1955-6 diagram is a very effective tool for depicting the salientfeatures of the Ricardian system and its full heuristic potentialities are stillunder-explored. Accordingly, we give it pride of place in this paper. In whatfollows, after a brief presentation of a slightly amended version of Kaldor’soriginal diagram, we show how this diagram may be modified to represent Pasinetti’stwo-sector model of a closed economy. Next we use it to analyse alternativeconsumption patterns. Finally, we employ a variant of Kaldor’s diagram tostudy a two-sector model of an open economy. In a first stage, we study a small open economy facing given international commodity prices; in a second stage,we study the world economy in which international trade takes place amongseveral small open economies.
Lingua originaleEnglish
Titolo della pubblicazione ospiteRicardo and International Trade
Pagine60-81
Numero di pagine22
Stato di pubblicazionePublished - 2017

Serie di pubblicazioni

NomeROUTLEDGE STUDIES IN THE HISTORY OF ECONOMICS

All Science Journal Classification (ASJC) codes

  • ???subjectarea.asjc.2000.2000???
  • ???subjectarea.asjc.1400.1400???

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