Pasinetti's theory of structural dynamics has, as well as the capability approach, normative implications about income distribution and economic growth. Compared with the latter, however, the individual character of consumption is rather neglected in Pasinetti's framework, but the macro-economic viability is examined here more intensively as a main issue. In this paper, we will show it possible and fruitful to consistently integrate both complementary approaches and present an analytical foundation of a normative theory of the structural dynamics of consumption.
ASJC Scopus subject areas
- Economics and Econometrics