Pasinetti on Public Debt and Deficit

Name: Pasinetti on Public Debt and Deficit
Brand: Vita e Pensiero
Price: 6.00 EUR
Availability: OnlineOnly

digital

Article

Magazine

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI

Issue

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI - 2025 - 2. An Issue in Honour of Luigi L. Pasinetti

Title

Pasinetti on Public Debt and Deficit

Author

Roberto Ciccone

Publisher

Vita e Pensiero

Format

Article |

Pdf

Pages

Online from

07-2025

Doi

10.26350/000518_000153

Issn

0035-676X (print) | 1827-7918 (digital)

€ 6.00

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Description

This note focuses on two works by Luigi Pasinetti, published respectively in 1995 and 1998, concerning public deficit and debt. It highlights the Keynesian framework that characterizes the first essay, in which the implications of deficit-financed public spending are examined in relation to the role of the latter as a component of aggregate demand and the resulting effects on income levels. The 1998 article, which is devoted to a critique of the deficit and public debt limits set by the EMU rules, is discussed in terms of its underlying assumptions, with particular attention to those concerning the rate of GDP growth. Noting that in this work the author does not refer to any specific theoretical framework, the possibility is suggested of formulating a more radical critique within an approach that recognizes the contribution of public spending to aggregate demand, including its effects on growth.