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  3. A Labour Theory of Value
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    • Publisher:
      Cambridge University Press
      Publication date:
      09 July 2026
      30 July 2026
      ISBN:
      9781009694865
      9781009694841
      DOI:
      https://doi.org/10.1017/9781009694865
      Dimensions:
      (229 x 152 mm)
      Weight & Pages:
      0.909kg, 534 Pages
      Dimensions:
      Weight & Pages:
      • Subjects:
      Economics, Economic Thought, Philosophy and Methodology, Political Economy, Politics and International Relations
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    Subjects:
    Economics, Economic Thought, Philosophy and Methodology, Political Economy, Politics and International Relations
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    Book description

    Luigi L. Pasinetti was one of the most significant figures in the history of post-Keynesian economics. In his final book, he reflects on the history and future of post-Keynesian economics, as well as a broad range of issues relating to his previous work. He argues that the economics profession has reached a critical impasse, unable to grasp the true nature of the unprecedented world we now inhabit. He examines how modern economic thought has diverged from addressing real-world challenges, challenging outdated frameworks to offer, instead, a path for reflection and reorientation. With a rigorous critique of prevailing paradigms, Pasinetti proposes an alternative framework of analysis extending an invitation for economists to rethink foundational assumptions. Providing his final statement on these issues, this book delivers a compelling critique of the current state of economics and political economy and offers a vital contribution for reimagining these disciplines in extraordinary times.

    Reviews

    ‘Luigi Lodovico Pasinetti has bequeathed non-mainstream economists with a truly monumental book that pulls together some seven decades of original path-breaking research on the question of value theory, whose sources of inspiration are the writings of the Classical School, Sraffa and Leontief. In contrast to mainstream economists for whom the labour theory of value is an anathema without solid foundations, Pasinetti is able to rehabilitate classical value theory by means of empirically based input-output multi-sector dynamic models of vertically integrated systems. Albeit published posthumously, his work remains of contemporary relevance for all heterodox traditions of political economy.’

    Mario Seccareccia - University of Ottawa, Canada

    ‘Luigi Pasinetti's unique ability to unravel puzzles in economic theory has been obvious ever since his famous intervention in the Cambridge capital controversy. This last magisterial study shines light on a dazzling range of economic problems that still bedevil both classical and contemporary economics. There is nothing else quite like it.’

    Thomas Ferguson - Director of Research, Institute for New Economic Thinking

    ‘In a stunning final act, Luigi L. Pasinetti sends this gift from beyond the grave - a treatise on labour and value, deeply rooted in classical theory, logically impeccable and crafted with consummate care. A masterpiece and a joy to read.’

    James K. Galbraith - co-author of Entropy Economics: The Living Basis of Value and Production

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    Contents

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    Contents

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    References

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