Note: Pasinetti's counter-factual hypotheses
延伸了帕西内蒂对莫迪利亚尼-米勒定理的批判，指出其中股息不变性命题的结论无法从其假设中推导出来，存在逻辑漏洞。
In a recent article in this journal, Luigi L. Pasinetti not only reminded us of the role played by the Modigliani–Miller (MM) theorem in the current crisis but also provided a critique based on examining its underlying assumptions. In this note, I extend his critique as it applies to one component of the theorem—namely, the dividend invariance proposition—by demonstrating that its conclusions cannot follow from its assumptions. There has been a 'logical slip'. Copyright , Oxford University Press.