take place in his framework: Has this "neo-Pasinetti theorem" any very-long-run "Pasinetti" or "anti-Pasinetti" solution? So far we have not taken any account of the change in distribution of assets between "workers" (i.e. pension funds) and "capitalists" - indeed we assumed it to be constant. However since the capitalists are selling shares (if c>0) and the pension funds are buying them, one could suppose that the share of total assets in the hands of the capitalists would diminish continually, whereas the share of assets in the hands of the workers' funds would increase continuously until, at some distant day, the capitalists have no shares left; the pension funds and insurance companies would own them all!. While this is a possible interpretation of the analysis Kaldor warns against it and lays out an alternative interpretation of the results: But this view ignores that the ranks of the capitalist class are constantly renewed by the sons and daughters of the new Captains of Industry, replacing the grandsons and granddaughters of the older Captains who gradually dissipate their inheritance through living beyond their dividend income. It is reasonable to assume that the value of the shares of the newly formed and growing companies grows at a higher rate than the average, whilst those of older companies (which decline in relative importance) grow at a lower rate. This means that the rate of capital appreciation of the shares in the hands of the capitalist group as a whole, for the reasons given above, is greater than the rate of appreciation of the assets in the hands of pension funds, etc. Given the difference in the rates of appreciation of the two funds of securities-and this depends on the rate at which new corporations emerge and replace older ones-I think it can be shown that there will be, for any given constellation of the value of the parameters, a long run equilibrium distribution of the assets between capitalists and pension funds which will remain constant. Kaldor's theory of v is comprehensive and provides an equilibrium determination of the variable based on macroeconomic theory that was missing in most other discussions. But today it is largely neglected and the focus is placed on Tobin's later contribution - hence the fact that the variable is known as Tobin's q and not Kaldor's v. Cassel's q In September 1996, at a lunch at the European Bank for Reconstruction