Capitalism: competition, conflict, crises
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New York, NY
Oxford University Press
[2016]
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| Physical Description: | xxxv, 979 Seiten Illustrationen, Diagramme |
| ISBN: | 9780199390632 0199390657 |
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| 245 | 1 | 0 | |a Capitalism |b competition, conflict, crises |c Anwar Shaikh |
| 264 | 1 | |a New York, NY |b Oxford University Press |c [2016] | |
| 300 | |a xxxv, 979 Seiten |b Illustrationen, Diagramme | ||
| 336 | |b txt |2 rdacontent | ||
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| 505 | 8 | |a Includes bibliographical references and index | |
| 650 | 4 | |a Capitalism | |
| 650 | 4 | |a Competition | |
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| 650 | 7 | |a BUSINESS & ECONOMICS / Reference |2 bisacsh | |
| 650 | 7 | |a Capitalism |2 fast | |
| 650 | 7 | |a Competition |2 fast | |
| 650 | 4 | |a Kapitalismus | |
| 650 | 4 | |a Wirtschaft | |
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| adam_text | CONTENTS
List of Figures
List of Tables
Preface and Acknowledgments
Part 1: Foundations of the Analysis
I. introduction
L The Approach of the Book
1. Order and disorder
2. Neoclassical response to the real duality
3* Keynesian and post-Keynesian response to the real duality
4, Different purpose of this book
IL Outline of the Book
1. Part I: Foundations of the analysis (chapters 1 -6)
2. Part II; Real competition ( chapters 7-11)
3. Part ill: Turbulent macro-dynamics (chapters 12-17)
xx
xxlx
xxxv
3
3
3
4
4
4
$
8
14
31
2. Turbulent Trends and Hidden Structures 56
L Turbulent Growth 56
IL Productivity, Real Wages, and Real Unit Labor Costs 59
III. The Rate of Unemployment 61
f V, Prices, Inflation, and the Golden Wave 62
V. The General Rate of Profit 65
VL Turbulent Arbitrage 66
VII* Relative Prices 69
VIII, Convergence and Divergence on a World Scale 70
IX. Summary and Conclusions 72
3. Micro Foundations and Macro Patterns 75
L Introduction 75
IL Micro Processes and Macro Patterns 78
1. Representing individual human behavior 78
2. Representing aggregate behavior 84
3. Aggregate relations* micro foundations, and the
question of rigor 87
HI, Shaping Structures, Economic Gradients, and Aggregate
Emergent Properties 89
1. Analytical framework for robust mieroeeonom ics 90
2. Downward sloping demand curves 91
vi Contents
3. Income elasticities and Engel’s Law 92
4. Aggregate Consumption and Savings Functions 95
5. Simulations: Insensitivity of aggregate relations to
micro foundations 96
IV. Methodology for Economic Analysis 101
V. Turbulent Gravitation 104
1. Equilibration as a turbulent process versus equilibrium
as an achieved state 104
2. Statics, dynamics, and growth cycles 105
3. Differences in the temporal dimensions of key
economic variables 105
VI. Summary and Central Implications 109
4. Production and Costs 120
I. Introduction 120
II. Production in Economic Theories 122
1. Circulating versus fixed investment 122
2. Classical and conventional national accounts 123
3. Production and non-production labor 128
III. Production Relations Versus Production Functions 130
1. Structural and temporal dimensions of production 130
2. Social and historical determinants of the length and
intensity of the working day 131
3. Empirical evidence on the relations between work
conditions and lab or pro ductivity 134
IV. Production at the Level of a Firm 135
1. Work conditions and “re-switching’ along the
microeconomic production possibilities frontier 135
2. Output and production coefficient under socially
determined work conditions 141
V. Cost, Prices, and Profits 151
1. Assumed shapes of cost curves in neoclassical,
neo-Ricardian, and post-Keynesian theories 151
2. Cost curves under general conditions of the labor process 153
3. Implications of general cost curves for various
economic arguments 157
VI. Empirical Evidence on Cost Curves 160
5* Exchange, Money, and Price 165
1. Introduction 165
II. The origins of modem money 169
1. Money commodities 170
2. Coins 173
3. Money tokens 174
4. Inconvertible tokens, forced currency, and fiat money 175
5. Banks, credit, and money 180
6. Essential functions of money 182
vii Contents
i. Money as medium of pricing 183
ii. Money as medium of circulation 183
iii. Money as medium of safety 184
III. Classical Theories of Money and the National Price Level 188
1. Classical theories of money 189
2. The basic structure of Marx s theory of money 191
3. The key elements in Marx s theory of money 194
4. Empirical patterns with respect to Marx s theory of money 198
IV. Toward a Classical Theory of the Price Level Under
Modern Money 200
1. The determination of relative prices with convertible tokens 200
2. The determination of relative prices with inconvertible tokens 203
3. Further issues 203
6. Capital and Profit 206
I. Introduction 206
II. The Two Sources of Aggregate Profits 208
III. Production, Labor Time, and Profit 212
1. No aggregate profit without surplus lab or 213
2. Positive profits require surplus labor 216
3. General rule for measuring real economic profits 217
4. The puzzle of the effects of relative prices on aggregate profit 218
IV. Aggregate Profits and Transfers of Value: a General
Solution to the Universal “Transformation Problem“ 221
1. Transfers of value via changes in relative prices 224
2. The influence of output proportions on transfers of
value and aggregate profit 226
V. Financial profits and profit-on-transfer 229
VI. Theories of Aggregate Profit in Various Schools 231
VII. Critical Review of the Literature on the Effects of Relative
Prices on Aggregate Profit 238
VIII. Measurement of Profit and Capital 243
Part II: Real Competition
7« The Theory of Real Competition 259
I. Introduction 259
II. Real Competition within an Industry 261
III. Real competition between industries 264
IV. Real Competition and the Notion of Regulating Capitals 265
V. General Phenomena of Real Competition 267
VI. Evidence on Real Competition 272
1. The behavior of the firm 272
I. Oxford Economists Research Group (OERG)
and Hall and Hitch 272
ii. Andrews and Brunner 274
iii. Hatreds revision of imperfect competition 278
iv. Price-cutting and entry in the business literature 282
viii Contents
2. Empirical evidence on operating costs of plants: Salter 284
3. Choice of technique under price-taking versus price-cutting 288
4. Empirical evidence on firm-level costs, capital
intensity, and profits 290
5. Empirical evidence on equalization of regulating rates
of profit 295
i. Defining measures of average and regulating
rates of profit 298
ii. Empirical evidence for OECD countries 301
iii. Econometric tests of profit rate equalization 305
VII. Debate on Competition, Choice of Technique, and Profit Rate 313
1. The feasible range of competitive prices 316
2. Economy-wide implications of the choice of technique 317
3. Implications of the choice of technique for the time
path of the general profit rate 322
8. Debates on Perfect and Imperfect Competition 327
I. Theoretical Views 327
1. Classical views 330
i. Smith 330
ii. Ricardo 331
2. Marx 333
i. Regulating capital 336
ii. Choice of technique 337
iii. Bias of technical change 339
3. The theory of perfect competition 340
i. Rise of the visions of perfect competition and
perfect capitalism 340
ii. Walras and general equilibrium 341
iii. Walras and Marshall 343
iv. Walras and modern neoclassical economics 343
v. Crucial role of price-taking behavior 343
vL Critiques of perfect competition 344
vii. Externalities and the Coase Theorem 345
4. Perfect competition requires irrational expectations 346
i. Perfect knowledge contradicts perfect competition 346
ii. The failure of the Quantity Theory of Competition 347
iii. The need for competitive firms to consider demand 347
iv. Keynes and Kalecki on macro implications 348
v. Patinkin on macro implications 349
5. Schumpeter s views 349
6. Austrian views 351
i. Hayek 351
ii. VonMises 351
iii. Kirzner 352
iv. Mueller 352
v. General assessment of Austrian economics 352
ix Contents
7. Marxian monopoly capitalism theory 353
8. Rise of theories of imperfect competition 357
i. From perfect to imperfect competition 357
ii. Sraffa’s early critique of the theory of the firm 357
iii. Chamberlin and Robinson 358
iv. The neoclassical counterattack 358
9. Kalecki and post-Keynesian views 359
i. Kaleckfs price theory 359
ii. Post-Keynesian price theory 361
10. Modern classical views 364
i. Basic positions on the relation of market prices
to prices of production 364
ii. Price-taking versus price-setting 366
iii. Firm size and the degree of competition 367
II. Empirical Evidence on Competition and Monopoly 367
1. Introduction 367
2. Traditional indicators of oligopoly and monopoly power 368
3. Price rigidity and monopoly power 370
4. Profitability and monopoly power 372
5. Empirical evidence on profit rates and monopoly power 373
6. Empirical evidence on profit margins and monopoly power 377
7. Collusion and Profitability 379
9, Competition and Inter-Industrial Relative Prices 380
I. Introduction 380
II. Simple Commodity Production 381
III. The Fundamental Equation of Price: Adam Smith s Deri vation 385
1. Fundamental Equation applies to all prices 385
2. The Fundamental Equation for Relative Price 386
3. Damping effects of vertical integration 388
IV. Measuring the Distance Between Relative Prices and their Regulators 388
1. Numerical example of effects of changes in units 389
2. Deficiencies of regression analysis for cross-sectional analysis 389
3. Defining the appropriate measure of deviations 391
V. Evidence on Market Prices in Relation to Direct Prices 395
1. Cross-sectional evidence 395
2. Time-series evidence 396
3. The Schwartz-Puty tests of the Ricardian time-series hypothesis 398
VI. Prices of Production, Direct Prices, and Market Prices 400
1. Theoretical issues 400
2. Numerical example 404
VII. Evidence on Prices of Production as Functions of the
Rate of Profit in Relation to Direct Prices and Market Prices 406
1. Circulating capital model 406
2. Implications of linear output-capital ratios 406
3. Fixed capital model 410
VIII. Empirical Distance Measures 413
x Contents
IX. Empirical Evidence on Prices of Production at the
Observed Rate of Profit in Relation to Direct and Market Prices 416
1. Cross-sectional evidence 416
2. Resolving the puzzle of the distance of market prices
from production and direct prices 417
3. Time-series evidence 419
X. Wage—Profit Curves, 1947—1998 422
XI. Origins and Developments of the Classical Theory of
Relative Price 424
1. Classical origins 424
2. Modern theoretical developments 426
i. Sraffa 426
ii. Sraffian branches 428
iii. Debate on the theory of relative prices 428
iv. The neoclassical theory of distribution and employment 429
3. Modern empirical evidence 433
XII. Summary and Implications of the Classical Theory of
Relative Prices 438
Competition, Finance, and Interest Rates 443
I. Introduction 443
1. Interest rates 443
2. Net rate of profit 443
3. Term structure 444
4. Orthodox and heterodox theories of the interest rate 444
5. Bond prices 444
6. Equity prices 445
7. Financial arbitrage 445
II. Competition and Interest Rates 447
1. Competition and the banking sector 447
2. Profit rate of enterprise (r - i) 447
3. Relation of the interest rate to the price level and the
profit rate 449
4. Implications of the classical theory of the interest rate 452
5. A structural theory of the yield curve 452
III. Competition and the Stock Market 454
IV. Competition and the Bond Market 456
V. Summary of the Classical Theory of Finance 458
VI. Empirical Evidence 461
1. Equalization of bank regulating rate of profit 461
2. Equalization of bank loan rate with corporate bond yield 461
3. Equalization of interest rates of similar financial assets 462
4. Interest rates do not reflect fixed markups on the base rate 462
5. Profit rate and the interest rate 464
6. Interest rates and prices 464
VII. A Critical Survey of Interest Rate Theories 475
1. Interest rate theories have two dimensions 475
2. Smith, Ricardo, and Mill 475
xi Contents
3. Marx 476
4. Neoclassical and Keynesian theories of the level of
interest rates 480
i. Arbitrage equalizes rates of return 480
ii. Two further issues: Interest rate levels and term structure 480
iii. Neoclassical theory of the level of interest rates 480
iv. Keynesian and Hicksian theories of the level of
interest rates 480
v. Post-Keynesian theories of the level of the
interest rate 482
5. Neoclassical and Keynesian theories of the term
structure of interest rates 483
i. Keynes and Hicks on the term structure 484
ii. Post-Keynesian theories of the term structure 485
6. Panico s synthesis of the classical and Keynesian approaches 485
VIII. Stock Market Theories 488
1. Arbitrage and modern finance theory 488
2. Arbitrage and equity valuation 488
11. International Competition and the Theory of Exchange Rates 491
I. Introduction 491
1. Theory of trade is a critical part of debates on costs
and b enefits of globalizati on 491
2. Neoliberalism theory and practice 492
3. Proponents of neoliberalism 493
4. Critics of neoliberalism 493
5. Debate appears to be about perfect versus imperfect competition 495
6. Real competition does not imply comparative costs:
Resituating the debate 495
II. The Theoretical Foundations of Conventional Trade Policy 495
1. Conventional free trade theory 495
2. Two crucial premises: Comparative costs and full employment 496
3. Comparative costs 496
4. Full employment 497
5. Summary of standard trade theory 498
6. Problems with standard trade theory 498
III. Reactions to the Problems of Standard Trade Theory 500
1. Reaction 1 to problems of standard theory: Slow adjustment 500
2. Reaction 2 to problems of standard theory: Introduce
imperfections 500
IV. Ricardo s Principle of Comparative Cost 502
1. Real competition 502
2. Ricardo also begins from profit-seeking firms 502
3. Ricardo on macroeconomic consequences of
unbalanced trade 502
4. Fixed versus flexible exchange rates 503
5. Transformation of rule of absolute costs to rule of
comparative costs 503
xii Contents
6. Ricardo s shift from trade undertaken by capitals to
trade undertaken by nations 5 04
7. Numerical example of the Ricardian adjustment 505
V. Real Competition Implies Absolute Cost Advantage 508
1. Introduction 508
2. The first difficulty: Feedback from prices to cost 508
3. The second difficulty: Trade imbalances and balance
of payments 509
4. The classical theory of free trade 509
5. Regulating capitals in an international context 510
i. Prices of production prior to trade 510
ii. Comparative costs 510
iii. Absolute costs 511
iv. Benchmark case of equal technical compositions
but different efficiencies 511
v. Complete independence of comparative cost
from relative prices in the benchmark case 512
vi. General case 512
vii. The Smithian decomposition 513
viii. Integrated comparative real costs 514
ix. Three possible outcomes in classical 2x2 case 514
x. The intermediate case is the general one 516
xi. Tradable and nontradable goods 516
xii. Purchasing Power Parity and the Law of One Price 517
xiii. Purchasing Power Parity and the compositional
component of the real exchange rate 519
xiv. Actual costs as proxies for regulating costs 519
6. Trade balances, capital flows, and the balance of payments 520
7. Summary of the classical approach to free trade 522
VI. Empirical Evidence 522
1. The persistence of empirically weak theoretical
models as a guide to policy 527
2. Empirical evidence on the relation between real
exchange rates and real costs 528
3. Implications of the classical approach to long-run
exchange rates 532
Part III: Turbulent Macro Dynamics
12. The Rise and Fall of Modem Macroeconomics 539
I. Introduction 539
1. Macroeconomics as the aggregate consequences of
individual actions 540
2. Central tendencies versus idealized worlds 540
3. Macroeconomics, emergent properties, and turbulent laws 541
4. Neoclassical macroeconomics and representative agents 542
5.
xiii Contents
Ten critical issues in macroeconomic analysis 542
L Microeconomic features need not carry over 542
ii. Macro has always grounded itself in micro behavior 542
iii. Many micro foundations are consistent with
some given macro pattern 543
iv. Notion of turbulent equalization requires
corresponding tools 543
v. Temporal dimensions differ: Fast and slow processes 543
vi. Growth is the normal state 544
vii. Expectations, actuals, and fundamentals are
refiexively related 544
viii. Real competition implies downward sloping
demand curves 545
ix. Real competition does not imply continuous
market clearing 546
x. Say’s Law and the split in the classical tradition
on external demand and neutrality of money 546
6. Accounting for aggregate demand, supply, and capacity 548
i. Ex ante three balances 548
ii. Ex post balances 549
iii. Equilibrium balances 549
iv. Time dimensions 549
v. Basic savings-investment relation 550
vi. Output and capacity 550
vii. Normal capacity utilization does not imply Say’s Law 552
II. Pre-Keynesian Macroeconomics 553
1. The displacement of classical economics by
neoclassical economics 553
2. Walrasian roots of neoclassical economics 553
3. Pre-Keynesian neoclassical orthodoxy 554
L Core orthodox propositions attacked by Keynes 554
ii. The neoclassical argument on full employment supply 555
iii. The neoclassical argument on aggregate demand
and the interest rate 556
III. Keynes’s Breakthrough 557
1. Keynes’s practical experience after World War I 557
2. Keynes’s new formulation 558
i. Production takes time so ruled by expected profit 558
ii. Aggregate demand has autonomous components 558
iii. Savings adjusts to investment 558
iv. Derivation of the investment—savings relation
and the multiplier 559
v. Effects of profitability and interest rates on level of output 559
3. The Hicksian IS—LM representation of Keynesian economics 561
4. T he rise and fall of Keynesian theory and policy 563
5. The rise and fall of the IS—LM/Phillips-Curve model 563
xiv Contents
IV. The Return of Neo-Walrasian Economics 566
1. Monetarism 567
L The old Quantity Theory of Money 567
ii. The new Quantity Theory of Money 568
iii. Friedman on the Great Depression 568
2. The natural rate of unemployment and inflation in the
context of adaptive expectations 569
L The problem facing macro theories in the 1970s 569
ii. Frictional employment in Keynesian and
neoclassical theories 570
iii. Natural rates of employment and unemployment 570
iv. Short-run versus long-run effects of changes in
aggregate demand 572
v. The link to inflation 573
vi. Non-accelerating inflation rate of unemployment 575
3. Rational expectations and the New Classical Theory 576
i. Role of expectations in Friedman and Phelps 576
ii. The New Classical build upon this framework 576
iii. Hyper-rational expectations 577
iv. Lucas 578
4. Real Business Cycle Theory 580
i. Analytical structure of the Real Business Cycle
Theory model 580
ii. Policy implications of the Real Business Cycle Theory 581
iii. Calibration for mimicking some real patterns
versus econometric testing 582
iv. Further considerations on empirical relevance of
the Real Business Cycle Theory 582
5. New Keynesian economics 583
6. Conventional behavioral economics 5 84
V. Kalecki 584
VI. Post-Keynesian Economics 587
1. Introduction 587
2. Davidson 588
3. The Kaleckian-Structuralist wing of post-Keynesian theory 588
i. Godley 589
ii. Taylor 591
4. General themes in post-Keynesian theory 594
i. Wage-led and profit-led growth: Alternate
short-run outcomes or successive long-run phases? 596
ii. Long-run growth limits 596
iii. Unemployment can be eliminated through
appropriate policy 597
13* Classical Macro Dynamics 598
I. Introduction 598
II. A Reconsideration of the Theory of Effective Demand 599
xv Contents
1. The micro foundations of effective demand 599
2. The temporal implications of the multiplier sequence 600
3. Credit as the fuel and debt as the consequence of the multiplier 603
4. The significance of a constant savings rate in
Keynesian theory 604
5* The relation between actual and normal capacity utilization 605
6. The relation between expected and actual outcomes 607
7. Adjustment processes in a dynamic context 608
8. Exogenous demand in the Harrodian system and the
so-called Sraffian Supermultiplier 610
9. Deterministic versus stochastic trends 612
10. Implications of the endogeneity of the money supply
for interest rate theory 613
11. Aggregate demand and the price level 614
12. Underutilized resources as a normal phenomenon 614
III. Modern Classical Economics: The Centrality of Profit 615
1. Profit regulates both supply and demand 615
2. Endogeneity of the business savings rate 616
3. Profit, investment finance, and growth 618
i. Pure internal finance of investment by each firm 618
ii. Aggregate internal finance of investment by
business as a whole 621
ill Stability of aggregate internal finance 621
iv. Interest rate is not the key adjustment variable 622
v. Net rate of profit rises with the general rate of profit 623
vi. Modified interest rate adjustment process 624
vii. Household savings 624
viii. Interest rate sensitivity of household savings
rate does not change the dynamic 625
ix. Private bank credit 625
x. Bank credit provides a foundation for cycles 626
xi. Government deficits and foreign demand 627
4. Summary of the classical dynamic 628
i. Classical equilibrium 629
ii. Properties of classical equilibrium 629
iii. Level of output 632
5. Summary of the classical theory of growth 636
The Theory of Wages and Unemployment 638
I. Introduction 638
II. Wages and Unemployment in Economic Theories 639
1. Neoclassical and post-Harrodian wage theory 639
2. Kaleckian and post-Keynesian wage theories 641
3. Goodwin and post-Goodwin approaches 641
L Post-Goodwin post-Keynesian models 642
ii. Post-Goodwin classical models 644
iii. Object of this chapter 645
xvi Contents
HL Dynamical Interactions between the Wage Share,
Unemployment Rate, and the Harrodian Natural Rate*
of Growth 646
1. Theory of the real wage: From stochastic micro to macro 646
2. Responsiveness of labor strength to unemployment 648
3. The Classical Curve 648
4. Determinants of the unemployment rate 650
5. Effects of productivity and labor force growth 650
IV. Normal Versus Natural* Rates of Unemployment 660
V. The Relation of the Classical Wage Curve to the Phillips Curve 661
1. The general Phillips curve 662
2. Three answers to Phillips s original question 662
VI. Empirical Evidence on Growth, Unemployment, and Wages 663
VII. Summary and Implications of Classical Macro Dynamics 672
15. Modem Money and Inflation 677
I. Money, Markets, and the State 677
II. Chartalist and Neo-Chartalist Visions of Money 680
1. Money, banking, and Babylonia 681
2. Innes 682
3. Knapp 684
4. Modern Chartalism 685
III. Modem Governmental Finance 688
IV. Growth, Profitability, and the Price Level 692
1. Classical competition theory only establishes relative prices 692
2. Pure fiat money in classical, Monetarist, Keynesian,
and post-Keynesian approaches 693
3. Determinate versus path-dependent price levels 694
4. Maximum rate of growth 694
5. Labor is not the constraint 695
6. Growth-utilization rate 695
7. Determinants of the gro wth rate of real capital 696
V. Demand-Pull 697
1. Excess demand and injections of purchasing power 697
2. New purchasing power and the change in nominal output 698
VI. Supply-Response 699
VIL The Theory of Inflation Under Fiat Money 702
VIII. Empirical Evidence 703
1. United States 703
i. Growth in nominal GDP as a function of
relative new purchasing power 703
ii. Real output growth, profitability, purchasing
power, and growth utilization 705
iiL Inflation in the United States 705
2. Inflation in ten countries (Handfas) 712
3. Inflation on a world scale 712
4. Argentina 719
xvii Contents
IX. Summary and Comparisons to the Non-Accelerating
Inflation Rate of Unemployment 721
16. Growth, Profitability, and Recurrent Crises 724
I. Introduction 724
1. Depressions recur 726
2. Depressions are denied 728
3. Outline of the chapter 728
II. Profitability in the Postwar Period 729
1. Normal and actual profit rates 729
2. Productivity and real wages 730
3. Impact on profitability of the suppression of real wage growth 731
4. Rate of return on average capital versus new investment 731
5. The extraordinary postwar path of the interest rate 731
6. The rate of profit-of-enterprise and the great boom
after the 1980s 734
III. The Global Effects of the Current Crisis 736
1. United States 736
2. Other developed countries 737
3. Global scale 739
IV. Policy Lessons and Possibilities: Austerity Versus Stimulus 740
V. On the Role of Economic Theory 745 17
17. Summary and Conclusions 746
I. Introduction 746
1. Perfection and imperfection 747
2. Internal critiques 747
IL Implications and Applications of Classical Competition 747
L Lawful patterns despite heterogeneous behaviors 748
2. Equalization tendencies as a basis for stable
distributions of wage and profit rates 749
3. From wage and profit rate distributions to the overall
income distribution 751
4. Rising inequality and the class distribution of income 755
III. Wages, Taxes, and the Net Social Wage 755
IV. Piketty 756
V. Development and Underdevelopment 759
Appendices
Appendix 2.1. Sources and Methods for Chapter 2 763
Appendix 2.2. Data Tables for Chapter 2
(available online at http://wivvv.anwatshaikhecoii.org/)
Appendix 4.1. Production Flows and Stocks in National Accounts 767
Appendix 4.2. Numerical Calculations for Figures 4.1 -4.18 772
(available online at http://www.amvarshaikhecon.org/)
xviii Contents
Appendix 5.1* Citations of Key Points in Marx s Theory of Money 782
Appendix 5.2. Sources and Methods for Chapter 5 788
Appendix 5.3. Data Tables for Chapter 5
(available online at http://www,anwarshaikhecon.org/)
Appendix 6.1. Algebra of Profit and Surplus Labor 790
Appendix 6.2. The Rate of Profit as a Real Rate 796
Appendix 6.3. Gross and Net Capital Stocks 801
Appendix 6.4. Marx and Sraffa on Fixed Capital as a Joint Product 804
Appendix 6.5. Measurement of the Capital Stock 807
Appendix 6.6. Measurement of Capacity Utilization 822
Appendix 6.7. Empirical Methods and Sources 828
Appendix 6.8. Data Tables for Chapter 6
(available online at http://www.amvarshaikhecon.org/)
Appendix 7.1. Data Sources and Methods for Chapter 7 856
Appendix 7.2. Data Tables for Chapter 7
(available online at http;//www.anwarshaildiecon.org/)
Appendix 8.1. Data Tables for Chapter 8
(available online at http://www.anwarshaikhecon.org/)
Appendix 9.1. Matrix Algebra of Classical Price Theory 861
Appendix 9.2. Sources and Methods for Chapter 9 867
Appendix 9.3. Data Tables for Chapter 9
(available online at http://www.anwarshaikhecon.org/)
Appendix 10.1. Sources and Methods for Chapter 10 873
Appendix 10.2. Data Tables for Chapter 10
(available online at http://www.anwarshaikhecon.org/)
Appendix 11.1. Data Sources and Methods for Chapter 11 875
Appendix 11.2. Data Tables for Chapter 11
(available online at http://www.anwarshaikhecon.org/)
Appendix 12.1. Sources and Methods for Chapter 12 881
Appendix 12.2. Data Tables for Chapter 12
(available online at http://www.anwarshaikhecon.org/)
Appendix 13. i. Stability of Multiplier Processes 8 82
Appendix 14.1. Dynamics of the Classical and Goodwin Models 889
Appendix 14.2. Data Sources, Methods, and Regressions 892
xix Contents
Appendix 14.3. Data Tables for Chapter 14
(available online at http://www.amvarshaikhecon.org/)
Appendix 15.1. Sources and Methods for Chapter 15 895
Appendix 15.2. Data Tables for Chapter 15
(available online at http://www.anwarshaikbecon.org/)
Appendix 16.1. Sources and Methods for Chapter 16 898
Appendix 16.2. Data Tables for Chapter 16
(available online at http://www.anwarshaikhecon.org/)
Appendix 17.1. Sources and Methods for Chapter 17 900
Appendix 17.2. Data Tables for Chapter 17
(available online at http://www.anwarshaikhecon.org/)
Note on Abbreviations 901
References 913
Author Index 951
Subject Index 961
Orthodox economics operates within 3
hypothesized world of perfect competition
in which perfect consumers and firms act to
bring about supposedly optimal outcomes
The discrepancies between this model and the
reality it claims to address are then attributed
to particular imperfections in reality itself.
Most heterodox economists seize on this fact
and insist that the world is characterized by
imperfect competition. But this only ties them
to the notion of perfect competition, which
remains as their point of departure and base
of comparison. There is no imperfection with-
out perfection
in Anwar Shaikh takes 3 different
approach He demonstrates that most of the
central proposition3 of economic analysis can
derived without 3ny reference to standard
devices such 3s hyperrationatity, optimization,
perfect competition, perfect information,
represent3Twe agents, or so called rational
expectations This perspective 3Hows M*m to
look afresh at virtually 3)1 eiements of
economic analysis laws of demand and
supply, tine determ»n3tion of wage and p rof 11
rates, technological change, relative prices,
interest rates, bond and equity prices, ex-
change rates, terms and balance of trade,
growth, unemployment, inflation, and long
booms culminating in recurrent general crises
In every case. Shaikh s innovative theory is
applied to modern empirical patterns and
contrasted with neoclassical, Keynesian, and
post-Keynesian approaches to thro same issues
Shaikhs object of analysis is the economics
of capitalism, and he explores the subject m
this expansive light This is how the classical
economists, as well 33 Keynes and Kalecki,
approached the issue. Anyone interested in
capitalism and economics »n general can gam
3 wealth of knowledge from this ground-
breaking text.
|
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| building | Verbundindex |
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| contents | Includes bibliographical references and index |
| ctrlnum | (OCoLC)953827213 (DE-599)BVBBV043360076 |
| discipline | Geschichte Wirtschaftswissenschaften |
| format | Book |
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| illustrated | Illustrated |
| indexdate | 2024-07-10T07:23:55Z |
| institution | BVB |
| isbn | 9780199390632 0199390657 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-028779320 |
| oclc_num | 953827213 |
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| physical | xxxv, 979 Seiten Illustrationen, Diagramme |
| publishDate | 2016 |
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| publisher | Oxford University Press |
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| spelling | Shaikh, Anwar 1945- Verfasser (DE-588)170418022 aut Capitalism competition, conflict, crises Anwar Shaikh New York, NY Oxford University Press [2016] xxxv, 979 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Capitalism Competition BUSINESS & ECONOMICS / Economics / General bisacsh BUSINESS & ECONOMICS / Reference bisacsh Capitalism fast Competition fast Kapitalismus Wirtschaft Theorie (DE-588)4059787-8 gnd rswk-swf Kapitalismus (DE-588)4029577-1 gnd rswk-swf Wirtschaftsordnung (DE-588)4066475-2 gnd rswk-swf Wirtschaftsordnung (DE-588)4066475-2 s Kapitalismus (DE-588)4029577-1 s Theorie (DE-588)4059787-8 s DE-604 Äquivalent Druck-Ausgabe, Paperback 978-0-19-093826-0 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=028779320&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=028779320&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
| spellingShingle | Shaikh, Anwar 1945- Capitalism competition, conflict, crises Includes bibliographical references and index Capitalism Competition BUSINESS & ECONOMICS / Economics / General bisacsh BUSINESS & ECONOMICS / Reference bisacsh Capitalism fast Competition fast Kapitalismus Wirtschaft Theorie (DE-588)4059787-8 gnd Kapitalismus (DE-588)4029577-1 gnd Wirtschaftsordnung (DE-588)4066475-2 gnd |
| subject_GND | (DE-588)4059787-8 (DE-588)4029577-1 (DE-588)4066475-2 |
| title | Capitalism competition, conflict, crises |
| title_auth | Capitalism competition, conflict, crises |
| title_exact_search | Capitalism competition, conflict, crises |
| title_full | Capitalism competition, conflict, crises Anwar Shaikh |
| title_fullStr | Capitalism competition, conflict, crises Anwar Shaikh |
| title_full_unstemmed | Capitalism competition, conflict, crises Anwar Shaikh |
| title_short | Capitalism |
| title_sort | capitalism competition conflict crises |
| title_sub | competition, conflict, crises |
| topic | Capitalism Competition BUSINESS & ECONOMICS / Economics / General bisacsh BUSINESS & ECONOMICS / Reference bisacsh Capitalism fast Competition fast Kapitalismus Wirtschaft Theorie (DE-588)4059787-8 gnd Kapitalismus (DE-588)4029577-1 gnd Wirtschaftsordnung (DE-588)4066475-2 gnd |
| topic_facet | Capitalism Competition BUSINESS & ECONOMICS / Economics / General BUSINESS & ECONOMICS / Reference Kapitalismus Wirtschaft Theorie Wirtschaftsordnung |
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