Capital theory and political economy: prices, income distribution and stability
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
London
Routledge
2021
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| Series: | Routledge frontiers of political economy
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | xi, 224 Seiten Illustrationen |
| ISBN: | 9780815375654 9781032006253 |
Staff View
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| 653 | 0 | |a Capital | |
| 653 | 0 | |a Income distribution | |
| 653 | 0 | |a Wages | |
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| adam_text | Contents List offigures ix List of tables List of abbreviations Preface and acknowledgments 1 Preliminaries xiii xv xvii 1 1.1 Introduction 1 1.2 Structure of the book 4 2 Theory of capital in historical perspective 6 2.1 Introduction 6 2.2 Capital in theories of value and distribution 6 2.3 Capital in the broad classical approach 9 2.4 Capital in the neoclassical theory 17 2.5 Production with capital and the early neoclassical economists 21 2.6 Summary and conclusions 29 3 Capital theory controversies 3.1 Introduction 31 31 3.2 Cambridge capital theory controversies 31 3.3 Production with produced means ofproduction 37 3.4 Samuelson’s one-commodity world 39 3.5 From the one-commodity to the world of many commodities 46 3.6 Reswitching of techniques and the demandfor capital 50 3.7 Summary and conclusions 53 Appendix 3.A: Samuelson’s and Pasinetti’s reswitching examples 53 4 Price trajectories and the rate of profit 4.1 Introduction 61 4.2 Prices ofproduction and their determinants 63 61
vi Contents 4.2.1 The mathematics of the linear model of production 65 4.3 Price paths using input-output data, BEA 2018 70 4.3.1 The fixed capital model, BEA 2018 70 4.3.2 The circulating capital model, BEA 2018 74 4.4 Price paths using input—output data, USA 2014 78 4.4.1 The fixed capital model, USA 2014, WIOD (2016) 79 4.4.2 The circulating capital model, USA 2014 84 4.5 Summary and conclusions 88 Appendix 4. A: Sources of data and estimating methods 90 5 Wage rate of profit curves and technological change 93 5.1 Introduction 93 5.2 Survey of the first empirical studies 94 5.3 Technologicat change and wage rate ofprofit curves 96 5.4 The choice of numéraires and the standard commodity 104 5.5 WRP curves in 49 industries, USA 2007 and 2014 108 5.5.1 WRP curves, circulating capital model 109 5.5.2 WRP curves, fixed capital model 114 5.6 Discussion of empiricalfindings 119 5.6.1 Some recent developments 123 5.7 Summary and conclusions 127 Appendix 5. A: Further testing of the randomness hypothesis 129 6 Distribution of eigenvalues and the shape of price and wage rates of profit curves 132 6.1 Introduction 132 6.2 Brody’s conjecture 133 6.2.1 Evolution of spectral ratio and the size of matrices 135 6.3 Eigendecomposition, price trajectories and dimensionality reduction 140 6.4 Eigendecomposition and the circulating capital model 144 6.4.1 Second-order approximation of PRP trajectories 147 6.4.2 The distribution of eigenvalues and the near linearities in PRP trajectories 150 6.5 Factorization and the construction of a hyper-basic sector 159 6.5.1 The Application of the SVD
factorization method 162 6.5.2 The fixed capital model and the hyper-basic industry 163 6.6 Summary and conclusions 166 Appendix 6.A: Digression in the effective rank 168 7 A simple but realistic linear model of production 7.1 Introduction 171 7.2 Input—output data and the estimation of relative equilibrium prices 172 171
vii Contents 7.3 A Realistic numerical example and the estimation of direct prices 173 7.3.1 Direct prices, prices of production and market prices 175 7.3.2 The Sraffian standard commodity 176 7.4 Prices ofproduction in circulating andfixed capital models I and II 177 7.4.1 Prices of production in a circulating capital model 177 7.4.2 Prices of production in a fixed capital model I 179 7.4.3 Prices of production in a fixed capital model II 180 7.5 Prices ofproduction/direct prices trajectories 182 7.5.1 PP/DP trajectories, circulating capital model 183 7.5.2 PP/DP trajectories, fixed capital model I 184 7.5.3 PP/DP trajectories, fixed capital model II 185 7.6 Wage rate ofprofit curves 187 7.7 The eigendecomposition and the approximations ofprice trajectories 190 7.8 Hyper-basic industry 195 7.9 Summary and conclusions 198 Summing-up 200 8.1 Introduction 200 8.2 Capital theory debates in retrospect 201 8.3 Capital theory debates in prospect 205 8.4 Concluding remarks 210 References 213 Index 221
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| adam_txt |
Contents List offigures ix List of tables List of abbreviations Preface and acknowledgments 1 Preliminaries xiii xv xvii 1 1.1 Introduction 1 1.2 Structure of the book 4 2 Theory of capital in historical perspective 6 2.1 Introduction 6 2.2 Capital in theories of value and distribution 6 2.3 Capital in the broad classical approach 9 2.4 Capital in the neoclassical theory 17 2.5 Production with capital and the early neoclassical economists 21 2.6 Summary and conclusions 29 3 Capital theory controversies 3.1 Introduction 31 31 3.2 Cambridge capital theory controversies 31 3.3 Production with produced means ofproduction 37 3.4 Samuelson’s one-commodity world 39 3.5 From the one-commodity to the world of many commodities 46 3.6 Reswitching of techniques and the demandfor capital 50 3.7 Summary and conclusions 53 Appendix 3.A: Samuelson’s and Pasinetti’s reswitching examples 53 4 Price trajectories and the rate of profit 4.1 Introduction 61 4.2 Prices ofproduction and their determinants 63 61
vi Contents 4.2.1 The mathematics of the linear model of production 65 4.3 Price paths using input-output data, BEA 2018 70 4.3.1 The fixed capital model, BEA 2018 70 4.3.2 The circulating capital model, BEA 2018 74 4.4 Price paths using input—output data, USA 2014 78 4.4.1 The fixed capital model, USA 2014, WIOD (2016) 79 4.4.2 The circulating capital model, USA 2014 84 4.5 Summary and conclusions 88 Appendix 4. A: Sources of data and estimating methods 90 5 Wage rate of profit curves and technological change 93 5.1 Introduction 93 5.2 Survey of the first empirical studies 94 5.3 Technologicat'change and wage rate ofprofit curves 96 5.4 The choice of numéraires and the standard commodity 104 5.5 WRP curves in 49 industries, USA 2007 and 2014 108 5.5.1 WRP curves, circulating capital model 109 5.5.2 WRP curves, fixed capital model 114 5.6 Discussion of empiricalfindings 119 5.6.1 Some recent developments 123 5.7 Summary and conclusions 127 Appendix 5. A: Further testing of the randomness hypothesis 129 6 Distribution of eigenvalues and the shape of price and wage rates of profit curves 132 6.1 Introduction 132 6.2 Brody’s conjecture 133 6.2.1 Evolution of spectral ratio and the size of matrices 135 6.3 Eigendecomposition, price trajectories and dimensionality reduction 140 6.4 Eigendecomposition and the circulating capital model 144 6.4.1 Second-order approximation of PRP trajectories 147 6.4.2 The distribution of eigenvalues and the near linearities in PRP trajectories 150 6.5 Factorization and the construction of a hyper-basic sector 159 6.5.1 The Application of the SVD
factorization method 162 6.5.2 The fixed capital model and the hyper-basic industry 163 6.6 Summary and conclusions 166 Appendix 6.A: Digression in the effective rank 168 7 A simple but realistic linear model of production 7.1 Introduction 171 7.2 Input—output data and the estimation of relative equilibrium prices 172 171
vii Contents 7.3 A Realistic numerical example and the estimation of direct prices 173 7.3.1 Direct prices, prices of production and market prices 175 7.3.2 The Sraffian standard commodity 176 7.4 Prices ofproduction in circulating andfixed capital models I and II 177 7.4.1 Prices of production in a circulating capital model 177 7.4.2 Prices of production in a fixed capital model I 179 7.4.3 Prices of production in a fixed capital model II 180 7.5 Prices ofproduction/direct prices trajectories 182 7.5.1 PP/DP trajectories, circulating capital model 183 7.5.2 PP/DP trajectories, fixed capital model I 184 7.5.3 PP/DP trajectories, fixed capital model II 185 7.6 Wage rate ofprofit curves 187 7.7 The eigendecomposition and the approximations ofprice trajectories 190 7.8 Hyper-basic industry 195 7.9 Summary and conclusions 198 Summing-up 200 8.1 Introduction 200 8.2 Capital theory debates in retrospect 201 8.3 Capital theory debates in prospect 205 8.4 Concluding remarks 210 References 213 Index 221 |
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| spelling | Tsoulfidis, Lefteris Verfasser (DE-588)170728269 aut Capital theory and political economy prices, income distribution and stability Lefteris Tsoulfidis London Routledge 2021 xi, 224 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Routledge frontiers of political economy Includes bibliographical references and index Kapitaltheorie (DE-588)4130460-3 gnd rswk-swf Wirtschaftspolitik (DE-588)4066493-4 gnd rswk-swf Capital Income distribution Wages Economic development Kapitaltheorie (DE-588)4130460-3 s Wirtschaftspolitik (DE-588)4066493-4 s b DE-604 Erscheint auch als Online-Ausgabe 978-1-351-23942-4 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=032761688&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Tsoulfidis, Lefteris Capital theory and political economy prices, income distribution and stability Kapitaltheorie (DE-588)4130460-3 gnd Wirtschaftspolitik (DE-588)4066493-4 gnd |
| subject_GND | (DE-588)4130460-3 (DE-588)4066493-4 |
| title | Capital theory and political economy prices, income distribution and stability |
| title_auth | Capital theory and political economy prices, income distribution and stability |
| title_exact_search | Capital theory and political economy prices, income distribution and stability |
| title_exact_search_txtP | Capital theory and political economy prices, income distribution and stability |
| title_full | Capital theory and political economy prices, income distribution and stability Lefteris Tsoulfidis |
| title_fullStr | Capital theory and political economy prices, income distribution and stability Lefteris Tsoulfidis |
| title_full_unstemmed | Capital theory and political economy prices, income distribution and stability Lefteris Tsoulfidis |
| title_short | Capital theory and political economy |
| title_sort | capital theory and political economy prices income distribution and stability |
| title_sub | prices, income distribution and stability |
| topic | Kapitaltheorie (DE-588)4130460-3 gnd Wirtschaftspolitik (DE-588)4066493-4 gnd |
| topic_facet | Kapitaltheorie Wirtschaftspolitik |
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