Spectral Theory of Value and Actual Economies
Spectral Theory of Value and Actual Economies

Author: Theodore Mariolis

Publisher: Springer Nature

Published: 2021-05-29

Total Pages: 512

ISBN-13: 981336260X

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This book develops a unified treatment of the income distribution–capital–value problems with respect to actual economies, and then gradually turns to the issues of effective demand and capitalist accumulation fluctuations from both political economy and economic policy perspectives. That treatment, on the one hand, places produced means of production, positive profits, and capital accumulation at the centre of the analysis and, on the other hand, is analytically based on the modern control theory. Hence, the authors’ investigation is concerned with input–output representations of actual single and joint production, heterogeneous labour, and open economies; zeroes in on the characteristic value distributions of the system matrices; and, finally, derives meaningful theoretical results consistent with the empirical evidence, and vice versa. The main topics addressed are the uncontrollable/unobservable aspects of the real-world economies, the powerful low-order spectral approximations and reconstructions of the inter-industry structure of production–value–distributive variables relationships, the critical-constructive appraisal of both “mainstream” and “radical” theories of value, the matrix demand multipliers and demand-switching policies in heterogeneous capital worlds, and the circular inter-actions amongst income distribution, effective demand, accumulation, and technical conditions of production. Written on the occasion of the 60th anniversary of the publication of both Piero Sraffa’s Production of Commodities by Means of Commodities and Rudolf E. Kalman’s paper “On the general theory of control systems”, this book provides a consistent and comprehensive framework for theoretical, empirical, and economic policy research.

Modern Classical Economics and Reality
Modern Classical Economics and Reality

Author: Theodore Mariolis

Publisher: Springer

Published: 2016-01-13

Total Pages: 253

ISBN-13: 4431550046

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This book presents an in-depth, novel, and mathematically rigorous treatment of the modern classical theory of value based on the spectral analysis of the price–profit–wage rate system. The classical theory is also subjected to empirical testing to show its logical consistency and explanatory content with respect to observed phenomena and key economic policy issues related to various multiplier processes. In this context, there is an examination of the trajectories of relative prices when the distributive variables change, both theoretically and empirically, using actual input–output data from a number of quite divers e economies. It is suggested that the actual economies do not behave like the parable of a one-commodity world of the traditional neoclassical theory, which theorizes the relative scarcities of “goods and production factors” as the fundamental determinants of relative prices and their movement. By contrast, the results of the empirical analysis are fully consistent with the modern classical theory, which makes the intersectoral structure of production and the way in which net output is distributed amongst its claimants the fundamental determinants of price magnitudes. At the same time, however, these results indicate that only a few vertically integrated industries (“industry core” or “hyper-basic industries”) are enough to shape the behaviour of the entire economy in the case of a disturbance. This fact is reduced to the skew distribution of the eigenvalues of the matrices of vertically integrated technical coefficients and reveals that, across countries and over time, the effective dimensions of actual economies are surprisingly low. Normal 0 false false false EN-US JA X-NONE />

Capital Theory and Political Economy
Capital Theory and Political Economy

Author: Lefteris Tsoulfidis

Publisher: Routledge

Published: 2021-05-31

Total Pages: 239

ISBN-13: 1351239406

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In recent years, there have been a number of new developments in what came to be known as the "Capital Theory Debates". The debates took place mainly during the 1960s as a result of Piero Sraffa's critique of the neoclassical theory according to which the prices of factors of production directly depend on their relative scarcities. Sraffa showed that when income distribution changes, there are many complexities developed within the economic system impacting on prices in ways which are not possible to predict. These debates were revisited in the 1980s and again more recently, along with a parallel literature that has developed among neoclassical economists and has also looked at the impact of shocks on an economy. This book summarizes the debates and issues around the theory of capital and brings to the fore the more recent developments. It also pinpoints the similarities and differences between the various approaches and critically evaluates them in light of available empirical evidence. The focus of the book is on the price trajectories induced by changes in income distribution and the resulting shape of the wage rates of profit curves and frontier. These issues are central to areas such as microeconomics, international trade, growth, technological change and macro stability analysis. Each chapter starts with the theoretical issues involved, followed by their formalization and subsequently with their operationalization. More specifically, the variables of the classical theory of value and distribution are rigorously defined and quantified using actual input–output data from a number of major economies, but mainly from the USA, over long stretches of time. The empirical results are not only consistent with the anticipations of the theory but also further inform and therefore strengthen its predictive content raising new significant questions.

Classical Political Economics and Modern Capitalism
Classical Political Economics and Modern Capitalism

Author: Lefteris Tsoulfidis

Publisher: Springer Nature

Published: 2019-09-05

Total Pages: 465

ISBN-13: 3030179672

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This book promotes an in-depth understanding of the key mechanisms that govern the functioning of capitalist economies, pursuing a Classical Political Economics approach to do so. It explores central theoretical issues addressed by the classical economists Smith and Ricardo, as well as Marx, while also operationalizing more recent theoretical developments inspired by the works of Sraffa and other modern classical economists, using actual data from major economies. On the basis of this approach, the book subsequently provides alternative explanations for various microeconomic issues such as the determination of equilibrium prices and their movement induced by changes in income distribution; the dynamics of competition of firms within and between industries; the law of tendential equalization of interindustry profit rates; and international exchanges and transfers of value; as well as macroeconomic issues concerning capital accumulation and cyclical economic growth. Given its scope, the book will benefit all researchers, students, and policymakers seeking new explanations for observed phenomena and interested in the mechanisms that give rise to surface economic categories, such as prices, profits, the unemployment rate, interest rates, and long economic cycles.

Linear Theory of Fixed Capital and China’s Economy
Linear Theory of Fixed Capital and China’s Economy

Author: Bangxi Li

Publisher: Springer

Published: 2017-03-23

Total Pages: 132

ISBN-13: 9811040656

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This book discusses both linear economic theory and its application to China's recent economy from, 1987-2000, with an emphasis on fixed capital. It starts with the development of Marx-Sraffa linear economic models with fixed capital. The author then addresses various topics, including formal explanations of Sraffa-Okishio-Nakatani’s (SON) reduction of the whole economy to its subsystem of brand-new commodities, the renewal dynamics of fixed capital and the Marx-Engles-Ruchti-Lohmann effect as well as its extension to the accelerated depreciation case; and simulations of the economic durability of fixed capital. Further, in a general joint-production system, equilibria are computed as the spectra of the matrix pencil defining the equilibrium of the systems and the so-called Cambridge equation are extended to the case of SON's economy.By simulating the case of all final products being invested for capital goods, it estimates the fixed capital coefficients from investment data on China's economy 1995-2000. Based on this, the book describes the wage-profit curves of the open China economy. By applying the estimated fixed capital coefficients, the book presents the computation of the labour values of major commodities in China, and the turnpike of the stage 1995-2000, with fixed capital. It compares the value system with the production price system, and thus points out some structural issues of China's economy that are worth discussing.

Commodity Cycles, Inequality, and Poverty in Latin America
Commodity Cycles, Inequality, and Poverty in Latin America

Author: Mr. Ravi Balakrishnan

Publisher: International Monetary Fund

Published: 2021-04-26

Total Pages: 123

ISBN-13: 1484326091

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Over the past decades, inequality has risen not just in advanced economies but also in many emerging market and developing economies, becoming one of the key global policy challenges. And throughout the 20th century, Latin America was associated with some of the world’s highest levels of inequality. Yet something interesting happened in the first decade and a half of the 21st century. Latin America was the only region in the World to have experienced significant declines in inequality in that period. Poverty also fell in Latin America, although this was replicated in other regions, and Latin America started from a relatively low base. Starting around 2014, however, and even before the COVID-19 pandemic hit, poverty and inequality gains had already slowed in Latin America and, in some cases, gone into reverse. And the COVID-19 shock, which is still playing out, is likely to dramatically worsen short-term poverty and inequality dynamics. Against this background, this departmental paper investigates the link between commodity prices, and poverty and inequality developments in Latin America.

Income Inequality and Poverty
Income Inequality and Poverty

Author: Nanak Kakwani

Publisher: New York : Published for the World Bank [by] Oxford University Press

Published: 1980

Total Pages: 436

ISBN-13:

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Deals with income distribution methods and their economic applications.

The Stiglitz Report
The Stiglitz Report

Author: Joseph E. Stiglitz

Publisher: The New Press

Published: 2010

Total Pages: 204

ISBN-13: 1595585206

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The fact that the global economy is broken may be widely accepted, but what precisely needs to be fixed has become the subject of enormous controversy. In 2008, the President of the United Nations General Assembly convened an international panel, chaired by Nobel Prize-winning economist Joseph Stiglitz and including 20 leading experts on the international monetary system, to address this crucial issue. This report controversially establishes a bold agenda for policy change, both broad in scope and profound in its ambitions.