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The rarity of reswitching explained

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  • Schefold, Bertram

Abstract

Most studies of the frequency of reswitching and reverse capital deepening were based on two or three sector models and came to the conclusion that these phenomena are rare. Here it is shown that the probability of isolated reswitching tends to zero in large economic systems. The assumptions of the new mathematical theorems proposed are supported by an empirical enquiry. The randomness of input–output systems can help to explain the result, but is not essential. If the number of switch-points tends to infinity in large systems, it is not certain that even one represents a case of reverse capital deepening. The focus of the critique of capital will have to change.

Suggested Citation

  • Schefold, Bertram, 2023. "The rarity of reswitching explained," Structural Change and Economic Dynamics, Elsevier, vol. 67(C), pages 128-150.
    • Handle: RePEc:eee:streco:v:67:y:2023:i:c:p:128-150
    DOI: 10.1016/j.strueco.2023.07.004
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    More about this item

    Keywords

    Capital theory; Reswitching; Reverse capital deepening; Sraffian economics; Input–output analysis;
    All these keywords.

    JEL classification:

    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis

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