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Growing Subsystems, Vertically Hyper-integrated Sectors and the Labour Theory of Value

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  • Pasinetti, Luigi L
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    Abstract

    The author starts from Piero Sraffa's notion of subsystem, and from his own notion of vertically integrated sector, and goes on to a complete generalization to dynamic analysis. A production system is partitioned into a set of self-contained growing subsystems, each of which, compactly considered, is characterized by one single unit of consumption good at one extreme and one single labor coefficient at the other extreme (a vertically hyper-integrated sector). This logical construction is shown to possess remarkable analytical and normative properties, particularly suitable for dynamic analysis. Among these properties, a complete generalization is obtained of Ada m Smith's pure labor theory of value. Copyright 1988 by Oxford University Press.

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    Bibliographic Info

    Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

    Volume (Year): 12 (1988)
    Issue (Month): 1 (March)
    Pages: 125-34

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    Handle: RePEc:oup:cambje:v:12:y:1988:i:1:p:125-34

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    Cited by:
    1. Yoshihara, Naoki & Veneziani, Roberto, 2013. "The Measurement of Labour Content: A General Approach," Discussion Paper Series 587, Institute of Economic Research, Hitotsubashi University.
    2. Valeria, Di Cosmo & Marie, Hyland & Maria, LLop, 2012. "Disentangling water usage in the European Union: A decomposition analysis," MPRA Paper 42865, University Library of Munich, Germany.
    3. Ricardo Azevedo Araujo & JoanÌlio Rodolpho Teixeira, 2003. "An Extension of the Structural Change Model to International Economic Relations," Metroeconomica, Wiley Blackwell, vol. 54(4), pages 458-473, November.
    4. Maria Llop & Josep-Maria Arauzo-Carod, 2012. "Identifying the economic impact behind a cultural asset: an input–output subsystems analysis," The Annals of Regional Science, Springer, vol. 49(3), pages 861-877, December.
    5. Reati, Angelo, 1998. "A Long-Wave Pattern for Output and Employment in Pasinetti’s Model of Structural Change," MPRA Paper 1663, University Library of Munich, Germany.
    6. di Cosmo, Valeria & Hyland, Marie, 2013. "Decomposing patterns of emission intensity in the EU and China: how much does trade matter?," Papers WP462, Economic and Social Research Institute (ESRI).

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