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Treatment of Fixed Capital in the Sraffian Framework and in the Theory of Dynamic Input-Output Models

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  • Christian Lager

Abstract

This paper is concerned with a comparison of the treatment of fixed capital in some multi-sectoral models. First, the dynamic Leontief model is investigated. Scrutiny shows that this model suffers from conceptual misconceptions which result from restrictive assumptions concerning full-capacity production and the transferability of capital in place, and from the definition of technical coefficients. Whereas most input-output (IO) models are based on the assumption of infinite life of fixed capital, the Sraffian concept is to treat used fixed capital items as 'intermediate' goods, which appear as joint products until they are worn out. To compare that approach with some IO models, an application of the concept of a 'plant' is provided. Finally, it is demonstrated that Leontief's model, as well as some recent generalizations, are special cases of a Sraffa-von Neumann type of model.

Suggested Citation

  • Christian Lager, 1997. "Treatment of Fixed Capital in the Sraffian Framework and in the Theory of Dynamic Input-Output Models," Economic Systems Research, Taylor & Francis Journals, vol. 9(4), pages 357-374.
    • Handle: RePEc:taf:ecsysr:v:9:y:1997:i:4:p:357-374
    DOI: 10.1080/09535319700000031
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    Cited by:

    1. Biao Huang, 2019. "Revisiting fixed capital models in the Sraffa framework," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 36(2), pages 351-371, July.
    2. Ian Steedman, 2000. "Income Distribution, Foreign Trade and the Value-Added Vector," Economic Systems Research, Taylor & Francis Journals, vol. 12(2), pages 221-230.
    3. Nadia Garbellini & Ariel Luis Wirkierman, 2014. "Productivity Accounting in Vertically (Hyper-)integrated Terms: Bridging the Gap between Theory and Empirics," Metroeconomica, Wiley Blackwell, vol. 65(1), pages 154-190, February.
    4. Wirkierman, Ariel Luis, 2022. "Productivity homogenisation trends of six advanced industrial economies: A vertically hyper-integrated approach," Structural Change and Economic Dynamics, Elsevier, vol. 61(C), pages 495-511.

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