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Natural rates of profit, natural prices, and the actual economic systems - a theoretical framework

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  • Garbellini, Nadia

Abstract

The aim of the present paper is that of exploiting the notions of vertically (hyper-)integrated sectors, as discussed in Pasinetti (1973) and Pasinetti (1988), and of natural system, as defined in Pasinetti (1981), in order to build up an analytical framework in which data from national accounts can be consistently inserted and hence used to analyse actual economic systems. Pasinetti (1981) built up an analytical framework in which the economy is divided into as many vertically (hyper-)integrated sectors as there are consumption goods. Each vertically integrated sector is summarised, as explained in Pasinetti (1973), by a composite commodity — a unit of vertically integrated productive capacity — made up by all the goods that enter, both directly and indirectly, the production of the corresponding consumption good, and a unit of vertically integrated labour, i.e. the quantity of labour that directly and indirectly enters the production of the consumption goods. Being the model developed in Pasinetti (1981) a vertical integrated model, there is a link between it and the analytical formulations provided by Pasinetti (1973) and Pasinetti (1988). However, such an analytic link has not been singled out explicitly, thus making it difficult to use the model itself for empirical purposes. The aim of the present paper is therefore precisely that of making this further step, in order to set up a theoretical framework which can be fruitfully used for empirical analyses of actual economic systems.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 15941.

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Date of creation: 26 Jun 2009
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Handle: RePEc:pra:mprapa:15941

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Keywords: Natural system; vertical integrated sectors; functional income distribution; natural rates of profit; natural prices.;

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  1. S. Montresor & G. Vittucci Marzetti, 2008. "The deindustrialisation/tertiarisation hypothesis reconsidered: a subsystem application to the OECD7," Working Papers 622, Dipartimento Scienze Economiche, Universita' di Bologna.
  2. Montresor Sandro & Vittucci Marzetti Giuseppe, 2007. "Outsourcing and Structural Change: What Can Input-Output Analysis Say About It?," Economia politica, Società editrice il Mulino, issue 1, pages 43-78.
  3. S. Montresor & G. Vittucci Marzetti, 2006. "Outsourcing and structural change: shifting firm and sectoral boundaries," Working Papers 566, Dipartimento Scienze Economiche, Universita' di Bologna.
  4. Oscar De Juan & Eladio Febrero, 2000. "Measuring Productivity from Vertically Integrated Sectors," Economic Systems Research, Taylor & Francis Journals, vol. 12(1), pages 65-82.
  5. S. Montresor & Vittucci & G. Marzetti, 2008. "Constructing intersectoral innovation diffusion networks with input-output: how to get relative flows? An illustrative application to six OECD technological systems for the middle '90s," Working Papers 649, Dipartimento Scienze Economiche, Universita' di Bologna.
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