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The Cambridge–Cambridge controversy on the theory of capital: 50 years after

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  • Harald Hagemann

    (Department of Economics, University of Hohenheim, Stuttgart, Germany)

Abstract

The paper points out that capital theory has always been a hotly debated subject, partly because the theoretical issues involved are very complex, and partly because rival ideologies and value systems directly affect the issues discussed. The focus is on the history, the main protagonists, and the relevant problems examined and argued about during the two Cambridges controversy on the theory of capital which was at its peak 50 years ago. Whereas one clear result of these debates is that neither Samuelson's surrogate production function nor Solow's rate-of-return concept could resurrect aggregate neoclassical theory, many other questions, such as the treatment of capital in temporary or intertemporal general equilibrium models or the empirical relevance of the reswitching phenomenon, are still discussed controversially.

Suggested Citation

  • Harald Hagemann, 2020. "The Cambridge–Cambridge controversy on the theory of capital: 50 years after," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 17(2), pages 196-207, September.
    • Handle: RePEc:elg:ejeepi:v:17:y:2020:i:2:p196-207
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    Cited by:

    1. Kersting, Götz & Schefold, Bertram, 2021. "Best techniques leave little room for substitution. A new critique of the production function," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 509-533.
    2. Xiaodong Xu & Hafiz Syed Mohsin Abbas & Chunxia Sun & Samreen Gillani & Atta Ullah & Muhammad Ahsan Ali Raza, 2021. "Impact of globalization and governance determinants on economic growth: An empirical analysis of Asian economies," Growth and Change, Wiley Blackwell, vol. 52(2), pages 1137-1154, June.

    More about this item

    Keywords

    Austrian theory of capital; capital theory; Cambridge controversy; reswitching; Sraffa; wage-profit curve; Wicksell effects;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • 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
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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