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

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  • Pasinetti, Luigi L

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.

Suggested Citation

  • Pasinetti, Luigi L, 1988. "Growing Subsystems, Vertically Hyper-integrated Sectors and the Labour Theory of Value," Cambridge Journal of Economics, Oxford University Press, vol. 12(1), pages 125-134, March.
  • Handle: RePEc:oup:cambje:v:12:y:1988:i:1:p:125-34
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    Cited by:

    1. Pascal Seppecher & Isabelle Salle & Marc Lavoie, 2017. "What drives markups? Evolutionary pricing in an agent-based stock-flow consistent macroeconomic model," CEPN Working Papers hal-01486597, HAL.
    2. Valeria Cosmo & Marie Hyland & Maria Llop, 2014. "Disentangling Water Usage in the European Union: A Decomposition Analysis," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 28(5), pages 1463-1479, March.
    3. Naoki Yoshihara & Roberto Veneziani, 2013. "The Measurement of Labour Content: A General Approach," UMASS Amherst Economics Working Papers 2013-05, University of Massachusetts Amherst, Department of Economics.
    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;Western Regional Science Association, vol. 49(3), pages 861-877, December.
    5. Butnar, Isabela & Llop Llop, Maria, 2010. "Structural decomposition analysis and input-output subsystems: An application to Spanish CO2 emissions," Working Papers 2072/151546, Universitat Rovira i Virgili, Department of Economics.
    6. Michel Bellet & Stéphane Lallich & Maurice Vincent, 1990. "Noyaux, filières et complexes industriels dans le système productif," Revue Économique, Programme National Persée, vol. 41(3), pages 481-500.
    7. Ahmad Fliti, 1995. "L'analyse en termes de secteur verticalement intégré. Une application au cas du BTP en France en 1989," Revue Économique, Programme National Persée, vol. 46(5), pages 1333-1359.
    8. Dejuán, Óscar, 2014. "The Supermultiplier as a Vertically Hyper-integrated Sector," Centro Sraffa Working Papers CSWP4, Centro di Ricerche e Documentazione "Piero Sraffa".
    9. Yoann Verger, 2015. "Sraffa and ecological economics: review of the literature," Working Papers hal-01182894, HAL.
    10. Yoann Verger, 2018. "First steps for a Sraffian ecological economics. An answer to Martins' “The Classical Circular Economy, Sraffian Ecological Economics and the Capabilities Approach”," Working Papers hal-01700228, HAL.
    11. Valeria Di Cosmo & Marie Hyland, 2015. "Decomposing patterns of emission intensity in the EU and China: how much does trade matter?," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 58(12), pages 2176-2192, December.
    12. Garbellini, Nadia & Wirkierman, Ariel Luis, 2014. "Blocks and circularity in labour requirements: An interplay between clusters and subsystems in the EU," Structural Change and Economic Dynamics, Elsevier, vol. 28(C), pages 60-74.
    13. Mariolis, Theodore, 2014. "Η θεωρία οικονομικών κρίσεων του Karl Marx
      [Karl Marx’s theory of economic crises]
      ," MPRA Paper 56831, University Library of Munich, Germany.
    14. 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.
    15. 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.
    16. Massimo Cingolani, 2015. "Sylos Labini su Marx: implicazioni per la politica economica (Sylos Labini on Marx: economic policy implications)," Moneta e Credito, Economia civile, vol. 68(269), pages 81-147.
    17. 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.
    18. Oda, Sobei H., 1999. "Trade in capital goods generated by international diffusion of technology," Structural Change and Economic Dynamics, Elsevier, vol. 10(2), pages 195-208, June.
    19. Pasinetti, Luigi L., 1998. "A note on Richard Stone's paper on changes in productivity," Structural Change and Economic Dynamics, Elsevier, vol. 9(2), pages 233-235, June.
    20. Butnar, Isabela & Llop, Maria, 2011. "Structural decomposition analysis and input-output subsystems: Changes in CO2 emissions of Spanish service sectors (2000-2005)," Ecological Economics, Elsevier, vol. 70(11), pages 2012-2019, September.
    21. Alcántara, Vicent & Padilla, Emilio, 2009. "Input-output subsystems and pollution: An application to the service sector and CO2 emissions in Spain," Ecological Economics, Elsevier, vol. 68(3), pages 905-914, January.
    22. repec:spr:endesu:v:19:y:2017:i:6:d:10.1007_s10668-016-9847-y is not listed on IDEAS
    23. Carlo D’Adda, 2016. "Note on Sustainability Prices When Sectoral Growth Rates Differ," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 2(1), pages 1-4, March.

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