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Competing Theories of Value: A Spectral Analysis

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  • Theodore Mariolis

Abstract

This paper is based on a spectral–controllability analysis of the Sraffian price system and develops a relevant reconstruction of the theory of value. It shows that (i) the hitherto competing theories of value correspond to specific complex plane locations of the eigenvalues of the vertically integrated technical coefficients matrix; and (ii) the real-world economies cannot be coherently analyzed in terms of the traditional theory of value (classical, Marxian, Austrian, and neoclassical), despite the fact that they are characterized by rather low degrees and relatively low numerical ranks of price controllability. Hence, on the one hand, the Sraffian theory of value is not only the most general to date, but also empirically relevant. On the other hand, the real-world economies constitute almost uncontrollable systems, and this explains, in turn, the specific shape features of the empirical price–wage–profit rate curves that are at the heart of the capital theory debate.

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  • Theodore Mariolis, 2021. "Competing Theories of Value: A Spectral Analysis," Contributions to Political Economy, Oxford University Press, vol. 40(1), pages 1-25.
    • Handle: RePEc:oup:copoec:v:40:y:2021:i:1:p:1-25.
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    File URL: http://hdl.handle.net/10.1093/cpe/bzab004
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    Cited by:

    1. Ferrer-Hernández , Jacobo & Torres-González, Luis Daniel, 2022. "Some Recent Developments on the Explanation of the Empirical Relationship between Prices and Distribution," Centro Sraffa Working Papers CSWP54, Centro di Ricerche e Documentazione "Piero Sraffa".
    2. Jacobo Ferrer-Hernández & Luis Daniel Torres-González, 2021. "Eigenvalues and Eigenlabors: On Iliadi’s, Mariolis’, Soklis’, and Tsoulfidis’ Explanation of the Empirical Regularities in Price Curves," Working Papers 2119, New School for Social Research, Department of Economics.

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