Marx, the Production Function and the Old Neoclassical Equilibrium: Workable under the Same Assumptions? With an Appendix on the Likelihood of Reswitching and of Wicksell Effects
A stochastic approach has been introduced to explain the empirically observed fact that wage curves calculated from input-output systems tend to be nearly linear and that the paradoxes of capital appear to be rare. The stochastic approach allows to justify the simplifying treatment of normal prices common to 19th and early 20th century authors as diverse as Marx (transformation problem), Wicksell (old neoclassical equilibrium), J.B. Clark (neoclassical production function). It is shown that the likelihood of reverse capital deepening is much lower than that of Wicksell effects. With this, the likely characteristics of the wage frontier obtained from a multiplicity of input-output tables are derived. The conclusion summarises what we know and do not know about the validity of the Cambridge critique of capital.
|Date of creation:||Apr 2016|
|Contact details of provider:|| Postal: Via Silvio D'Amico 77, 00145 - Roma|
Phone: +39 06 57335662
Fax: +39 06 57335772
Web page: http://www.centrosraffa.org/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Stefano Zambelli, 2004.
"The 40% neoclassical aggregate theory of production,"
Cambridge Journal of Economics,
Oxford University Press, vol. 28(1), pages 99-120, January.
- Zambelli Stefano, 2001. "The 40% Neoclassical Aggregate Theory of Production," Computing in Economics and Finance 2001 42, Society for Computational Economics.
- Paul A. Samuelson, 1966. "A Summing Up," The Quarterly Journal of Economics, Oxford University Press, vol. 80(4), pages 568-583.
- Schefold, B, 1988. "The Dominant Technique in Joint Production Systems," Cambridge Journal of Economics, Oxford University Press, vol. 12(1), pages 97-123, March.
- Bertram Schefold, 2016. "Profits equal surplus value on average and the significance of this result for the Marxian theory of accumulationBeing a new contribution to Engels’ Prize Essay Competition, based on random matrices a," Cambridge Journal of Economics, Oxford University Press, vol. 40(1), pages 165-199.
- Zonghie Han & Bertram Schefold, 2006. "An empirical investigation of paradoxes: reswitching and reverse capital deepening in capital theory," Cambridge Journal of Economics, Oxford University Press, vol. 30(5), pages 737-765, September.
- Schefold, Bertram, 1979. "Capital, Growth, and Definitions of Technical Progress," Kyklos, Wiley Blackwell, vol. 32(1/2), pages 236-250.
- Theodore Mariolis & Lefteris Tsoulfidis, 2014. "On Bródy'S Conjecture: Theory, Facts And Figures About Instability Of The Us Economy," Economic Systems Research, Taylor & Francis Journals, vol. 26(2), pages 209-223, June.
- Stefano Zambelli, 2014. "Aggregate Production Functions and Neoclassical Properties: An Empirical Verification," ASSRU Discussion Papers 1405, ASSRU - Algorithmic Social Science Research Unit.
- Salvadori, Neri & Steedman, Ian, 1988. "No Reswitching? No Switching!," Cambridge Journal of Economics, Oxford University Press, vol. 12(4), pages 481-486, December. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:ris:sraffa:0019. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Saverio M. Fratini)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.