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Essays on the Historicity of Capital (Hardcover, 1st ed. 2019)
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Essays on the Historicity of Capital (Hardcover, 1st ed. 2019)
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The methodological and epistemological problem this book studies is
related to the heterogeneity of capital. Capitals are heterogeneous
through time and space; at the same time, various heterogeneous
capitals must be aggregated, as shown by Ricardo and Keynes. On the
other hand, the value of some quantity of aggregate capital changes
over time, as demonstrated by Ricardo, Keynes and Stiglitz. For
this purpose, this book considers Ricardo, Keynes and Stiglitz. For
each author, capital is heterogeneous: Ricardo, from his labor
theory; Keynes from the change in expectations, in regard to the
return of such capital; and Stiglitz from the divergences between
the different groups' expectations. Ricardo was the first author
who explained why the value of capital cannot be determined
independently from distribution variables and consequently why such
value changes when distribution variables change - this mechanism
was deepened by Sraffa and the neo-Ricardian school. Keynes, with
the concept of supply price of capital, explains why such value
moves in regard to long-term expectations. Finally, Stiglitz's
analysis is a complementary approach in regard to Keynes's, insofar
as he details the mechanism of speculation observed by Keynes from
asymmetries of information. Keynes and Stiglitz's approaches allow
complement Ricardo's analysis, insofar expectations are absent from
Ricardo's framework. This book argues that epistemological choices
allow going beyond the traditional opposition between neo-Ricardian
and post-Keynesian approaches, introducing path dependence
mechanisms and an "expectational" dimension. From the moment that
capital is not a constant value over time and space, it is not
possible anymore to consider a well-behaved production function,
which this book argues implies refuting all the neoclassical
framework, from the stability of the macroeconomic equilibrium and
the Marshallian market equilibrium to the convergence towards the
steady state.
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