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Books > Social sciences > Politics & government > Central government > Central government policies
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Modern Classical Economics and Reality - A Spectral Analysis of the Theory of Value and Distribution (Paperback, Softcover reprint of the original 1st ed. 2016)
Loot Price: R2,873
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Modern Classical Economics and Reality - A Spectral Analysis of the Theory of Value and Distribution (Paperback, Softcover reprint of the original 1st ed. 2016)
Series: Evolutionary Economics and Social Complexity Science, 2
Expected to ship within 10 - 15 working days
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This book presents an in-depth, novel, and mathematically rigorous
treatment of the modern classical theory of value based on the
spectral analysis of the price-profit-wage rate system. The
classical theory is also subjected to empirical testing to show its
logical consistency and explanatory content with respect to
observed phenomena and key economic policy issues related to
various multiplier processes. In this context, there is an
examination of the trajectories of relative prices when the
distributive variables change, both theoretically and empirically,
using actual input-output data from a number of quite divers e
economies. It is suggested that the actual economies do not behave
like the parable of a one-commodity world of the traditional
neoclassical theory, which theorizes the relative scarcities of
"goods and production factors" as the fundamental determinants of
relative prices and their movement. By contrast, the results of the
empirical analysis are fully consistent with the modern classical
theory, which makes the intersectoral structure of production and
the way in which net output is distributed amongst its claimants
the fundamental determinants of price magnitudes. At the same time,
however, these results indicate that only a few vertically
integrated industries ("industry core" or "hyper-basic industries")
are enough to shape the behaviour of the entire economy in the case
of a disturbance. This fact is reduced to the skew distribution of
the eigenvalues of the matrices of vertically integrated technical
coefficients and reveals that, across countries and over time, the
effective dimensions of actual economies are surprisingly low.
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