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Spectral Theory of Value and Actual Economies - Controllability, Effective Demand, and Cycles (Hardcover, 1st ed. 2021)
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Spectral Theory of Value and Actual Economies - Controllability, Effective Demand, and Cycles (Hardcover, 1st ed. 2021)
Series: Evolutionary Economics and Social Complexity Science, 24
Expected to ship within 10 - 15 working days
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This book develops a unified treatment of the income
distribution-capital-value problems with respect to actual
economies, and then gradually turns to the issues of effective
demand and capitalist accumulation fluctuations from both political
economy and economic policy perspectives. That treatment, on the
one hand, places produced means of production, positive profits,
and capital accumulation at the centre of the analysis and, on the
other hand, is analytically based on the modern control theory.
Hence, the authors' investigation is concerned with input-output
representations of actual single and joint production,
heterogeneous labour, and open economies; zeroes in on the
characteristic value distributions of the system matrices; and,
finally, derives meaningful theoretical results consistent with the
empirical evidence, and vice versa. The main topics addressed are
the uncontrollable/unobservable aspects of the real-world
economies, the powerful low-order spectral approximations and
reconstructions of the inter-industry structure of
production-value-distributive variables relationships, the
critical-constructive appraisal of both "mainstream" and "radical"
theories of value, the matrix demand multipliers and
demand-switching policies in heterogeneous capital worlds, and the
circular inter-actions amongst income distribution, effective
demand, accumulation, and technical conditions of production.
Written on the occasion of the 60th anniversary of the publication
of both Piero Sraffa's Production of Commodities by Means of
Commodities and Rudolf E. Kalman's paper "On the general theory of
control systems", this book provides a consistent and comprehensive
framework for theoretical, empirical, and economic policy research.
General
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