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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.
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.
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.
Normal 0 false false false EN-US JA X-NONE />
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.
Normal 0 false false false EN-US JA X-NONE />
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