On The Second Stage Of The Cambridge Capital Controversy
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On The Second Stage Of The Cambridge Capital Controversy
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Author : Saverio M. Fratini
language : en
Publisher:
Release Date : 2020
On The Second Stage Of The Cambridge Capital Controversy written by Saverio M. Fratini and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
The second stage of the Cambridge capital controversy concerns the neo-Walrasian theory of value and distribution. Since production is not understood in this theory as employing factors of production but rather commodities, that is goods and services with date and place of delivery, some scholars maintained that it is not affected by the problems that emerged, during the first stage of the controversy, as regards the conception of capital as a factor of production and the rate of interest as the price for its use. The reply of the 'neo-Ricardians' was based on two arguments. The first regarded the relevance of the new notions of equilibrium adopted in the neo-Walrasian approach, with particular reference to temporary and Arrow-Debreu equilibria, and the second the possibility that the phenomena of re-switching and reverse capital deepening, by affecting the working of the saving-investment market, could cause equilibrium multiplicity and instability also in a neo-Walrasian framework.
Cambridge Capital Controversy
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Author : Fouad Sabry
language : en
Publisher: One Billion Knowledgeable
Release Date : 2024-02-01
Cambridge Capital Controversy written by Fouad Sabry and has been published by One Billion Knowledgeable this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-01 with Business & Economics categories.
What is Cambridge Capital Controversy In economics, the Cambridge capital controversy, sometimes known as "the capital controversy" or "the two Cambridges debate," was a dispute that began in the 1950s and continued far into the 1960s. It was a disagreement between proponents of two different theoretical and mathematical perspectives in economics. The nature and function of capital goods, as well as a critique of the neoclassical perspective on aggregate output and distribution, were the topics of discussion during the debate. A significant portion of the debate took place between economists such as Joan Robinson and Piero Sraffa at the University of Cambridge in England and economists such as Paul Samuelson and Robert Solow at the Massachusetts Institute of Technology in Cambridge, Massachusetts, United States. The name of the controversy originates from the location of the principals who were involved in the controversy. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Cambridge capital controversy Chapter 2: David Ricardo Chapter 3: Factors of production Chapter 4: Macroeconomics Chapter 5: Neoclassical economics Chapter 6: Piero Sraffa Chapter 7: Nicholas Kaldor Chapter 8: Classical economics Chapter 9: Production function Chapter 10: Solow-Swan model Chapter 11: Harrod-Domar model Chapter 12: Heterodox economics Chapter 13: Economic problem Chapter 14: Long run and short run Chapter 15: Evsey Domar Chapter 16: Nobuo Okishio Chapter 17: Neoclassical synthesis Chapter 18: New classical macroeconomics Chapter 19: Luigi Pasinetti Chapter 20: History of macroeconomic thought Chapter 21: Anwar Shaikh (economist) (II) Answering the public top questions about cambridge capital controversy. (III) Real world examples for the usage of cambridge capital controversy in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Cambridge Capital Controversy.
Some Cambridge Controversies In The Theory Of Capital
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Author : G. C. Harcourt
language : en
Publisher: Cambridge University Press
Release Date : 2022-06-02
Some Cambridge Controversies In The Theory Of Capital written by G. C. Harcourt and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-06-02 with Business & Economics categories.
The Cambridge Capital Controversy was one of the most significant debates in Twentieth Century economics. First published in 1972, this book provides an accessible reconstruction of the controversy with detailed discussion of the major points raised by its primary protagonists: Piero Sraffa and Joan Robinson on the post-Keynesian side (Cambridge, UK) and Robert Solow and Paul Samuelson on the neo-classical side (Cambridge, MA). The book is now considered to be a classic. This fiftieth anniversary edition comes with a new preface by the author and two new afterwords that reflect on the author's contribution to the field and the significance of the book in the history of economics. Topics covered include the measurement of capital, the revival of interest in Irving Fisher's rate of return on investment, the double-switching debate, Sraffa's prelude to a critique of neoclassical theory, and the 'new' theories of the rate of profits in capitalist society.
Some Cambridge Controversies In The Theory Of Capital
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Author : G. C. Harcourt
language : en
Publisher: Cambridge University Press
Release Date : 1972-05-25
Some Cambridge Controversies In The Theory Of Capital written by G. C. Harcourt and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1972-05-25 with Business & Economics categories.
Capital theory traditionally spans two major compartments of economic theory: the theory of production of both individual products and the total product, and the theory of the distribution of the aggregate product between the different classes of capitalist society. It has always been controversial, partly because the subject matter is difficult and partly because rival ideologies and value systems impinge directly on the subject matter. In the present book the various topics associated with the exchanges between the 'neo-Keynesians' and the 'neo-neoclassicals' are discussed and evaluated. The topics include the measurement of capital, the revival of interest in Irving Fisher's rate of return on investment, the double-switching debate, Sraffa's prelude to a critique of neoclassical theory, and the 'new' theories of the rate of profits in capitalist society.
Some Cambridge Controversies In The Theory Of Capital
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Author : G. C. Harcourt
language : en
Publisher: Cambridge University Press
Release Date : 2022-06-02
Some Cambridge Controversies In The Theory Of Capital written by G. C. Harcourt and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-06-02 with Business & Economics categories.
The fiftieth anniversary edition of one of the classic texts to have emerged from the Cambridge Capital Controversy.
Capital Theory
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Author : John Eatwell
language : en
Publisher: Springer
Release Date : 1990-07-23
Capital Theory written by John Eatwell and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-07-23 with Business & Economics categories.
This is an excerpt from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This extract concentrates on the topic of capital theory.
Resolving The Cambridge Cambridge Controversy
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Author : Hak Choi
language : en
Publisher:
Release Date : 2014
Resolving The Cambridge Cambridge Controversy written by Hak Choi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This paper attempts to resolve the Cambridge-Cambridge Capital Controversy. It shows that the controversy arises because neoclassical economists had erroneously started with investigating the capital function, and used it to derive an investment function. This paper tries the reverse direction. It works out a theory of investment completed with demand and supply, based on the Central Limit Theorem and Ricardo's comparative advantage. Then, capital and interest rates can be easily explained.
A Reflection On Sraffa S Revolution In Economic Theory
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Author : Ajit Sinha
language : en
Publisher: Springer Nature
Release Date : 2021-06-02
A Reflection On Sraffa S Revolution In Economic Theory written by Ajit Sinha and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-06-02 with Business & Economics categories.
This book presents a substantial collection of essays from a wide range of well respected scholars addressing several aspects of Piero Sraffa’s economics in light of continuing controversies over the interpretation that should be placed on his work. It moves beyond extant scholarship with an added emphasis on the philosophical dimension of Sraffa’s seminal work, Production of Commodities by Means of Commodities. Contributors probe new ways of thinking about the political economy of Sraffa and in doing so, alongside the comments to each contribution by other scholars, provide a cutting edge debate and discussion on non-mainstream economic theory. This book will be of interest to academics and advanced graduate students in economics, with additional interest from scholars in philosophy and the methodology of science.
Capital Theory And Political Economy
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Author : Lefteris Tsoulfidis
language : en
Publisher: Routledge
Release Date : 2021-05-31
Capital Theory And Political Economy written by Lefteris Tsoulfidis and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-31 with Business & Economics categories.
In recent years, there have been a number of new developments in what came to be known as the "Capital Theory Debates". The debates took place mainly during the 1960s as a result of Piero Sraffa's critique of the neoclassical theory according to which the prices of factors of production directly depend on their relative scarcities. Sraffa showed that when income distribution changes, there are many complexities developed within the economic system impacting on prices in ways which are not possible to predict. These debates were revisited in the 1980s and again more recently, along with a parallel literature that has developed among neoclassical economists and has also looked at the impact of shocks on an economy. This book summarizes the debates and issues around the theory of capital and brings to the fore the more recent developments. It also pinpoints the similarities and differences between the various approaches and critically evaluates them in light of available empirical evidence. The focus of the book is on the price trajectories induced by changes in income distribution and the resulting shape of the wage rates of profit curves and frontier. These issues are central to areas such as microeconomics, international trade, growth, technological change and macro stability analysis. Each chapter starts with the theoretical issues involved, followed by their formalization and subsequently with their operationalization. More specifically, the variables of the classical theory of value and distribution are rigorously defined and quantified using actual input–output data from a number of major economies, but mainly from the USA, over long stretches of time. The empirical results are not only consistent with the anticipations of the theory but also further inform and therefore strengthen its predictive content raising new significant questions.
The Cambridge Capital Controversies
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Author : Michael Osborne
language : en
Publisher:
Release Date : 2016
The Cambridge Capital Controversies written by Michael Osborne and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This article takes a fresh look at reswitching. When two production techniques are compared, reswitching occurs when one technique is more viable than the other at a high interest rate, switches to being less viable at a lower rate, and reswitches to being more viable again at even lower rates. For some, reswitching undermines the foundations of neoclassical economics because it belies the idea of a monotonic relationship between relative capital values and factor price. The reswitching equation is an nth degree polynomial having n roots, implying the existence of n interest rates. Conventional analysis uses one interest rate but ignores the others. We argue that the others should not be ignored because all rates are determined simultaneously, and when one rate shifts, all rates shift. We demonstrate that the Samuelson reswitching model possesses a 'dual' expression containing every interest rate, the rates being compressed into a composite, interest-rate variable, thereby establishing a role for interest rates previously thought lacking in use and meaning. The relationship between this composite interest rate and capital value does not exhibit reswitching. The notion of a composite interest rate has implications for economics beyond reswitching.