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Capital Theory and Political Economy: Prices, Income Distribution and Stability

Preliminaries Theory of capital in historical perspective Capital in theories of value and distribution Capital in the broad classical approach Capital in the neoclassical theory Production with capital and the early neoclassical economists Summary and conclusions Capital theory controversies Cambridge capital theory controversies Production with produced means of production Samuelson’s one-commodity world From the one-commodity to the world of many commodities Reswitching of techniques and the demand for capital Summary and conclusions Appendix 3.A: Samuelson’s and Pasinetti’s reswitching examples Price trajectories and the rate of profit Prices of production and their determinants The mathematics of the linear model of production Price paths using input–output data, BEA 2018 The fixed capital model, BEA 2018 The circulating capital model, BEA 2018 Price paths using input–output data, USA 2014 The fixed capital model, USA 2014, WIOD (2016)The circulating capital model, USA 2014 Summary and conclusions Appendix 4.A: Sources of data and estimating methods Wage rate of profit curves and technological change Introduction Survey of the first empirical studies Technological change and wage rate of profit curves The choice of numéraires and the standard commodity WRP curves in 49 industries, USA 2007 and 2014 WRP curves, circulating capital model WRP curves, fixed capital model Discussion of empirical findings Some recent developments Summary and conclusions Appendix 5.A: Further testing of the randomness hypothesis Distribution of eigenvalues and the shape of price and wage rates of profit curves Bródy’s conjecture Eigendecomposition, price trajectories and dimensionality reduction Eigendecomposition and the circulating capital model Second-order approximation of PRP trajectories The distribution of eigenvalues and the near linearities in PRP trajectories Factorization and the construction of a hyper-basic sector The Application of the SVD factorization method The fixed capital model and the hyper-basic industry Summary and conclusions Appendix 6.A: Digression in the effective rank A simple but realistic linear model of production Input–output data and the estimation of relative equilibrium prices A Realistic numerical example and the estimation of direct prices Direct prices, prices of production and market prices The Sraffian standard commodity Prices of production in circulating and fixed capital models I and II Prices of production in a circulating capital model Prices of production in a fixed capital model I Prices of production in a fixed capital model II Prices of production/direct prices trajectories PP/DP trajectories, circulating capital model PP/DP trajectories, fixed capital model I PP/DP trajectories, fixed capital model II Wage rate of profit curves The eigendecomposition and the approximations of price trajectories Hyper-basic industry Summary and conclusions Summing-up Capital theory debates in retrospect Capital theory debates in prospect Concluding remarks

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