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Full Description
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 approximationsand 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.
Contents
Chapter 1: Empirical Input-Output Representations and Transmutations of Actual Economies.- Chapter 2: Controllability, Observability and Spectral Post-Construction of the Value Theory.- Chapter 3: The Capital Theory Debate and the Almost Uncontrollability and Unobservability of Actual Economies.- Chapter 4: Value Theory, Joint Production and International Trade Issues.- Chapter 5: Empirical Pitfalls of the Traditional Value Theory: Joint Production and Actual Economies.- Chapter 6: Time Dilation, Abstract Social-International Labour and Profit.- Chapter 7: Arguing in Circles: Alternative Value Bases and Actual Economies.- Chapter 8: Capital Theory and Matrix Demand Multipliers in Sraffian Frameworks.- Chapter 9: Effective Demand and Devaluation Policies: Evidence from Input-Output Tables for Eurozone Economies.- Chapter 10: Wrestling with Goodwin's Distributive Growth Cycle Modelling: Theory and Empirical Evidence.- Chapter 11: Marxian Distributive-Effective Demand Dynamics and the "Law" of Rising Profit Rate.
