The Characteristics of the Productive Structure Behind the Empirical Regularities in Production Prices Curves

Torres-González, Luis Daniel

doi:10.1016/j.strueco.2022.04.007

Cited by 5 publications

(1 citation statement)

References 32 publications

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“…Thus, if in every year tested the derived wrp curves are quasi-linear (e.g., Ochoa, 1989, Shaikh, 2016Tsoulfidis, 2021); there is no reason, whatsoever, to suppose there are other techniques in the economy characterized by wide curvatures that may give rise to reswitching and reverse capital deepening and have been ignored. Several studies not only ascertain the near-linearity character of the prp trajectories and the near-linearity wrp curves and the associated with these frontiers but additionally they offer explanations varying from the closeness of vertically integrated compositions of capital between sectors (Shaikh, 1984;Petrović, 1991;Torres-González, 2020;Torres-González and Yang, 2019) and the nearly randomly distributed input-output coefficients (Bródy, 1997;Schefold, 2013Schefold, , 2020.…”

Section: Introductionmentioning

confidence: 99%

Capital Theory Debates: New Developments and Direction

Tsoulfidis

2021

Investigación Económica

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In recent years, the research on capital theory has shifted from reverse capital deepening and reswitching in techniques to a new direction, which goes beyond the near-linearities of price-rates of profit trajectories and of wage-rates of profit curves and explicates the reasons behind this kind of near-linearities. The reswitching issue remains in the background of these studies as a remote albeit ever-present possibility. The article contributes some more evidence to the extant literature by utilizing data from the last available benchmark input-output table of the US economy of the year 2012. The derived near-linearities of price trajectories and wage-rate of profit curves are explained by the low effective rank of the economy's input-output matrices and not from their seemingly random character. These findings shed additional light on a new and more meaningful direction in the research agenda, the possibility of molding the essential features of the economy through dimensionality reduction.

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Section: Introductionmentioning

confidence: 99%

Capital Theory Debates: New Developments and Direction

Tsoulfidis

2021

Investigación Económica

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Marx’s equalised rate of exploitation

Cogliano

2023

Cambridge Journal of Economics

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Marx assumes a uniform rate of exploitation throughout Capital, yet the theoretical basis for this assumption and its role in his theory of value are not widely recognised in the existing literature. This article shows that Marx assumed a tendentially equalised rate of exploitation to be the outcome of labour mobility and that he viewed this as a general tendency of capitalist economies. Marx draws extensively on Adam Smith to support his views on labour mobility and the equalised rate of exploitation. The close connection between Smith and Marx on notions of labour mobility is examined here. Understanding the role of labour mobility and the equalised rate of exploitation in Marx’s work holds implications for contemporary approaches to classical-Marxian price and value theory and supports the view that Marx’s theory of value is, in the most general sense, a theory of the allocation of social labour.

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Some Recent Developments IN The Explanation of The Empirical Relationship Between Prices and Distribution

Ferrer-Hernández

Torres-González

2022

Contributions to Political Economy

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The paper complements recent contributions towards the explanation of the regularities in the behaviour of prices and capital intensities as an effect of hypothetical changes in the rate of profits in empirical production-price models. It is shown that theoretical price and capital curves, i.e. prices and capital values as a function of the rate of profits, depend on the product of the eigenvalues and what we call the eigenlabours —the representation of the labour vector in the space spanned by the eigenvectors of the input matrix. We report robust evidence that the eigenvalues by themselves cannot produce the curves regularly reported in the literature, but rather it is the joint action of the eigenvalues and the eigenlabours. It is conjectured that the tendency towards zero of the subdominant eigenlabours is driven by the statistical tendency towards proportionality between the labour vector and the Perron–Frobenius eigenvector of the input matrix.

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The Characteristics of the Productive Structure Behind the Empirical Regularities in Production Prices Curves

Cited by 5 publications

References 32 publications

Capital Theory Debates: New Developments and Direction

Capital Theory Debates: New Developments and Direction

Marx’s equalised rate of exploitation

Some Recent Developments IN The Explanation of The Empirical Relationship Between Prices and Distribution

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