Please use this identifier to cite or link to this item: https://ruomo.lib.uom.gr/handle/7000/1776
Title: CAPITAL THEORY DEBATES: NEW DEVELOPMENTS AND DIRECTION
Authors: Tsoulfidis, Lefteris
Type: Article
Subjects: FRASCATI::Social sciences::Economics and Business::Economics
Keywords: Capital theory
effective rank
Wage rate of profit
Eigenvalue distribution
Issue Date: 2021
Publisher: Universidad Nacional Autónoma de México, Facultad de Economía
Source: Investigación Económica
Volume: 81
Issue: 319
First Page: 3
Last Page: 36
Abstract: 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.
URI: https://doi.org/10.22201/fe.01851667p.2022.319.79901
https://ruomo.lib.uom.gr/handle/7000/1776
ISSN: 0185-1667
Other Identifiers: 10.22201/fe.01851667p.2022.319.79901
Appears in Collections:Department of Economics

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