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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 |
Files in This Item:
File | Description | Size | Format | |
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CAPITAL THEORY DEBATES_ NEW DEVELOPMENTS AND DIRECTION _ Investigación Económica.pdf | 6,27 MB | Adobe PDF | View/Open |
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