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Author Mariolis, Theodore,
Title Modern Classical Economics and Reality : A Spectral Analysis of the Theory of Value and Distribution / Theodore Mariolis, Lefteris Tsoulfidis.
Imprint Tokyo : Springer, [2016]

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View online
Author Mariolis, Theodore,
Series Evolutionary Economics and Social Complexity Science, 2198-4212 ; Volume 2
Evolutionary economics and social complexity science ; v. 2. 2198-4204
Subject Classical school of economics.
Spectral theory (Mathematics)
Distribution (Economic theory)
Alt Name Tsoulfidis, Lefteris,
Japan Association for Evolutionary Economics.
Description 1 online resource (xi, 242 pages) : illustrations (some color).
Note "JAFEE"--Cover.
Bibliography Note Includes bibliographical reference and index.
Contents 1. Old and Modern Classical Economics -- 1.1. Introduction -- 1.2. Classical Economics -- 1.3. State Variable Representation and Capital Theory -- 1.4. Concluding Remarks.
2. Modern Classical Theory of Prices and Outputs -- 2.1. Introduction -- 2.2. Preliminaries -- 2.2.1. The System of Stationary Production Prices -- 2.2.2. A Dynamic System -- 2.2.3. Differential Profit Rates, Fixed Capital and Joint Production -- 2.2.4. Open Economy -- 2.3. Norm Bounds -- 2.3.1. Bounds for the Wage-Relative Profit Rate Curve -- 2.3.2. Bounds for the Price-Relative Profit Rate Curves -- 2.4. Relative Price Effects -- 2.4.1. Price Effects of Income Distribution Changes -- 2.4.2. Price Effects of Total Productivity Shift -- 2.5. Concluding Remarks -- Appendix. The Bohm-Bawerkian Approach.
3. Values, Prices and Income Distribution in Actual Economies -- 3.1. Introduction -- 3.2. A Numerical Example of the US Input-Output Table -- 3.2.1. Labour Values and Direct Prices -- 3.2.2. Actual Prices and Profit Rates -- 3.2.3. Wage-Production Price-Profit Rate Curves -- 3.3. Price Estimates for Various Actual Economies -- 3.3.1. Greece -- 3.3.2. Japan -- 3.3.3. Canada, China, Korea, UK and USA -- 3.4. Steedman's Polynomial Approximation -- 3.5. Intertemporal Price Comparisons -- 3.6. Production-Direct Price Differences and Capital-Intensity Differences -- 3.7. Empirical Illustration of the Bounds for the Production Prices -- 3.8. The Monotonicity of the Production Price-Profit Rate Curves -- 3.8.1. China -- 3.8.2. Greece -- 3.8.3. Japan -- 3.8.4. Finland -- 3.9. Empirical Illustration of the Wage-Profit Rate Curve -- 3.10. Concluding Remarks -- Appendix 1. Data Sources and Construction of Variables; Greece; Japan; China; Korea; UK and USA.; Canada; Denmark, Finland, France, Germany and Sweden -- Appendix 2. A Note on the Supply and Use Tables.
4. Measures of Production Price-Labour Value Deviation and Production Conditions. -- 4.1. Introduction -- 4.2. Theoretical Analysis of a Two-Industry Economy -- 4.3. Generalization -- 4.4. Empirical Illustration -- 4.5. Concluding Remarks -- Appendix. Numeraire-Free Measures.
5. Spectral Decompositions of Single-Product Economies -- 5.1. Introduction -- 5.2. Spectral Decompositions -- 5.2.1. Arbitrary Numeraire -- 5.2.2. Sraffa's Standard Commodity -- 5.3. Empirical Evidence -- 5.3.1. Eigenvalue and Singular Value Distributions -- 5.3.2. Wage-Price-Profit Rate Approximations -- 5.3.3. Relative Price Effects of Total Productivity Shift -- 5.3.4. Eigen-Deviation of Labour-Commanded Prices from Labour Values -- 5.4. Concluding Remarks.
6. Brody's Stability and Disturbances -- 6.1. Introduction -- 6.2. Brody's Conjecture: Facts and Figures from the US Economy -- 6.3. Marxian Iterative Procedures -- 6.4. Aggregate Fluctuations from Sectoral Shocks -- 6.5. Concluding Remarks -- Appendix 1. On the Sraffian Multiplier -- Appendix 2. Price Effects of Currency Devaluation.
Summary "This book presents an in-depth, novel, and mathematically rigorous treatment of the modern classical theory of value based on the spectral analysis of the price-profit-wage rate system. The classical theory is also subjected to empirical testing to show its logical consistency and explanatory content with respect to observed phenomena and key economic policy issues related to various multiplier processes. In this context, there is an examination of the trajectories of relative prices when the distributive variables change, both theoretically and empirically, using actual input-output data from a number of quite diverse economies. It is suggested that the actual economies do not behave like the parable of a one-commodity world of the traditional neoclassical theory, which theorizes the relative scarcities of "goods and production factors" as the fundamental determinants of relative prices and their movement. By contrast, the results of the empirical analysis are fully consistent with the modern classical theory, which makes the intersectoral structure of production and the way in which net output is distributed amongst its claimants the fundamental determinants of price magnitudes. At the same time, however, these results indicate that only a few vertically integrated industries ("industry core" or "hyper-basic industries") are enough to shape the behaviour of the entire economy in the case of a disturbance. This fact is reduced to the skew distribution of the eigenvalues of the matrices of vertically integrated technical coefficients and reveals that, across countries and over time, the effective dimensions of actual economies are surprisingly low."--Publisher's description.
Note Print version record and online resource. Title from PDF title page (SpringerLink, viewed November 2, 2017).
ISBN 9784431550044 (electronic bk.)
4431550046 (electronic bk.)
9784431550037 (print)
4431550038 (print)
ISBN/ISSN 10.1007/978-4-431-55004-4
OCLC # 943054059
Additional Format Print version: Mariolis, Theodore. Modern classical economics and reality. Tokyo : Springer, [2016] 9784431550037 (DLC) 2015955151 (OCoLC)908374619

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