Modern Classical Economics and Reality [electronic resource] : A Spectral Analysis of the Theory of Value and Distribution / by Theodore Mariolis, Lefteris Tsoulfidis.

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Modern Classical Economics and Reality [electronic resource] : A Spectral Analysis of the Theory of Value and Distribution / by Theodore Mariolis, Lefteris Tsoulfidis.

1st ed. 2016.

9784431550044
4431550046
9784431550037
4431550038

Tokyo : Springer [2016].

©2016.

English

1 online resource (xi, 242 pages) : illustrations.

10.1007/978-4-431-55004-4 doi

HD87-87.55

338.9

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 priceℓ́ℓprofitℓ́ℓwage 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 inputℓ́ℓoutput data from a number of quite divers e 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 ℓ́ℓgoods and production factorsℓ́ℓ 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 (ℓ́ℓindustry coreℓ́ℓ or ℓ́ℓhyper-basic industriesℓ́ℓ) 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. ℗ℓ Normal 0 false false false EN-US JA X-NONE />.

Includes bibliographical reference and index.

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Description based on print version record.

Evolutionary economics and social complexity science ; v.2. 2198-4204

Print version: 9784431550037

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