Some Cambridge Controversies in the Theory of CapitalCapital theory traditionally spans two major compartments of economic theory: the theory of production of both individual products and the total product, and the theory of the distribution of the aggregate product between the different classes of capitalist society. It has always been controversial, partly because the subject matter is difficult and partly because rival ideologies and value systems impinge directly on the subject matter. In the present book the various topics associated with the exchanges between the 'neo-Keynesians' and the 'neo-neoclassicals' are discussed and evaluated. The topics include the measurement of capital, the revival of interest in Irving Fisher's rate of return on investment, the double-switching debate, Sraffa's prelude to a critique of neoclassical theory, and the 'new' theories of the rate of profits in capitalist society. |
Contents
Treacle fossils and technical progress | 50 |
Slight digression | 60 |
Critics corner | 81 |
tease and countertease | 89 |
A childs guide to the doubleswitching debate | 118 |
Mr Sraffas Production of Commodities | 177 |
whose finest hour? | 205 |
| 251 | |
| 261 | |
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Common terms and phrases
accumulation aggregate production function analysis argues associated assumption butter capital deepening capital stock capital theory capital-reversing chain index Champernowne chapter choice of technique Cobb-Douglas commodity competitive consumption curve determined discussed distribution of income double-switching economic system economists equal equations equi-profitable equilibrium equipment ex ante example expression factor prices factors of production full employment given implies industry input Joan Robinson Kaldor Keynesian labour long-run machines malleable marginal product means of production measured method neo-Keynesians neo-neoclassicals neoclassical output per head Pasinetti 1969 perfect competition period product of capital puzzles quantity R₁ rate of growth rate of interest rate of profits rate of return ratio real wage relative prices result returns to scale Samuelson saving Solow Sraffa substitution switch points technical progress theory of distribution theory of value tion unit of output value of capital vintages w-r relationship wage rate