Mariolis, Theodore and Tsoulfidis, Lefteris (2015): Capital Theory ‘Paradoxes’ and Paradoxical Results: Resolved or Continued?

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Abstract
Capital theory controversies and ‘paradoxes’ showed that, due to pricefeedback effects, the wageproduction priceprofit rate curves may display shapes inconsistent with the requirements of the neoclassical theory of value and distribution. Subsequent findings on a number of quite diverse actual singleproduct economies suggested that the impact of those effects is of limited empirical significance. This paper argues that, by focusing on the distributions of the eigenvalues and singular values of the system matrices, we can further study these issues and derive some meaningful theoretical results consistent with the available empirical evidence. Consequently, the real paradox, in the sense of knowledge vacuum and, thus, requiring further research, is the distributions of the characteristic values and not really the ‘paradoxes in capital theory’.
Item Type:  MPRA Paper 

Original Title:  Capital Theory ‘Paradoxes’ and Paradoxical Results: Resolved or Continued? 
Language:  English 
Keywords:  Capital Theory; Characteristic value distributions; Hyperbasic industry; Spectral decompositions; Wagepriceprofit rate curves 
Subjects:  B  History of Economic Thought, Methodology, and Heterodox Approaches > B2  History of Economic Thought since 1925 > B21  Microeconomics B  History of Economic Thought, Methodology, and Heterodox Approaches > B5  Current Heterodox Approaches > B51  Socialist ; Marxian ; Sraffian C  Mathematical and Quantitative Methods > C6  Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C67  InputOutput Models D  Microeconomics > D5  General Equilibrium and Disequilibrium > D57  InputOutput Tables and Analysis 
Item ID:  68214 
Depositing User:  Theodore Mariolis 
Date Deposited:  05 Dec 2015 07:29 
Last Modified:  29 Sep 2019 06:58 
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URI:  https://mpra.ub.unimuenchen.de/id/eprint/68214 