Modern Classical Economics and Reality

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Beschreibung

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 priceprofitwage 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 inputoutput 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 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.

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Offers a novel, mathematically rigorous and applicable treatment of the modern classical theory of value

Extends the modern classical theory in new theoretical and empirical directions

Provides outlines of an alternative microeconomic theory



Inhalt
1 Old and Modern Classical Economics.- 2 Modern Classical Theory of Prices and Outputs.- 3 Values, Prices and Income Distribution in Actual Economies.- 4 Measures of Production Price-Labour Value Deviation and Production Conditions.- 5 Spectral Decompositions of Single-Product Economies.- 6 Brodyfs Stability and Disturbances.

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Produktinformationen

Titel
Modern Classical Economics and Reality
Untertitel
A Spectral Analysis of the Theory of Value and Distribution
Autor
EAN
9784431550037
ISBN
4431550038
Format
Fester Einband
Herausgeber
Springer Japan
Genre
Volkswirtschaft
Anzahl Seiten
256
Gewicht
553g
Größe
H241mm x B160mm x T19mm
Jahr
2016
Untertitel
Englisch
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