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The Heckscher-Ohlin-Samuelson model and the Cambridge capital controversies

Kurose, Kazuhiro; Yoshihara, Naoki - 2016

This paper examines the validity of the factor price equalisation theorem (FPET) in relation to capital theory. Additionally, it presents a survey of the literature on Heckscher-Ohlin-Samuelson (HOS) models that treat capital as a primary factor, beginning with Samuelson (1953). Furthermore,...

Persistent link: https://www.econbiz.de/10011522208

On the Ricardian invariable measure of value in general convex economies : applicability of the standard commodity

Kurose, Kazuhiro; Yoshihara, Naoki - 2013

The purpose of this paper is to examine the critical arguments made by Burmeister, Samuelson, and others, with respect to Sraffa (1960). Sraffa did not address these arguments, but they are relevant from the viewpoint of modern economic theories. In his arguments about the standard commodity,...

Persistent link: https://www.econbiz.de/10010225535

On the Ricardian invariable measure of value : the general possibility of the standard commodity

Kurose, Kazuhiro; Yoshihara, Naoki - 2014

The purpose of this paper is to examine the critical arguments made by Burmeister, Samuelson, and others, with respect to Sraffa (1960). In his arguments about the standard commodity, Sraffa assumed that a change in income distribution has no effect on the output level and choice of techniques,...

Persistent link: https://www.econbiz.de/10010426598

Technical change, income distribution, and profitability in multisector linear economies

Chen, Weikai - 2019

This paper analyzes the effect of technical change on income distribution and profitability by comparing the long-run outcomes defined by a uniform profit rate in a multisector linear economy. We study three scenarios with (i) fixed real wage; (ii) fixed profit rate; or (iii) fixed wage-profit...

Persistent link: https://www.econbiz.de/10012107799

Long waves of capitalist development : an empirical investigation

Basu, Deepankar - 2016

In this paper, I investigate the phenomenon of long waves of capitalist development from two perspectives. First, I look for evidence of long waves of economic growth taking the dates for turning points of long waves from the historical literature (Mandel, 1995). Using historical data for 20...

Persistent link: https://www.econbiz.de/10011573533

A unified Marxist approach to accumulation and crisis in capitalist economies

Basu, Deepankar - 2017

An economic crisis in capitalism is a deep and prolonged interruption of the economy-wide circuit of capital. Crises … emerge from within the logic of capitalism's operation, and are manifestations of the inherently contradictory process of … capital accumulation. The Marxist tradition conceptualizes two types of crisis tendencies in capitalism: a crisis of deficient …

Persistent link: https://www.econbiz.de/10011772045

A selective review of recent quantitative empirical research in Marxist political economy

Basu, Deepankar - 2015 - This version: March 21, 2015

This paper surveys some of the quantitative empirical research in two areas of Marxist political economy: (a) Marxist national accounts, and (b) Marxist responses to the Sraffa-based critique of the 1970s. With respect to the first area, this paper explains the basic methodology underlying the...

Persistent link: https://www.econbiz.de/10010501240

A Marxian model of market for money capital : profit rate, interest rate, and leverage ratio

Park, Hyun Woong - 2020

In this paper, I develop a Marxian model of market for money capital populated by capitalists equipped with equal money capital endowment but with heterogeneous linear production technology. Due to a maximization of return on equity, capitalists with relatively weak technology, yielding profit...

Persistent link: https://www.econbiz.de/10012136994

Labor productivity and the law of decreasing labor content

Flaschel, Peter; Franke, Reiner; Veneziani, Roberto - 2010

This paper analyzes labor productivity and the law of decreasing labor content (LDLC) originally formulated by Farjoun and Machover (1983). First, it is shown that the standard measures of labor productivity may be rather misleading, owing to their emphasis on monetary aggregates. Instead, the...

Persistent link: https://www.econbiz.de/10008758085

Technical progress, capital accumulation, and distribution

Yoshihara, Naoki; Veneziani, Roberto - 2019

We study the effects of innovations on income distribution in capitalist economies characterised by a drive to accumulate. Consistent with the basic intuitions of Marx's theory of technical change, we show that there is no obvious relation between ex-ante profitable innovations and the income...

Persistent link: https://www.econbiz.de/10012131701