Capital, Distribution and Effective Demand : Studies in the Classical Approach to Economic Theory
This volume covers a wide range of topics in the theory of capital, distribution and effective demand. It brings together and develops the critical traditions in economic theory associated with the works of Sraffa, Keynes and Kalecki. Themes discussed include recent controversies in the theory of capital; the determination of output as a whole and employment in the short and long term; the utilization and growth of productive capacities; the distribution of income between wages, profits and rent; and the impact of technical change on the performance of the economic system. This book combines an interest in the history of economic thought with a concern for the development of a non-neoclassical approach to the theory of accumulation, effective demand and distribution.
- Hardback | 220 pages
- 154 x 238 x 24mm | 498.95g
- 01 Feb 1991
- Polity Press
- Oxford, United Kingdom
Table of contents
Part 1 Sraffa's approach to the theory of value, capital and distribution: Sraffa's contribution to the debate in capital theory; Smithian themes in Piero Sraffa's theory; Burmeister on Sraffa and the labour theory of value. Part 2 Fixed capital, natural resources and pure joint production: the return of the same truncation period and reswitching of techniques in neo-Austrian and more general models; "normal" positions and capital utilization; rent theory in a multisectoral model; classical and early neoclassical economists on joint production. Part 3 Accumulation, efective demand and income distribution: effective demand in a "classical" model of value and distribution - the multiplier in a Sraffian framework; effective demand, employment and capital utilization in the short run; technical change, growth and distribution - a steady-state approach to unsteady growth.