Growing Subsystems, Vertically Hyper-integrated Sectors and the Labour Theory of Value

Luigi L Pasinetti

Cambridge Journal of Economics, 1988, vol. 12, issue 1, 125-34

Abstract: The author starts from Piero Sraffa's notion of subsystem, and from his own notion of vertically integrated sector, and goes on to a complete generalization to dynamic analysis. A production system is partitioned into a set of self-contained growing subsystems, each of which, compactly considered, is characterized by one single unit of consumption good at one extreme and one single labor coefficient at the other extreme (a vertically hyper-integrated sector). This logical construction is shown to possess remarkable analytical and normative properties, particularly suitable for dynamic analysis. Among these properties, a complete generalization is obtained of Ada m Smith's pure labor theory of value. Copyright 1988 by Oxford University Press.

Date: 1988
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