LESS IS MORE: CAPITAL THEORY AND ALMOST IRREGULAR-UNCONTROLLABLE ACTUAL ECONOMIES

Theodore Mariolis () and Lefteris Tsoulfidis ()

Contributions to Political Economy, 2018, vol. 37, issue 1, 65-88

Abstract: Capital theory and the price effects consequent upon changes in the distributive variables hold center stage when it comes to the internal consistency of both classical and neoclassical theories of value. This paper briefly reviews the literature and then focuses on the detected skew eigenvalue distribution of the vertically integrated technical coefficients matrices of actual economies. The findings prompt the use of the Schur triangularization theorem for the construction even of a single industry from the input–output structure of the entire economy. Such a hyper-basic industry, in combination with hyper-non-basic industries, embodies properties that may capture the behavior of the entire economic system. Thus, we can derive some meaningful results consistent with the available empirical evidence, which finally suggest that actual economies tend to respond as ‘irregular-uncontrollable’ systems.

Date: 2018
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Working Paper: Less is More: Capital Theory and Almost Irregular-Uncontrollable Actual Economies (2018)
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