On the Present State of the Capital Controversy

Pierangelo Garegnani

Chapter 1 in Sraffa and the Reconstruction of Economic Theory: Volume One, 2013, pp 15-37 from Palgrave Macmillan

Abstract: Abstract The post-war capital controversy seems to have had two distinguishable stages. Thanks to the unambiguous phenomena of reswitching and reverse capital deepening, the first stage was conclusive in discarding from pure theory the traditional versions of neoclassical theory that relied on the notion of capital as a single quantity. Subsequently, however, when the implications of those phenomena took centre stage in the controversy, together with the reformulations of the theory which intended to do away with the ‘quantity of capital’, several misunderstandings prevented, I shall contend, decisive progress in the analysis and we entered an inconclusive phase of the discussion.

Keywords: Normal Position; Capital Good; Relative Prex; Capital Endowment; Neoclassical Theory (search for similar items in EconPapers)
Date: 2013
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Journal Article: On the present state of the capital controversy (2012)
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DOI: 10.1057/9781137316837_2

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