Use of Normalised General Co-ordinates in Linear Value and Distribution Theory

R. M. Goodwin

Chapter 7 in Essays in Linear Economic Structures, 1983, pp 130-152 from Palgrave Macmillan

Abstract: Abstract The aim of this paper is not to treat input—output as such but rather to use it to discuss some old and some more recent economic issues. All the awkward empirical problems we intentionally put to one side and assume an economy completely and correctly characterised by a simple input—output system, with no joint products, only circulating capital, and only one factor, homogeneous human labour. The system is irreducible, primitive, and, being empirical, non-degenerate, that is, for n homogeneous commodities, the coefficient matrix has n distinct eigenvalues.1 All production is of the same unit duration, taking place in one period and available as output at the beginning of the next. Thus, in the spirit of the classical economists, and of Marx, reality is represented in a highly oversimplified form with the intention of illuminating certain central features, but at a sacrifice of detail.

Keywords: Real Wage; Normalise General; Capital Good; Profit Rate; Labour Content (search for similar items in EconPapers)
Date: 1983
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-05507-4_7

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DOI: 10.1007/978-1-349-05507-4_7

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