The location of the value theories in the complex plane and the degree of regularity-controllability of actual economies

Theodore Mariolis ()

MPRA Paper from University Library of Munich, Germany

Abstract: This paper expands the spectral analysis of the Sraffian value system, and shows that: (i) the hitherto alternative value theories can be conceived of as “perturbations” of the so-called pure labour value theory; (ii) these theories correspond to specific complex plane locations of the eigenvalues of the vertically integrated technical coefficients matrix; and (iii) the actual economies cannot be coherently analyzed in terms of the traditional value theories, despite the fact that their Krylov (or controllability) matrices are characterized by rather low degrees of regularity-controllability and relatively low numerical ranks. Hence, on the one hand, the Sraffian value theory is not only the most general one but also provides a sound empirical basis, while on the other hand, real-world economies constitute almost irregular-uncontrollable systems, and this explains the specific shape features of the empirical value-wage-profit rate curves.

Keywords: Almost irregular-uncontrollable system; Characteristic value distributions; Circulant matrices; Degree of regularity-controllability; Numerical rank; Value theories (search for similar items in EconPapers)
JEL-codes: B51 B53 C67 D46 D57 (search for similar items in EconPapers)
Date: 2019-11-13
New Economics Papers: this item is included in nep-hme, nep-ore and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/96972/1/MPRA_paper_96972.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:96972

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().