Some Cambridge Controversies in the Theory of Capital by G. C. Harcourt

By G. C. Harcourt

Capital conception often spans significant booths of monetary conception: the idea of creation of either person items and the whole product, and the speculation of the distribution of the mixture product among different periods of capitalist society. It has continuously been arguable, in part as the material is tough and in part simply because rival ideologies and price platforms impinge at once at the material. within the current booklet a number of the issues linked to the exchanges among the 'neo-Keynesians' and the 'neo-neoclassicals' are mentioned and evaluated. the themes contain the dimension of capital, the revival of curiosity in Irving Fisher's fee of go back on funding, the double-switching debate, Sraffa's prelude to a critique of neoclassical idea, and the 'new' theories of the speed of earnings in capitalist society.

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Some Cambridge Controversies in the Theory of Capital

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6, or if both are curved, the changes in the differences between the ks away from the switch points are entirely price Wicksell effects. f positive real Wicksell effect negative real Wicksell effect Fig. 6. Real Wicksell effects At switch points such as rab and rba, the careful reader will notice that as the wage rates and the rates of profits are the same for both techniques, the additional amount of product associated with the more productive technique, when expressed as a proportion of the differences in capital values as between the two techniques, is equal to the equilibrium rate of profits.

E. the rate of profits is unchanged, and the proportions in which the techniques are used are changed. It is, rather, the (limiting) ratio of the corresponding increments when we compare two techniques which are the most profitable at different rates of profits, not at one and the same one. That is to say, in the traditional case, we consider the implications of a change in the rate of profits (which in the limit becomes infinitesimally small) for the ratio of the change in output to the change in the 'quantity of capital'.

216 units) and has the longest gestation period (four periods), are the most productive (four units of consumption good per head). 1 Engineering data on four equipments with a consumption good trade labour force offour men Equipment Le Q QILe L. 216 0 1 2 4 SOURCE: Adapted from Champernowne [1953-4], p. 126. 2, the values of the rates of profits and real capital (in total and per head) associated with arbitrarily given wage rates in the range of one to four units of consumption good per head per period are shown.

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