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Evolutionary Economics and Social Complexity Science

Modern Classical Economics and Reality

A Spectral Analysis of the Theory of Value and Distribution

Authors: Mariolis, Theodore, Tsoulfidis, Lefteris

  • Offers a novel, mathematically rigorous and applicable treatment of the modern classical theory of value
  • Extends the modern classical theory in new theoretical and empirical directions
  • Provides outlines of an alternative microeconomic theory
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eBook $99.00
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  • ISBN 978-4-431-55004-4
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Hardcover $129.00
price for USA
  • ISBN 978-4-431-55003-7
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
About this book

This book presents an in-depth, novel, and mathematically rigorous treatment of the modern classical theory of value based on the spectral analysis of the price–profit–wage rate system. The classical theory is also subjected to empirical testing to show its logical consistency and explanatory content with respect to observed phenomena and key economic policy issues related to various multiplier processes. In this context, there is an examination of the trajectories of relative prices when the distributive variables change, both theoretically and empirically, using actual input–output data from a number of quite divers

e economies. It is suggested that the actual economies do not behave like the parable of a one-commodity world of the traditional neoclassical theory, which theorizes the relative scarcities of “goods and production factors” as the fundamental determinants of relative prices and their movement. By contrast, the results of the empirical analysis are fully consistent with the modern classical theory, which makes the intersectoral structure of production and the way in which net output is distributed amongst its claimants the fundamental determinants of price magnitudes. At the same time, however, these results indicate that only a few vertically integrated industries (“industry core” or “hyper-basic industries”) are enough to shape the behaviour of the entire economy in the case of a disturbance. This fact is reduced to the skew distribution of the eigenvalues of the matrices of vertically integrated technical coefficients and reveals that, across countries and over time, the effective dimensions of actual economies are surprisingly low.

 

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Table of contents (6 chapters)

  • Old and Modern Classical Economics

    Mariolis, Theodore (et al.)

    Pages 1-14

  • Modern Classical Theory of Prices and Outputs

    Mariolis, Theodore (et al.)

    Pages 15-66

  • Values, Prices and Income Distribution in Actual Economies

    Mariolis, Theodore (et al.)

    Pages 67-128

  • Measures of Production Price-Labour Value Deviation and Production Conditions

    Mariolis, Theodore (et al.)

    Pages 129-149

  • Spectral Decompositions of Single-Product Economies

    Mariolis, Theodore (et al.)

    Pages 151-214

Buy this book

eBook $99.00
price for USA (gross)
  • ISBN 978-4-431-55004-4
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $129.00
price for USA
  • ISBN 978-4-431-55003-7
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Modern Classical Economics and Reality
Book Subtitle
A Spectral Analysis of the Theory of Value and Distribution
Authors
Series Title
Evolutionary Economics and Social Complexity Science
Series Volume
2
Copyright
2016
Publisher
Springer Japan
Copyright Holder
Springer Japan
eBook ISBN
978-4-431-55004-4
DOI
10.1007/978-4-431-55004-4
Hardcover ISBN
978-4-431-55003-7
Series ISSN
2198-4204
Edition Number
1
Number of Pages
XI, 242
Number of Illustrations and Tables
6 b/w illustrations, 49 illustrations in colour
Topics