Spectral Theory of Value and Actual Economies

1. Front Matter

   Pages i-xix

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2. Empirical Input–Output Representations and Transmutations of Actual Economies

   • Theodore Mariolis, Nikolaos Rodousakis, George Soklis

   Pages 1-33

3. Controllability, Observability and Spectral Post-Construction of the Value Theory

   • Theodore Mariolis, Nikolaos Rodousakis, George Soklis

   Pages 35-110

4. The Capital Theory Debate and the Almost Uncontrollability and Unobservability of Actual Economies

   • Theodore Mariolis, Nikolaos Rodousakis, George Soklis

   Pages 111-144

5. Value Theory, Joint Production, and International Trade Issues

   • Theodore Mariolis, Nikolaos Rodousakis, George Soklis

   Pages 145-181

6. Empirical Pitfalls of the Traditional Value Theory: Joint Production and Actual Economies

   • Theodore Mariolis, Nikolaos Rodousakis, George Soklis

   Pages 183-224

7. Time Dilation, Abstract Social-International Labour, and Profit

   • Theodore Mariolis, Nikolaos Rodousakis, George Soklis

   Pages 225-248

8. Arguing in Circles: Alternative Value Bases and Actual Economies

   • Theodore Mariolis, Nikolaos Rodousakis, George Soklis

   Pages 249-276

9. Capital Theory and Matrix Demand Multipliers in Sraffian Frameworks

   • Theodore Mariolis, Nikolaos Rodousakis, George Soklis

   Pages 277-314

10. Effective Demand and Devaluation Policies: Evidence from Input–Output Tables for Eurozone Economies

    • Theodore Mariolis, Nikolaos Rodousakis, George Soklis

    Pages 315-391

11. Wrestling with Goodwin’s Distributive Growth Cycle Modelling: Theory and Empirical Evidence

    • Theodore Mariolis, Nikolaos Rodousakis, George Soklis

    Pages 393-441

12. Marxian Distributive–Effective Demand Dynamics and the “Law” of Rising Profit Rate

    • Theodore Mariolis, Nikolaos Rodousakis, George Soklis

    Pages 443-489

13. Back Matter

    Pages 491-499

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This book develops a unified treatment of the income distribution–capital–value problems with respect to actual economies, and then gradually turns to the issues of effective demand and capitalist accumulation fluctuations from both political economy and economic policy perspectives. That treatment, on the one hand, places produced means of production, positive profits, and capital accumulation at the centre of the analysis and, on the other hand, is analytically based on the modern control theory. Hence, the authors’ investigation is concerned with input–output representations of actual single and joint production, heterogeneous labour, and open economies; zeroes in on the characteristic value distributions of the system matrices; and, finally, derives meaningful theoretical results consistent with the empirical evidence, and vice versa. The main topics addressed are the uncontrollable/unobservable aspects of the real-world economies, the powerful low-order spectral approximationsand reconstructions of the inter-industry structure of production–value–distributive variables relationships, the critical-constructive appraisal of both “mainstream” and “radical” theories of value, the matrix demand multipliers and demand-switching policies in heterogeneous capital worlds, and the circular inter-actions amongst income distribution, effective demand, accumulation, and technical conditions of production. Written on the occasion of the 60th anniversary of the publication of both Piero Sraffa’s Production of Commodities by Means of Commodities and Rudolf E. Kalman’s paper “On the general theory of control systems”, this book provides a consistent and comprehensive framework for theoretical, empirical, and economic policy research.

• Actual Economies
• Controllability-Observability
• Effective Demand Policy
• Goodwin Models
• Input-Output Analysis
• Post-Keynesian Theory
• Spectral Analysis
• Sraffian Theory
• Theories of Value

• Public Administration, Panteion University of Social & Political Science, Athens, Greece

  Theodore Mariolis

• Centre of Planning and Economic Research (KEPE), Athens, Greece

  Nikolaos Rodousakis, George Soklis

Theodore Mariolis is Professor of Political Economy in the Department of Public Administration at the Panteion University of Athens, Greece. His main educational and research interests are Political Economy, Input–Output Analysis, International Economics, Theory of Endogenous Economic Fluctuations, and History of Economic Thought. He was Founder & Co-Editor of the journal “Bulletin of Political Economy”, and is Director of the “Study Group on Sraffian Economics”.

Nikolaos Rodousakis is a Research Fellow in the Centre of Planning and Economic Research (KEPE), Athens, Greece. He holds a Degree in ‘Public Economics’, a M.A. in ‘Economics of Production and Intersectoral Relations’, and a PhD in ‘Economics’ from the Department of Public Administration of the Panteion University of Social and Political Sciences, Greece. His main educational and research interests are Political Economy, Input–Output Analysis, and Theory of Endogenous Economic Fluctuations.


George Soklis is a Research Fellow in the Centre of Planning and Economic Research (KEPE), Athens, Greece. He holds a Degree in ‘Public Economics’, a M.A. in ‘Economics of Production and Intersectoral Relations’, and a PhD in ‘Economics’ from the Department of Public Administration of the Panteion University of Social and Political Sciences, Greece. His main educational and research interests are Political Economy, Input–Output Analysis, and Tourism Economics. 

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