Modern Theories of Income Distribution

Modern Theories of Income Distribution

Author: Michael Charles Howard

Publisher: Palgrave

ISBN: 0333194608

Category: Distribution (Economic theory).

Page: 200

View: 512

Categories: Distribution (Economic theory).

Capital Theory and Political Economy

Capital Theory and Political Economy

This book summarizes the debates and issues around the theory of capital and brings to the fore the more recent developments.

Author: Lefteris Tsoulfidis

Publisher: Routledge

ISBN: 9781351239417

Category: Business & Economics

Page: 242

View: 846

In recent years, there have been a number of new developments in what came to be known as the "Capital Theory Debates". The debates took place mainly during the 1960s as a result of Piero Sraffa's critique of the neoclassical theory according to which the prices of factors of production directly depend on their relative scarcities. Sraffa showed that when income distribution changes, there are many complexities developed within the economic system impacting on prices in ways which are not possible to predict. These debates were revisited in the 1980s and again more recently, along with a parallel literature that has developed among neoclassical economists and has also looked at the impact of shocks on an economy. This book summarizes the debates and issues around the theory of capital and brings to the fore the more recent developments. It also pinpoints the similarities and differences between the various approaches and critically evaluates them in light of available empirical evidence. The focus of the book is on the price trajectories induced by changes in income distribution and the resulting shape of the wage rates of profit curves and frontier. These issues are central to areas such as microeconomics, international trade, growth, technological change and macro stability analysis. Each chapter starts with the theoretical issues involved, followed by their formalization and subsequently with their operationalization. More specifically, the variables of the classical theory of value and distribution are rigorously defined and quantified using actual input–output data from a number of major economies, but mainly from the USA, over long stretches of time. The empirical results are not only consistent with the anticipations of the theory but also further inform and therefore strengthen its predictive content raising new significant questions.
Categories: Business & Economics

Classical Political Economics and Modern Capitalism

Classical Political Economics and Modern Capitalism

This book promotes an in-depth understanding of the key mechanisms that govern the functioning of capitalist economies, pursuing a Classical Political Economics approach to do so.

Author: Lefteris Tsoulfidis

Publisher: Springer Nature

ISBN: 9783030179670

Category: Political Science

Page: 456

View: 557

This book promotes an in-depth understanding of the key mechanisms that govern the functioning of capitalist economies, pursuing a Classical Political Economics approach to do so. It explores central theoretical issues addressed by the classical economists Smith and Ricardo, as well as Marx, while also operationalizing more recent theoretical developments inspired by the works of Sraffa and other modern classical economists, using actual data from major economies. On the basis of this approach, the book subsequently provides alternative explanations for various microeconomic issues such as the determination of equilibrium prices and their movement induced by changes in income distribution; the dynamics of competition of firms within and between industries; the law of tendential equalization of interindustry profit rates; and international exchanges and transfers of value; as well as macroeconomic issues concerning capital accumulation and cyclical economic growth. Given its scope, the book will benefit all researchers, students, and policymakers seeking new explanations for observed phenomena and interested in the mechanisms that give rise to surface economic categories, such as prices, profits, the unemployment rate, interest rates, and long economic cycles.
Categories: Political Science

The Economics of Forestry

The Economics of Forestry

So far most economists have devoted their time and energy to analysing income distribution in an intragenerational context, and this is a very sensitive and controversial issue.

Author: Erhun Kula

Publisher: Springer Science & Business Media

ISBN: 9789401160780

Category: Technology & Engineering

Page: 186

View: 939

The economics of forestry has always fascinated me as one of the most brain-taxing cases in economics. As an investment forestry is different from many other projects as it has unusually long gestation periods. For example, in the United Kingdom it takes over 40 years to grow coniferous and over 100 years for deciduous timber. These long gestation periods make it very clear how import ant are the magnitude of the discount rate and the method of discounting in the evaluation of investment projects. Any errors in these will misguide investors in forestry one way or the other. In addition, forestry redistributes income between gener ations. Its long gestation periods make it obvious that more than one generation will be involved in any venture. When we plant trees we know that the bulk of the benefits will be captured by future generations. Conversely, when we fell trees we reap the benefit of projects which were established in the past, mostly by generations who are long gone. So far most economists have devoted their time and energy to analysing income distribution in an intragenerational context, and this is a very sensitive and controversial issue. After all, most revolutions have taken place because of the uneven income distribution which was oppressive for the majority. Forestry helps us to study the case from the viewpoint of different generations. Forestry necessitates estimating timber prices a long time ahead.
Categories: Technology & Engineering

Lectures on Political Economy Routledge Revivals

Lectures on Political Economy  Routledge Revivals

This work is aimed at both the professional economist and the advanced student alike, as well as all those interested in the theoretical development of political economy.

Author: Knut Wicksell

Publisher: Routledge

ISBN: 9781136842597

Category: Business & Economics

Page: 576

View: 423

Known as the "economist's economist" for his work on creating a synthetic economic theory, Swedish economist Knut Wicksell was a controversial, but highly influential figure in modern economic thought. His contributions to marginal productivity theory, income distribution and, most notably, his theory of interest would come to have a profound impact upon twentieth century economic theory, not least in the work of John Maynard Keynes. First published in English in 1934 and 1935, this Routledge Revival set is a reissue of Wicksell's two volume work on political economy, first published in Sweden in 1901 and 1906. This work is aimed at both the professional economist and the advanced student alike, as well as all those interested in the theoretical development of political economy. Volume I concerns itself predominantly with issues of theory: specifically the theory of value, the theory of production and distribution and the theory of capital accumulation. Volume II deals with theories relating to money, currency and credit.
Categories: Business & Economics

Classical Political Economy and Modern Theory

Classical Political Economy and Modern Theory

This book pays tribute to his outstanding contributions by bringing together a unique collection of new essays by distinguished economists from around the world.

Author: Neri Salvadori

Publisher: Routledge

ISBN: 9781136639418

Category: Business & Economics

Page: 384

View: 881

Heinz Kurz is recognised internationally as a leading economic theorist and a foremost historian of economic thought. This book pays tribute to his outstanding contributions by bringing together a unique collection of new essays by distinguished economists from around the world. Classical Political Economy and Modern Theory comprises twenty essays, grouped thematically into five sections. Part I examines political economy and its critique, Part II looks at entrepreneurship, evolution and income distribution, Part III discusses Cambridge, Keynes and macroeconomics, Part IV explores crisis and cycles, whilst Part V is dedicated to personal reminiscences. The essays in this book will be an invaluable source of inspiration for economists interested in economic theory and in the evolution of economic thought. They will also be of interest to postgraduate and research students specialising in economic theory and in the history of economic thought.
Categories: Business & Economics

Neo Ricardian Theory

Neo Ricardian Theory

We have used the latter name for the book due to its large emphasis on Sraffa's work. To understand the main parts of the book only basic algebra and calculus are necessary.

Author: B. Näslund

Publisher: Springer Science & Business Media

ISBN: 9783642463730

Category: Business & Economics

Page: 169

View: 530

During the last fifteen years certain very fundamental aspects of economic theory have been very actively debated. The debate has often been called the Cambridge controversy, since the main parti cipants in the debate come from Cambridge, USA and Cambridge, Eng land. In this debate certain important foundations of economic theory have been criticized which are specifically important for understand ing price formation and income distribution. An important starting point has been Sraffa's extensions of Ricardo's theory and one has therefore sometimes called those neo-Ricardians, who have based themselves on Sraffa's work. We shall deal with some important issues that have been debated, and we shall try to describe a rather complete theoretical construction which will be an alternative to neo-classical theory. A special problem relates to the title of the book and classification of authocs to whom we refer. Perhaps post-Keynesian would sometimes be a better label than neo-Ricardian. We have used the latter name for the book due to its large emphasis on Sraffa's work. To understand the main parts of the book only basic algebra and calculus are necessary.
Categories: Business & Economics

Lectures on Political Economy

Lectures on Political Economy

This work is aimed at both the professional economist and the advanced student alike, as well as all those interested in the theoretical development of political economy.

Author: Knut Wicksell

Publisher: Routledge

ISBN: 0415602408

Category: Business & Economics

Page: 238

View: 998

Known as the "economist's economist" for his work on creating a synthetic economic theory, Swedish economist Knut Wicksell was a controversial, but highly influential figure in modern economic thought. His contributions to marginal productivity theory, income distribution and, most notably, his theory of interest would come to have a profound impact upon twentieth century economic theory, not least in the work of John Maynard Keynes. First published in English in 1934 and 1935, this Routledge Revival set is a reissue of his two volume work on political economy, first published in Sweden in 1901 and 1906. This work is aimed at both the professional economist and the advanced student alike, as well as all those interested in the theoretical development of political economy. Volume I concerns itself predominiantly with issues of theory: specifically the theory of value, the theory of production and distribution and the theory of capital accumulation. Volume II deals with theories relating to money, currency and credit. For institutional purchases for e-book sets please contact [email protected] (customers in the UK, Europe and Rest of World)
Categories: Business & Economics

Classical Economics and Modern Theory

Classical Economics and Modern Theory

In this thought-provoking book, well known economists Kurz and Salvadori cover original findings and new vistas on old problems.

Author: Heinz D. Kurz

Publisher: Routledge

ISBN: 9781134202270

Category: Business & Economics

Page: 352

View: 933

In this thought-provoking book, well known economists Kurz and Salvadori cover original findings and new vistas on old problems. They cover: alternative interpretations of classical economists new growth theory the relationship between Sraffian theory and Von Neumann the treatment of capital in neoclassical long-period theory. Incorporating cutting-edge research and new work, this book will be of great interest to those working in the field of the history of economic thought.
Categories: Business & Economics

Lectures on Political Economy Vol 2

Lectures on Political Economy  Vol  2

This work is aimed at both the professional economist and the advanced student alike, as well as all those interested in the theoretical development of political economy.

Author: Knut Wicksell

Publisher:

ISBN: 0203835565

Category: Economics

Page: 238

View: 494

Known as the "economist's economist" for his work on creating a synthetic economic theory, Swedish economist Knut Wicksell was a controversial, but highly influential figure in modern economic thought. His contributions to marginal productivity theory, income distribution and, most notably, his theory of interest would come to have a profound impact upon twentieth century economic theory, not least in the work of John Maynard Keynes. First published in English in 1934 and 1935, this Routledge Revival set is a reissue of his two volume work on political economy, first published in Sweden in 1901 and 1906. This work is aimed at both the professional economist and the advanced student alike, as well as all those interested in the theoretical development of political economy. Volume I concerns itself predominiantly with issues of theory: specifically the theory of value, the theory of production and distribution and the theory of capital accumulation. Volume II deals with theories relating to money, currency and credit. For institutional purchases for e-book sets please contact [email protected] (customers in the UK, Europe and Rest of World)
Categories: Economics

Modern Classical Economics and Reality

Modern Classical Economics and Reality

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.

Author: Theodore Mariolis

Publisher: Springer

ISBN: 9784431550044

Category: Political Science

Page: 242

View: 682

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. Normal 0 false false false EN-US JA X-NONE />
Categories: Political Science

Income Distribution in Macroeconomic Models

Income Distribution in Macroeconomic Models

This timely book offers an excellent first broad overview in this area. The ideas in the book are so intuitive that they can be taught to advanced undergraduates.

Author: Giuseppe Bertola

Publisher: Princeton University Press

ISBN: 0691121710

Category: Business & Economics

Page: 421

View: 138

"The interaction between the dynamics of economic growth and the evolution of economic inequality is an important and challenging problem. Recent advances in macroeconomics of heterogeneous agents have finally made it possible to investigate this question in a systematic manner. This timely book offers an excellent first broad overview in this area. The ideas in the book are so intuitive that they can be taught to advanced undergraduates. The exposition is so clear, simple and yet rigorous that the book is useful in a first-year graduate macro sequence. Its comprehensive coverage makes it an indispensable source of reference for the researcher in the field. A great achievement! I wish I had written this book."--Kiminori Matsuyama, Northwestern University "Income distribution questions are becoming increasingly important in modern macroeconomic theory, and they will probably become even more so as computational techniques are utilized to move macroeconomics beyond the representative agent paradigm. This book does a good job in summarizing the current state of the literature in an interesting and hands-on way."--Alex Michaelides, London School of Economics "A well balanced, clearly argued, up-to-date, and informative account of the subject. The arguments that spin off from this book will interest not only macroeconomists but also others in the field."--Frank Cowell, Professor of Economics and Director of Distributional Analysis Research Programme, London School of Economics; author of The Economics of Poverty and Inequality
Categories: Business & Economics

Classical Political Economics and Modern Capitalism

Classical Political Economics and Modern Capitalism

This book promotes an in-depth understanding of the key mechanisms that govern the functioning of capitalist economies, pursuing a Classical Political Economics approach to do so.

Author: Lefteris Tsoulfidis

Publisher: Springer

ISBN: 3030179664

Category: Political Science

Page: 450

View: 865

This book promotes an in-depth understanding of the key mechanisms that govern the functioning of capitalist economies, pursuing a Classical Political Economics approach to do so. It explores central theoretical issues addressed by the classical economists Smith and Ricardo, as well as Marx, while also operationalizing more recent theoretical developments inspired by the works of Sraffa and other modern classical economists, using actual data from major economies. On the basis of this approach, the book subsequently provides alternative explanations for various microeconomic issues such as the determination of equilibrium prices and their movement induced by changes in income distribution; the dynamics of competition of firms within and between industries; the law of tendential equalization of interindustry profit rates; and international exchanges and transfers of value; as well as macroeconomic issues concerning capital accumulation and cyclical economic growth. Given its scope, the book will benefit all researchers, students, and policymakers seeking new explanations for observed phenomena and interested in the mechanisms that give rise to surface economic categories, such as prices, profits, the unemployment rate, interest rates, and long economic cycles.
Categories: Political Science

Income Distribution and Environmental Sustainability

Income Distribution and Environmental Sustainability

This book is of interest to academics and students who study political economy, economic theory, and philosophy, as well as those interested in the work of Piero Sraffa.

Author: Robin Hahnel

Publisher: Taylor & Francis

ISBN: 9781315390239

Category: Business & Economics

Page: 162

View: 532

Any economics that does not deal forthrightly with economic inequality is no longer suitable for the twenty-first century. Similarly, any economics which does not provide a coherent way to integrate environmental sustainability into economic analysis will fail to command allegiance in the century ahead. This book demonstrates how the Sraffian framework provides important advantages in both areas. Divided into three chapters, Income Distribution and Environmental Sustainability provides a rigorous exposition of Sraffian theory emphasizing what it means for the economy to be productive, extends Sraffian theory to address environmental sustainability, and adds a normative theory of income distribution to Sraffa’s positive theory. In Chapter 1, a rigorous version of the basic Sraffa model is presented which focuses on what it means for the economy to be capable of producing a physical surplus, explains the origin of profits, and shows how to measure changes in overall labor productivity resulting from any technical change. In Chapter 2, the basic model is extended to incorporate primary inputs from the natural environment, rigorously measure changes in environmental throughput efficiency, and establish sufficient conditions for environmental sustainability. In Chapter 3, an explicit "normative" theory of economic justice is elaborated which is a natural extension of Sraffa’s "positive" theory of income determination and consistent with modern egalitarian literature on distributive justice. This book is of interest to academics and students who study political economy, economic theory, and philosophy, as well as those interested in the work of Piero Sraffa.
Categories: Business & Economics

Lectures on Political Economy

Lectures on Political Economy

Hiscontributions to marginal productivity theory, income distribution and, most notably, his theory of interest would come to have a profound impact upon twentieth century economic theory, not least in the work of John Maynard Keynes.

Author:

Publisher:

ISBN: 0415602467

Category:

Page:

View: 170

Known as the "economist's economist"for his workon creating a synthetic economic theory, Swedish economist Knut Wicksell was a controversial, but highly influential figure in modern economic thought. Hiscontributions to marginal productivity theory, income distribution and, most notably, his theory of interest would come to have a profound impact upon twentieth century economic theory, not least in the work of John Maynard Keynes. First published in English in 1934 and 1935, thisRoutledge Revivalset is a reissue ofhis two volume workon ...
Categories:

Public Expenditure

Public Expenditure

This book is designed to focus on and delineate controversies about public expenditure--to define what it is, analyze its function, show how it operates, and finally to evaluate research on this important subject.

Author: Jesse Burkhead

Publisher: Transaction Publishers

ISBN: 9780202368375

Category: Business & Economics

Page: 346

View: 979

In all highly industrialized countries public expenditures are a substantial and growing share of total economic activity. The authors integrate normative and positive theory and empirical analysis of public expenditure, concentrating on the optimal provision of public goods and the estimation of their costs and effects. This volume emphasizes the techniques that are available for reaching collective decisions about the provision of public goods and stresses the importance of income distribution and intergovernmental fiscal relations. In a mixed economy, where the public sector is growing faster than the private sector, the nature of public expenditures must be closely evaluated and studied. This book is designed to focus on and delineate controversies about public expenditure--to define what it is, analyze its function, show how it operates, and finally to evaluate research on this important subject. The book considers the theories of leading economists (Kenneth Arrow, Lionel Robbins, Carl Shoup, James Buchanan, Paul Samuelson, Richard Musgrave, and others) in arriving at a clear statement of theory in its application to operational problems. Appropriate attention is paid to current techniques such as program budgeting, cost-benefit analysis, and the analysis of the determinants of public expenditure. The book is unique in its emphasis on the integration and critique of contemporary theories of public expenditure, of distributional concerns, and of the political framework of public expenditure decisions. It provides a necessary resource for professional economists required to deal with public expenditure problems in research or practice. Jesse Burkhead is Maxwell Professor of Economics at Syracuse University. He has served on numerous professional and advisory boards. His books include Government Budgeting, State and Local Taxes for Public Education and Public School Finance: Economics and Politics. He is co-author of River Basin Administration and the Delaware, Decisions in Syracuse, and Inputs and Outputs in Large-City Education. Jerry Miner is Professor Emeritus of Economics and a CPR (Center for Policy Research) Senior Research Associate at Syracuse University. He has been a senior research economist for UNESCO in Paris, and an assistant study director of the Survey Research Center at the University of Michigan. His current research includes the efficiency of local schools and the distribution of state aid to local schools. He is the author of numerous journal articles.
Categories: Business & Economics

Income Distribution in a Corporate Economy

Income Distribution in a Corporate Economy

By presenting in one place the neo-classical and post Keynesian approaches, the book will serve both as a text and a foundation for future work on distribution.

Author: Russell Rimmer

Publisher: Edward Elgar Pub

ISBN: STANFORD:36105003410771

Category: Business & Economics

Page: 255

View: 744

Income Distribution in a Corporate Economy offers an examination of the influences of financial markets and imperfect competition on the distributive process. Unlike much of the earlier literature, it concentrates upon the short-run, making it suitable for empirical appraisal.
Categories: Business & Economics