[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/p/toh/tergaa/310.html
   My bibliography  Save this paper

On the Ricardian Invariable Measure of Value in General Convex Economies: Applicability of the Standard Commodity

Author

Listed:
  • Kazuhiro Kurose
  • Naoki Yoshihara
Abstract
The purpose of this paper is to examine the critical arguments made by Burmeister, Samuelson, and others, with respect to Sraffa (1960). Sraffa did not address these arguments, but they are relevant from the viewpoint of modern economic theories. In his arguments about the standard commodity, Sraffa assumed that a change in income distribution has no effect on the output level and choice of techniques. However, modern economic theories allow interdependence among changes in income distribution, output level, and choice of techniques. Therefore, it is interesting to consider the existence of an invariable measure of value and linearity of income distribution in a model where such interdependence is discussed. We assume general convex economies with non-increasing returns to scale. In this model, we obtain the conditions under which the existence of an invariable measure of value and the validity of the linearity of income distribution are assured.

Suggested Citation

  • Kazuhiro Kurose & Naoki Yoshihara, 2013. "On the Ricardian Invariable Measure of Value in General Convex Economies: Applicability of the Standard Commodity," TERG Discussion Papers 310, Graduate School of Economics and Management, Tohoku University.
    • Handle: RePEc:toh:tergaa:310
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10097/56668
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Peter Flaschel, 2010. "Topics in Classical Micro- and Macroeconomics," Springer Books, Springer, number 978-3-642-00324-0, December.
    2. Szenberg, Michael & Ramrattan, Lall & Gottesman, Aron A. (ed.), 2006. "Samuelsonian Economics and the Twenty-First Century," OUP Catalogue, Oxford University Press, number 9780199298839.
    3. Burmeister,Edwin, 1980. "Capital Theory and Dynamics," Cambridge Books, Cambridge University Press, number 9780521297035, September.
    4. Pasinetti,Luigi, 1993. "Structural Economic Dynamics," Cambridge Books, Cambridge University Press, number 9780521432825, September.
    5. Burmeister, Edwin, 1975. "A Comment on "This Age of Leontief . . . and Who?"," Journal of Economic Literature, American Economic Association, vol. 13(2), pages 454-457, June.
    6. Fujimoto, T., 1979. "Nonlinear generalization of the Frobenius theorem : A symmetric approach," Journal of Mathematical Economics, Elsevier, vol. 6(1), pages 17-21, March.
    7. Fujimoto, T., 1980. "Addendum to nonlinear generalization of the frobenius theorem," Journal of Mathematical Economics, Elsevier, vol. 7(2), pages 213-214, July.
    8. Richard Arena & Pier Luigi Porta, 2012. "Structural change and economic dynamics," Post-Print halshs-00727175, HAL.
    9. Samuelson, Paul A. & Etula, Erkko M., 2006. "Testing to confirm that Leontief-Sraffa matrix equations for input/output must obey constancy of returns to scale," Economics Letters, Elsevier, vol. 90(2), pages 183-188, February.
    10. Arena,Richard & Porta,Pier Luigi (ed.), 2012. "Structural Dynamics and Economic Growth," Cambridge Books, Cambridge University Press, number 9781107015968, September.
    11. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720, September.
    12. Burmeister, Edwin, 1977. "The Irrelevance of Sraffa's Analysis without Constant Returns to Scale," Journal of Economic Literature, American Economic Association, vol. 15(1), pages 68-70, March.
    13. Unknown, 1986. "Letters," Choices: The Magazine of Food, Farm, and Resource Issues, Agricultural and Applied Economics Association, vol. 1(4), pages 1-9.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kurose, Kazuhiro & Yoshihara, Naoki, 2014. "On the Ricardian Invariable Measure of Value: A General Possibility of the Standard Commodity," Discussion Paper Series 608, Institute of Economic Research, Hitotsubashi University.
    2. Kurose, Kazuhiro & Yoshihara, Naoki, 2019. "On the Ricardian invariable measure of value in general convex economies," Structural Change and Economic Dynamics, Elsevier, vol. 51(C), pages 539-549.
    3. Kurose, Kazuhiro, 2021. "Models of structural change and Kaldor’s facts: Critical survey from the Cambridge Keynesian perspective," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 267-277.
    4. Ünal, Emre, 2014. "Export Price Stability and Compatibility of Euro under the Export- Biased Productivity Growth in Turkey: A Criticism against the Maastricht Inflation Criterion," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 1(1), pages 16-25.
    5. Araujo, Ricardo Azevedo & Teixeira, Joanilio Rodolpho, 2021. "An appraisal of neo-Kaldorian theories from a structural economic dynamics perspective," Structural Change and Economic Dynamics, Elsevier, vol. 59(C), pages 247-255.
    6. KUROSE, Kazuhiro, 2015. "The Structure of the Models of Structural Change and Kaldor's Facts: A Critical Survey," CCES Discussion Paper Series 59, Center for Research on Contemporary Economic Systems, Graduate School of Economics, Hitotsubashi University.
    7. Kazuhiro Kurose, 2022. "A two-class economy from the multi-sectoral perspective: the controversy between Pasinetti and Meade–Hahn–Samuelson–Modigliani revisited," Evolutionary and Institutional Economics Review, Springer, vol. 19(1), pages 239-270, April.
    8. G.C. Harcourt, 2004. "Political Economy, Politics and Religion: Intertwined and Indissoluble Passions," Chapters, in: Michael Szenberg & Lall Ramrattan (ed.), Reflections of Eminent Economists, chapter 15, Edward Elgar Publishing.
    9. Gilbert Faccarello, 1976. "Bibliographie," Cahiers d'Économie Politique, Programme National Persée, vol. 3(1), pages 243-260.
    10. Harvey Gram & Geoffrey Harcourt, 2015. "Joan Robinson and MIT," Working Papers 9, City University of New York Graduate Center, Ph.D. Program in Economics.
    11. Luigi L. Pasinetti, 2000. "Critique of the neoclassical theory of growth and distribution," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 53(215), pages 383-431.
    12. J. Barkley Rosser, 2020. "Austrian themes and the Cambridge capital theory controversies," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(4), pages 415-431, December.
    13. Kazuhiro Kurose & Naoki Yoshihara, 2018. "The Heckscher—Ohlin—Samuelson Trade Theory and the Cambridge Capital Controversies: On the Validity of Factor Price Equalisation Theorem," Working Papers SDES-2018-17, Kochi University of Technology, School of Economics and Management, revised Nov 2018.
    14. Naoki Yoshihara & Roberto Veneziani, 2013. "The Measurement of Labour Content: A General Approach," Working Papers 704, Queen Mary University of London, School of Economics and Finance.
    15. Kurose, Kazuhiro & Yoshihara, Naoki, 2016. "The Heckscher-Ohlin-Samuelson Model and the Cambridge Capital Controversies," UMASS Amherst Economics Working Papers 2016-05, University of Massachusetts Amherst, Department of Economics.
    16. Obregón, Carlos, 2018. "The reconstruction of capital theory: the true meaning of capital in a production function," MPRA Paper 84284, University Library of Munich, Germany.
    17. Malte Faber & Ralph Winkler, 2006. "Heterogeneity and Time," American Journal of Economics and Sociology, Wiley Blackwell, vol. 65(3), pages 803-825, July.
    18. Guglielmo Chiodi, 2018. "Sraffa’s Silenced Revival of the Classical Economists and of Marx," Working Papers 4/18, Sapienza University of Rome, DISS.
    19. Roberto Scazzieri, 2016. "Political Economy as Intellectual History: Pier Luigi Porta (1945-2016)," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2016(1), pages 119-132.
    20. Vienneau, Robert L., 2019. "Structural economic dynamics, markups, real Wicksell effects, and the reverse substitution of labor," Structural Change and Economic Dynamics, Elsevier, vol. 50(C), pages 216-226.

    More about this item

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D30 - Microeconomics - - Distribution - - - General
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:toh:tergaa:310. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tohoku University Library (email available below). General contact details of provider: https://edirc.repec.org/data/fetohjp.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.