Cambridge capital controversy

2773:"...what one might call the existential aspect of capital theory has not attracted much interest in the past 25 years. A small band of 'true believers' has kept up the assault on capital theory orthodoxy until today, and from their company comes at least one of my co-editers. I shall call that loosely connected school the Anglo-Italian theorists. No simple name is ideal, but the one I have chosen indicates at least that the influences of Piero Sraffa and Joan Robinson, in particular, are of central importance. Even in that case, there is a flavour of necrophilia in the air. If one asks the question: what new idea has come out of Anglo-Italian thinking in the past 20 years?, one creates an embarrassing social situation. This is because it is not clear that anything new has come out of the old, bitter debates. 2791:...Can the old concerns about capital be taken out, dusted down and addressed to contemporary models? If that could be done, one would hope that its contribution could be more constructive than the mutually assured destruction approach that marred some of the 1960s debates. It is evident that richer models yield richer possibilities. They do not do that in proportion when optimization drives model solutions. However, we know that many-agent models can have multiple equilibria when all agents optimize. There may be fruitful paths forward in that direction. 1265:, and Joan Robinson, proposed a different model of growth. In their approach, the warranted rate of growth is brought into equality with the natural rate of growth by adjustments to income distribution. Although Kaldor and Pasinetti, for example, differed in how to justify this, the rate of profits is the quotient of the rate of growth and the ratio of the savings rate out of profits. This equation is known as the Cambridge equation. Investment, as in Keynes, is taken as an independent variable, and savings adjust to investment. 1063:'s 1939 article where it is defined as the "maximum rate of growth allowed by the increase of population, accumulation of capital, technological improvement and the work/ leisure preference schedule, supposing that there is always full employment in some sense." If the actual economic growth-rate falls below the natural rate, then the unemployment rate will rise; if it rises above it, the unemployment rate will fall. Consequently, the natural rate of growth must be the rate of growth that keeps the rate of unemployment constant. 40: 4599: 867: 2895: 4587: 855: 1070:, or to the actual rate of growth, this has two implications. At the theoretical level, there are implications for the efficiency and speed of the adjustment process between the warranted and the natural rates of growth in Harrod's growth model. Also, there are implications for the way the growth process should be viewed, and for understanding why growth rates differ between countries: whether growth is viewed as 1330:

focused on adjustments to the capital/output ratio through capital-labour substitution if capital and labour were growing at different rates. The English Cambridge side concentrated on adjustments to the saving ratio through changes in the distribution of income between wages and profits, on the assumption that the propensity to save out of profits is higher than out of wages.

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capital is determined partly by the rate of profit. This is a problem because neoclassical theory tells us that this rate of profit is itself supposed to be determined by the amount of capital being used. There is circularity in the argument. A falling profit rate has a direct effect on the amount of capital; it does not simply cause greater employment of it.

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freely made between individual men , the rates of pay that result from such transactions tend, it is here claimed, to equal that part of the product of industry which is traceable to the labor itself; and however interest may be adjusted by similarly free bargaining, it naturally tends to equal the fractional product that is separately traceable to capital.

3072:(2005), have repeatedly argued that such models are not empirically applicable and that, in any case, the capital-theoretical problems reappear in such models in a different form. The abstract nature of such models has made it more difficult to clearly reveal such problems in as clear a form as they appear in long-period models. 2205:(cost minimizing) indicates the best way of producing the output, given an externally specified wage or profit rate. Samuelson ends up rejecting his previously held view that heterogeneous capital could be treated as a single capital good, homogeneous with the consumption good, through a "surrogate production function". 1553:, i.e., the cost of borrowing funds) is supposed to equal the marginal physical product of capital. (For simplicity, abbreviate "capital goods" as "capital.") A second core proposition is that a change in the price of a factor of production will lead to a change in the use of that factor – an increase in the 1855:

Sraffa showed that a change in the rate of profit would change the measured amount of capital, and in highly nonlinear ways: an increase in the rate of profit might initially increase the perceived value of the truck more than the laser, but then reverse the effect at still higher rates of profit. See "

1679:. These refer to the basic profits that the owners of capital must receive in order to stay in business in their sector. Third, while neoclassical economics assumes that the "normal" rate of profit is determined by aggregate production (as discussed above), this formulation takes the rate of profit as 3075:

Since Samuelson had been one of the main neoclassical defenders of the idea that heterogeneous capital could be treated as a single capital good, his article (discussed above) conclusively showed that results from simplified models with one capital good do not necessarily hold in more general models.

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economists. The latter group argues that growth is primarily demand-driven because growth in the labor force as well as in labor productivity both respond to the pressure of demand, both domestic and foreign. Their view does not mean, post-Keynesians state, that demand growth determines supply growth

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is not strictly dependent on the capital to labor ratio of a commodity. Marxist economist Eduardo M. Ochoa admits that in theory, the labor theory of value is rendered logically untenable by reswitching, but argues that in practice, reswitching is not empirically likely if you observe wage curves in

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We must not forget that although neo-Ricardians may have been circumstantial allies to the Austrians in their criticism of the neoclassical trend, the neo-Ricardians’ stated objective is precisely to neutralize the influence (which is not yet strong enough, in our opinion) exerted on economics since

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Old contributions should best be left buried when they involve using capital as a stick to beat marginal theory. All optima imply marginal conditions in some form. These conditions are part of an overall solution. Neither they nor the quantities involved in them are prior to the overall solution. It

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Instead of simply taking a neoclassical production function for granted, Samuelson follows the Sraffian tradition of constructing a production function from positing alternative methods to produce a product. The posited methods exhibit different mixes of inputs. Samuelson shows how profit maximizing

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and other neoclassical writers — alleging that, as the interest rate falls in consequence of abstention from present consumption in favor of future, technology must become in some sense more 'roundabout,' more 'mechanized' and 'more productive' — cannot be universally valid." ("A Summing

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However, Sraffa then pointed out that this accurate measuring technique still involved the rate of profit: the amount of capital depended on the rate of profit. This reversed the direction of causality that neoclassical economics assumed between the rate of profit and the amount of capital. Further,

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Go back to the pricing formula above. As in the real world, the capital intensity of production (capital cost per unit) differs between the sectors producing the different types of capital goods. Suppose that it takes twice as much capital per unit of output to produce trucks than it does to produce

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to capital. Capitalist income (total profit or property income) is defined as the rate of profit multiplied by the amount of capital, but the measurement of the "amount of capital" involves adding up quite incomparable physical objects – adding the number of trucks to the number of lasers, for

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The Harrod–Domar model's lack of a mechanism that could bring the warranted rate of growth into line with the natural rate of growth triggered the growth debate in the mid-1950s, a debate that "engaged some of the greatest minds in the economics profession for over two decades." The neoclassical and

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was purged of errors. Levhari and Samuelson published a paper which began, 'We wish to make it clear for the record that the nonreswitching theorem associated with us is definitely false. We are grateful to Dr. Pasinetti...' (Levhari and Samuelson 1966). Leland Yeager and I jointly published a note

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were straightforward, with simple results and uncomplicated conclusions which implied predictions about the real, empirical, world. The followers of Robinson and Sraffa argued that more sophisticated and complicated mathematical models implied that for the Solow–Swan model to say anything about the

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Unlike the neoclassicals, who chose to largely turn a blind eye to the Controversies after a brief period of panic, or the Austrians, whose theories (contrary to popular opinion) are almost universally consistent with the possibility of reswitching, the Marxians have displayed a fair bit of concern

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means that there is no simple (monotonic) relationship between the nature of the techniques of production used and the rate of profit. For example, we may see a situation in which a technique of production is cost-minimizing at low and high rates of profits, but another technique is cost-minimizing

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from different years. A machine produced in the year 2000 can then be treated as the labor and commodity inputs used to produce it in 1999 (multiplied by the rate of profit); and the commodity inputs in 1999 can be further reduced to the labor inputs that made them in 1998 plus the commodity inputs

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and his school argued that saving does not automatically lead to investment in tangible capital goods.) Thus, in this view, profit income is a reward for those who value future income highly and are thus willing to sacrifice current enjoyment. Strictly speaking, however, modern neoclassical theory

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The second table shows three possible interest rates and the resulting accumulated total labor costs for the two techniques. Since the benefits of each of the two processes is the same, we can simply compare costs. The costs in time 0 are calculated in the standard economic way, assuming that each

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goes on as if the controversy had never occurred. Macroeconomics textbooks discuss 'capital' as if it were a well-defined concept — which it is not, except in a very special one-capital-good world (or under other unrealistically restrictive conditions). The problems of heterogeneous capital

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given. That is because the whole neoclassical theory of profit-rate determination is being questioned: if we can go from the marginal product of capital to the profit rate, we should be able to go from the profit rate to the marginal product. In any event, few if any participants in the Cambridge

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It is the purpose of this work to show that the distribution of the income of society is controlled by a natural law, and that this law, if it worked without friction, would give to every agent of production the amount of wealth which that agent creates. However wages may be adjusted by bargains

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However, the damage had been done, and Cambridge, UK, 'declared victory': Levhari was wrong, Samuelson was wrong, Solow was wrong, MIT was wrong and therefore neoclassical economics was wrong. As a result there are some groups of economists who have abandoned neoclassical economics for their own

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saw the equilibrium rate of profit (which helps to determine the income of the owners of capital goods) as a market price determined by technology and the relative proportions in which the "factors of production" are used in production. Just as wages are the reward for the labor that workers do,

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theory of capital (although they adhere to his focus on time-preference as explanatory of interest rates). Instead, they recast roundaboutness in prospective terms, and simply view reswitching as a rare, but possible phenomenon. Austrian school economists hold to their own version of Robinson's

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Neoclassical economists assumed that there was no real problem here. They said: just add up the money value of all these different capital items to get an aggregate amount of capital (while correcting for inflation's effects). But Sraffa pointed out that this financial measure of the amount of

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Both camps generally treated the natural rate of growth as given. Virtually all the focus of the debate centered on the potential mechanisms by which the warranted growth rate might be made to converge on the natural rate, giving a long-run, equilibrium growth-path. The American Cambridge side

1174:. Natural rate of growth is the rate at which the growth an economy requires that full employment is maintained. For example, If the labor force grows at 3 percent per year, with everything else being equal, then to maintain full employment, the economy's annual growth rate must be 3 percent. 3016:

In short, the progress produced by the Cambridge Controversy was from the unrealistic reliance on unstated or unknown assumptions to a clear consciousness about the need to make such assumptions. But this left the Sraffians in a situation where the unreal assumptions prevented most empirical

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Recent work includes empirical applications using input-output data, applications to environmental economics, an analysis of the properties of random matrices, a demonstration that the CCC applies to non-competitive markets with markup pricing, and extensions of work with fixed capital.

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example. That is, just as one cannot add heterogeneous "apples and oranges," we cannot simply add up simple units of "capital." As Robinson argued, there is no such thing as "leets," an inherent element of each capital good that can be added up independent of the prices of those goods.

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The results in bold-face indicate which technique is less expensive, showing reswitching. There is no simple (monotonic) relationship between the interest rate and the "capital intensity" or roundaboutness of production, either at the macro- or the microeconomic level of aggregation.

1097:. Second, it ostensibly provides the maximum attainable long-run rate of growth. The natural rate is treated as strictly exogenous; it is shaped by the growth of the labor force and the growth of labor productivity, without recognition nor assumption that both might be endogenous to 2799:

In his 1975 book Capital Theory and the Distribution of Income, Bliss showed that in general equilibrium, there is no relationship between relative scarcity of an input and relative price. However, the return to each factor remains equal to its dis-aggregated marginal productivity.

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In very simple terms, suppose that capital currently consists of 10 trucks and 5 lasers. Trucks are produced and sold for $ 50,000 each, while each laser goes for $ 30,000. Thus, the value of our capital equals the sum of (price)*(quantity) = 10*$ 50,000 + 5*$ 30,000 = $ 650,000 =

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Neoclassical theorists, such as Bliss, (quoted above) have generally accepted the "Anglo-Italian" critique of the simple neoclassical model and have moved on, applying the 'more general' political-economic vision of neoclassical economics to new questions. Some theorists, such as

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profits are the reward for the productive contributions of capital: thus, the normal operations of the system under competitive conditions pay profits to the owners of capital. Responding to the "indictment that hangs over society" that it involves "exploiting labor,"

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Also, an obvious riposte is that we can aggregate capital simply by using the first set of prices and ignoring the second, as with many inflation corrections. This does not work, however, because the variation of the rate of profit is theorized as happening at a

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According to the Harrod–Domar model there are three kinds of growth: the rate of warranted growth; the rate of actual growth; and the natural rate of growth. Warranted growth-rate is the rate of growth at which the economy does not expand indefinitely or go into

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shows in a general equilibrium model that in a world with heterogeneous capital, interest rates indicate time-preference, but not the marginal productivity of capital. Huerta De Soto argues that reswitching actually benefits Austrian capital theory, but warns:

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is the rate of profit. Assume that the owners of the factories are rewarded by receiving income proportional to the capital that they advanced for production (with the proportion being determined by the profit rate). Assume that the labor cost per unit equals

1894:, the wage rate, given that initial levels of capital and technology stay constant). This causes a change in the distribution of income, the nature of the various capital goods demanded, and thus a change in their prices. This causes a change in the value of 2991:

Part of the problem in this debate revolved around the high level of abstraction and idealization that occurs in economic model-building on topics such as capital and economic growth. The original neoclassical models of aggregate growth presented by

1101:. Additionally, there was no fiscal or other economic mechanism in the theory that could bring the warranted rate of growth in line with the natural rate of growth, i.e. for society to achieve full or fuller utilization of its resources. 2552: 1388:

a price, and it is not clear that it is determined in a market. In particular, it only partially reflects the scarcity of the means of production relative to their demand. While the prices of different types of means of production

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being the sum of all of the different sectoral values). In short, for the sum of Cobb–Douglas production functions to equal a Cobb–Douglas, the production functions for all of the different sectors have to have the same values of

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The question of whether the natural growth rate is exogenous, or endogenous to demand (and whether it is input growth that causes output growth, or vice versa), lies at the heart of the debate between neoclassical economists and

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Harrod produced a mathematical model of growth whereby the natural rate of growth fulfills two important functions. First, it sets the ceiling to the divergence between the actual growth rate and warranted growth rate and turns

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models cannot be theoretically justified, except under restrictive conditions (see Kirman, 1992 for an explanation of the Sonnenschein–Mantel–Debreu results as an aggregation problem). Note that this says that it's not simply

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This result is not changed by the fact that for both items, the capital cost per unit would change as the two prices change (contrary to the assumption made above). Nor does it change if the wage rate and labor cost per unit

1851:(multiplied by the rate of profit again); and so on until the non-labor component was reduced to a negligible (but non-zero) amount. Then you could add up the dated labor value of a truck to the dated labor value of a laser. 3004:

To choose an example that did not get much attention in the debate (because it was shared by both sides), the Solow–Swan model assumes a continuously-attained equilibrium with 'full employment' of all resources. Contrary to

2167:"The phenomenon of switching back at a very low interest rate to a set of techniques that had seemed viable only at a very high interest rate involves more than esoteric difficulties. It shows that the simple tale told by 1663:

conception of pricing is different from the standard neoclassical "supply and demand" vision. It refers to long-run price determination. It can be reconciled with neoclassical economics by assuming that production follows

2699:, since they are all deprived of stability. The consequences for neoclassical analysis are thus quite devastating. It is usually asserted that only aggregate neoclassical theory of the textbook variety — and hence 3020:

Even though Sraffa, Robinson, and others had argued that its foundations were unfounded, the Solow–Swan growth model based on a single-valued aggregate stock of capital goods has remained a centerpiece of neoclassical

1507:, so that the value of each capital good is taken as homogeneous with output. Different types of labor are assumed reduced to a common unit, usually unskilled labor. Both inputs have a positive impact on output, with 2858:

damages those versions of the theory. Peter Lewin and Nicolas Cachanosky argue against Fratini, and more developed versions of the cycle not based on "Neo-Austrian" capital theory are unaffected by reswitching.

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Most often, neoclassicals simply ignore the controversy, while many do not even know about it. Indeed, the vast majority of economics graduate schools in the United States do not teach their students about it:

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Samuelson gives an example involving both the Sraffian concept of new products made with labor employing capital goods represented by dead or "dated labor" (rather than machines having an independent role) and

2128:, an association between high interest rates (or rates of profit) and more capital-intensive techniques. Thus, reswitching implies the rejection of a simple (monotonic) non-increasing relationship between 4344: 1565:: since a firm is getting less from adding a unit of capital goods than is received from the previous one, the rate of profit must increase to encourage the employment of that extra unit, assuming 1409:. But not all followers of Sraffa interpret his theory of production and capital in this Marxian way. Nor do all Marxists embrace the Sraffian model: in fact, such authors as Michael Lebowitz and 1859:" below. The analysis further implies that a more intensive use of a factor of production, including other factors than capital, may be associated with a higher, not lower price, of that factor. 1875: 2049: 3013:). The fact that the critique was also stated entirely using exactly the same kind of unrealistic assumptions meant that it was very difficult to do anything but 'criticize' Solow and Swan. 2318:

Then, using this example (and further discussion), Samuelson demonstrates that it is impossible to define the relative "roundaboutness" of the two techniques as in this example, contrary to

2788:, and most writers on growth from whatever school in the 1960s and later, has been joined by numerous models which make technical progress endogenous in one of the several possible ways... 1831:) helps determine the measured amount of capital rather than being solely determined by that amount. It also says that physical capital is heterogeneous and cannot be added up the way that 1541:" (essentially, labor and "capital") is equal to its marginal product. Thus, with perfect product and input markets, the wage (divided by the price of the product) is alleged to equal the 2784:

implanted into neoclassical growth modelling did not flourish there. Instead the representative agent is usually now the model's driver. Finally, the exogenous technical progress of

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applications, along with further developments of the theory. Thus it is not surprising that Bliss asks: "what new idea has come out of Anglo-Italian thinking in the past 20 years?"

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vision of aggregate production and distribution. The name arises from the location of the principals involved in the controversy: the debate was largely between economists such as

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Meanwhile mainstream theorizing has taken different directions. Interest has shifted from general equilibrium style (high-dimension) models to simple, mainly one-good models.

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can change if the rate of profit rises. To see this, define the price of production for the two types of capital goods. For each item, follow the type of pricing rule used by

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as with a general inflation or deflation that changes both prices by the same percentage: the exact result depends on the relative "capital intensity" of the two sectors.

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will be used again. The interest-rate numbers are extreme, but this phenomenon of reswitching can be shown to occur in other examples using more moderate interest rates.

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lasers, so that the capital cost per unit equals $ 20,000 for trucks (T) and $ 10,000 for lasers (L), where these coefficients are initially assumed not to change. Then,

3033:." In some cases, the use of an aggregate production function is justified with an appeal to a instrumentalist methodology and a need for simplicity in empirical work. 2729: 1482: 2827:

explain, Austrian capital theory is immune to reswitching as a critique, since Austrian economics' subjectivism forbids positing hard physical relationships between

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require the exclusion of capital reversing (Schefold 1997). In that sense, all neoclassical production models would be affected by capital reversing." (Lavoie 2000)

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without limit; rather, they claim that there is not one, single, full-employment growth path, and that, in many countries, demand constraints (related to excessive

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models developed by the neoclassical school, labor and capital are assumed to be heterogeneous and measured in physical units. In most versions of neoclassical

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A third way to look this problem is to remember that many neoclassical economists assume that both individual firms (or sectors) and the entire economy fit the

3077: 2745: 1824:. This critique of the neoclassical conception is more of a matter of pointing out its major technical flaws in the theory than of presenting an alternative. 3169:. It is the highest attainable growth rate that would bring about the fullest possible employment of the resources existing in the economy. See Harrod (1939) 3240:

The idea of using a Cobb–Douglas production function at the core of a growth model dates back to Tinbergen (1942, pp. 511–549). See Brems (1986 pp. 362–268)

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These profits are in turn seen as rewards for saving, i.e., abstinence from current consumption, which leads to the creation of the capital goods. (Later,

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in purely mathematical terms rather than as part of an historical process. The point is that if neoclassical conceptions do not work at a specific time (

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are highly critical of Sraffian interpretations, except as a narrow technical critique of the neoclassical view. There are also Marxian economists, like

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school argue that even if the means of production "earned" a return based on their marginal product, that does not imply that their owners (i.e., the

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Han, Zonghie & Bertram Schefold (2006). "An empirical investigation of paradoxes: Reswitching and reverse capital deepening in capital theory".

2152:. This problem arises for either a macroeconomic or a microeconomic production process and so goes beyond the aggregation problems discussed above. 3832: 3096:

It is important, for the record, to recognize that key participants in the debate openly admitted their mistakes. Samuelson's seventh edition of

3910: 2912: 3065: 2703:, based on aggregate production functions — is affected by capital reversing. It has been pointed out, however, that when neoclassical 3101:

acknowledging his earlier error and attempting to resolve the conflict between our theoretical perspectives. (Burmeister and Yeager, 1978).

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Naturally enough, the two contending schools arrive at different conclusions concerning this debate. It is useful to quote some of these.

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Bliss, Christopher (2005). "Introduction, The Theory of Capital: A Personal Overview", in C. Bliss, A. Cohen and G.C. Harcourt (eds.)

1886:

A different way to understand the aggregation problem does not involve the Classical pricing equations. Think about a decrease in the

2938: 1579:, whose work set off the Cambridge controversy, pointed out that there was an inherent measurement problem in applying this model of 1671:

Further, this formulation does not treat the rate of profit as a price determined by supply and demand. Rather, it fits more with

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terms and can thus be easily summed. Even then, of course, the price of a sum of financial capital varies with interest rates.

1530:. This view portrays an economy as one big factory rather than as a collection of a large number of heterogeneous workplaces. 1326:. The common name of the two places gave rise to the terms "the two Cambridges debate" or "the Cambridge capital controversy." 4311: 4173: 3922: 3759: 3738: 3696: 3677: 3634: 955: 3884:

Fratini, Saverio (2019). "A note on re-switching, the average period of production and the Austrian business-cycle theory".

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over the grim implications reswitching has for the logical consistency of Marxian work. The Capital Controversies, like the

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reflects badly on economists and their keenness of intellect that this was not always obvious to everyone." (Bliss 2005)

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are assumed to be equalized between sectors due to competition, i.e., the mobility of capital and labor between sectors.

1017: 4634: 4365: 4252: 4146: 4055: 3659: 1972: 3211:

Besomi argues that this is why Harrod's growth theory is "not really a theory of growth at all," but a theory of the

2978: 996:. The resolution of the debate, particularly how broad its implications are, has not been agreed upon by economists. 4503:

Bernanke's paradox: can he reconcile his position on the federal budget with his recent charge to prevent deflation?

1158:. Despite its progenitors' ostensibly Keynesian viewpoint, the Harrod–Domar model was actually the precursor to the 4629: 4421: 3773: 4624: 4232:

Petri, Fabio (2009) "On the Recent Debate on Capital Theory and General Equilibrium", Economic Department of the

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Vienneau, Robert L. (2024). "Characteristics of labor markets varying with perturbations of relative markups".

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According to Harrod, the natural rate is the maximum rate of growth allowed by the increase of variables like

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in its solution, and, by the late 1950s, they started an academic dialogue that led to the development of the

4591: 4502: 228: 984:. The critique of neoclassical capital theory might be summed up as saying that the theory suffers from the 490: 4619: 4460: 3937: 3886: 2952: 2808: 1241:, commonly referred to as technological progress. At its core, the model offers a neoclassical (aggregate) 1342:

theory were connected to wider arguments with ideological implications. The famous neoclassical economist

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According to the Cambridge, England, critics, this analysis is thus a serious challenge, particularly in

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saving. There is no under-capacity or over-capacity utilization. This means that there is no reason for

4577: 1931: 1792:= $ 20,000, so that the value of the capital equals 10*$ 30,000 + 5*$ 20,000 = $ 400,000. The value of 1519: 1040:, while holding the other constant and assuming no technological change, will increase output but at a 883: 833: 363: 353: 2811:

economists for the most part dismiss the debate as irrelevant. As various Austrian economists such as

1846:) by which a measure of the amount of capital could be produced: by reducing all machines to a sum of 926:

that started in the 1950s and lasted well into the 1960s. The debate concerned the nature and role of

4456:

The Cambridge-Cambridge Controversy in the Theory of Capital; A View from New Haven: A Review Article

3162: 2721: 2140:. As rates fall, for example, profit-seeking businesses can switch from using one set of techniques ( 1960: 1665: 1025: 243: 1421:, who consider the Sraffian theory of prices, wages and profit to be superior to Marx's own theory. 1090:. Consequently, it is important for generating cyclical behavior in trade-cycle models that rely on 4033: 1295: 1291: 1262: 1115: 962: 812: 550: 505: 358: 127: 71: 4187:

DANGERS OF THE ONE-GOOD MODEL:BOHM-BAWERK’S CRITIQUE OF THE“NAIVE PRODUCTIVITY THEORY OF INTEREST”

2851: 2832: 2319: 2190: 2172: 1910:, as assumed in the neoclassical model of growth and distribution. Causation goes both ways, from 565: 3797: 2905: 2753: 2228:, representing years in the past) to produce output of 1 unit at the later time 0 (the present). 1319: 943: 515: 323: 313: 273: 263: 170: 93: 4334:

Schefold, Bertram (2005). "Reswitching as a Cause of Instability of Intertemporal Equilibrium",

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Hagemann, Harald (2009). "Solow's 1956 Contribution in the Context of the Harrod–Domar Model".

3085: 2869: 2661: 2156: 1672: 1557:(associated with falling wages) will lead to more of that factor being used in production. The 1534: 1443: 1430: 1410: 1402: 1315: 1226: 1214: 1177: 1159: 1141: 985: 970: 931: 922:", was a dispute between proponents of two differing theoretical and mathematical positions in 685: 530: 268: 208: 165: 112: 3749: 3726: 3687:

The Way It Worked and Why It Won't: Structural Change and the Slowdown of U.S. Economic Growth

4027: 3111: 2873: 1071: 819: 500: 475: 460: 318: 258: 238: 233: 2547:{\displaystyle Cost=(1+i)w.L_{-1}+(1+i)^{2}w.L_{-2}+(1+i)^{3}w.L_{-3}+...+(1+i)^{n}w.L_{-n}} 4273: 4134:

Lebowitz, Michael (2009). "Another Crisis of Economic Theory: The Neo-Ricardian Critique",

3906: 3215: 3106: 3061: 1935: 1538: 1230: 1197: 1185: 966: 570: 392: 343: 308: 248: 213: 117: 107: 54: 3715:(1975). "The capital controversy: A Cambridge, Massachusetts View of Cambridge, England", 1146:

Roy Harrod, in his seminal paper, developed a model, subsequently refined by Russian-born

8: 4233: 4137: 3054: 3006: 2777: 2704: 2677: 2669: 1660: 1609: 1580: 1566: 1558: 1515: 1508: 1434: 1361: 1242: 1211: 1155: 1124: 1111: 1094: 1075: 1041: 1037: 1005: 981: 927: 796: 605: 427: 368: 293: 283: 253: 180: 88: 2208:

Consider Samuelson's Böhm-Bawerkian approach. In his example, there are two techniques,

1032:. Classical theory claims that an increase in either of the factors of production, i.e. 465: 4527: 4491: 4465: 4451: 4440: 4400: 4290: 4016: 3857: 3784: 3685: 3049:, argued that rigorous neoclassical theory is most appropriately set forth in terms of 3001:

world, crucial unrealistic assumptions (that Solow and Swan had ignored) must be true.

2092:, etc.) adds up to a Cobb–Douglas production function for the economy as a whole (with 1406: 1056: 1013: 824: 780: 585: 422: 417: 397: 348: 288: 278: 223: 218: 190: 185: 155: 23: 2780:

have largely displaced the fixed-saving coefficient approach. The many consumers that

4498: 4361: 4307: 4257: 4248: 4169: 4157: 4142: 4086:

Kirman, Alan P. (1992). "Whom or What does the Representative Individual Represent?"

4051: 4045: 3918: 3869: 3819: 3793: 3755: 3748:

Burmeister, Edwin (2000). "The capital theory controversy". In Kurz, Heinz D. (ed.).

3734: 3692: 3673: 3655: 3630: 3166: 3158: 3038: 3030: 2673: 2657: 2198: 2160: 2129: 1843: 1832: 1373: 1369:

say that capital's or labor's income is "deserved" in some moral or normative sense.

1283: 1234: 1078:; or determined by constraints on demand before supply constraints begin to operate. 1029: 1021: 715: 690: 600: 480: 437: 373: 338: 328: 160: 122: 78: 2836:

aggregation problem, agreeing heterogeneous capital can't be rigorously aggregated.

2326:

will be used by a profit-maximizing business; between 50 and 100 percent, technique

2061:

is supposed to represent the stock of capital goods (assumed to be measurable), and

640: 4560:

Zambelli, Stefano (2018). "The aggregate production function is NOT neoclassical".

4487: 4430: 4392: 4282: 4161: 4008: 3999: 3946: 3895: 3849: 3809: 3081: 3069: 2837: 2812: 1550: 1542: 1348: 1343: 1339: 765: 710: 695: 680: 665: 595: 575: 555: 510: 383: 333: 303: 298: 3199:

What Harrod called the "social optimal rate of growth", without discussion of its

2850:

Saverio Fratini argues that certain "Neo-Austrian" forms of capital theory based

645: 4219: 4209: 4047:

Value and Capital: An Inquiry into some Fundamental Principles of Economic Theory

3183: 3178:

In Harrod's paper, the warranted growth rate is the one that induces just enough

2820: 2696: 1821: 1817: 1562: 1523: 1380:) created the marginal product and should be rewarded. In the Sraffian view, the 1307: 1299: 1222: 1009: 859: 770: 735: 700: 635: 560: 545: 432: 407: 402: 378: 150: 145: 4375: 3874:

The endogeneity of the natural rate of growth for a selection of Asian countries

3672:(G. Rampa, L. Stella, and A. P. Thirlwall editors), London: Palgrave-Macmillan, 1338:

Much of the emotion behind the debate arose because the technical criticisms of

4238: 4065:

Huang, Biao (2019). "Revisiting fixed capital models in the Sraffa framework".

3814: 3643: 3622: 3050: 3022: 2828: 2816: 2700: 2194: 2168: 2133: 2076:

The problem is that unless we impose very strong mathematical restrictions, we

1612:

for produced items, where price is determined by explicit costs of production:

1554: 1546: 1414: 1398: 1394: 1381: 1275: 1250: 1218: 1083: 993: 947: 790: 775: 740: 725: 705: 675: 495: 412: 102: 98: 3950: 3899: 525: 4613: 4513: 3823: 3769: 3228: 3105:

refinements of classical economics. In the United States, on the other hand,

3026: 2877: 2693: 2176: 2137: 1863: 1676: 1576: 1303: 1127:

difficulties) tend to arise long before supply constraints are ever reached.

1066:

If the natural rate of growth is not exogenously given, but is endogenous to

989: 935: 755: 745: 720: 660: 655: 650: 630: 620: 590: 580: 485: 388: 3927:

Gehrke, Christian and Christian Lager (2000). "Sraffian Political Economy",

1561:

implies that greater use of this input will imply a lower marginal product,

39: 4603: 4412: 4371: 4199: 3840: 3717: 3647: 3187: 3144:

Or what Harrod originally termed "the rate of growth of the labor force in

2993: 2749: 2733: 2689: 1572: 1418: 1393:

prices, the rate of profit can be seen in Marxian terms, as reflecting the

1311: 1279: 1238: 1203: 1180:

claimed shortcomings in the Harrod–Domar model, in particular pointing out

951: 939: 871: 785: 730: 625: 615: 610: 535: 83: 4302:

Scarfe, Brian L. (1977). "The Harrod Model and the 'Knife Edge' Problem".

3666:

Failing to Win Consent : Harrod's Dynamics in the Eyes of His Readers

2846:

1871 by the subjectivist revolution Menger started. (Huerta De Soto 2006)

1504: 4475: 4124: 3212: 3200: 2997: 1753:= 1 = 100% (an extreme case used to make the calculations obvious), then 1207: 1181: 1150:, that aims to explain an economy's growth rate in terms of the level of 1147: 1091: 1052: 1033: 977: 760: 750: 540: 175: 4531: 2684:, both at the economy and industry levels. It also puts in jeopardy the 2322:

assertions. He shows that at a profit rate above 100 percent technique

1503:

is the labor input. The price of the homogeneous output is taken as the

4469: 4444: 4435: 4416: 4404: 4360:, Belknap Press: imprint of Harvard University Press; reprint edition, 4294: 4268: 4041: 4020: 3994: 3861: 3712: 3179: 3145: 3115: 3046: 2785: 1377: 1060: 670: 470: 3190:

to revise their investment plans upwards or downwards. See Dray (2010)

1827:

In general, this discussion says that the distribution of income (and

4304:

Cycles, Growth, and Inflation: A Survey of Contemporary Macrodynamics

4229:, London and New York: Macmillan and Stockton, pp. 363–68. 3670:

Economic Dynamics, Trade and Growth : Essays on Harrodian Themes

1680: 1261:

Post-Keynesian economists, such as Nicholas Kaldor, Luigi Pasinetti,

1167: 1120: 1087: 923: 520: 451: 31: 4396: 4286: 4271:(1964). "The Harrod–Domar Model vs the Neo-Classical Growth Model". 4012: 3853: 2894: 2330:

will be used; while at an interest rate below 50 percent, technique

2781: 2708: 1871: 3798:"Whatever happened to the Cambridge Capital Theory controversies?" 4342:

Schefold, Bertram (2023). "The rarity of reswitching explained".

1842:

Sraffa suggested an aggregation technique (stemming in part from

1323: 1229:. They attempt to explain long-run economic growth by looking at 4516:(1942). "Zur Theorie der langfristigen Wirtschaftsentwicklung". 4107:, London and New York: Macmillan and Stockton, pp. 359–363 3472: 1796:

thus varies with the rate of profit. Note that it does not vary

1526:

growth model), however, the function is assumed to apply to the

1170:. Actual growth is the real rate-increase in a country's yearly 4586: 3733:. Baltimore: Johns Hopkins University Press. pp. 362–368. 1151: 1098: 1067: 854: 4204:

Full Industry Equilibrium: A Theory of the Industrial Long Run

2720:"These findings destroy, for example, the general validity of 1059:. The concept of the natural rate of growth first appeared in 4478:(November 1956). "Economic growth and capital accumulation". 3709:, (Cheltenham, UK: Edward Elgar), Vol. I, pp. xxvii–lx. 1867: 1836: 1684:

Controversy attacked the Sraffian critique on these grounds.

3009:, saving determines investment in these models (rather than 2748:(as Steedman and Metcalfe have shown), and of the Pigouvian 980:, while some major elements can be explained as part of the 4222:

and Roberto Scazzieri (1987). "Capital Theory: Paradoxes",

2756:(as Gehrke and Lager have shown)." (Gehrke and Lager 2000) 1401:

that owning the means of production gives this minority to

2569: 2230: 2080:

say that this Cobb–Douglas production function for sector

3629:. Princeton: Princeton University Press. pp. 26–76. 1287: 1171: 4193:

Values, prices, and wage-profit curves in the US economy

2069:

is supposed to represent the technology for this sector

1545:

of labor. More importantly for the discussion here, the

1202:

The model was developed separately and independently by

2769:

The neoclassical economist Christopher Bliss comments:

1898:(as discussed above). So, again, the rate of return on 1623:= (labor cost per unit) + (capital cost per unit)*(1 + 4247:, Belknap Press: imprint of Harvard University Press, 2057:

is a constant (representing technology and the like),

1256: 4575: 3981:

Some Cambridge Controversies in the Theory of Capital

3751:

Critical essays on Piero Sraffa's legacy in economics

2350: 1975: 1926:. This problem is sometimes seen as analogous to the 1820:), they cannot handle the more complicated issues of 1446: 2722:

Heckscher–Ohlin–Samuelson international trade theory

1890:, the return on capital (corresponding to a rise in 1533:

This vision produces a core proposition in textbook

1249:

type, which enables the model "to make contact with

4168:(G. R. Feiwel, editor), New York University Press, 4100:Kurz, Heinz D. (1987). "capital theory: paradoxes, 3833:"Capital Expansion, Rate of Growth, and Employment" 2919:. Unsourced material may be challenged and removed. 1950: 1881: 3684: 2546: 2043: 1476: 4376:"A contribution to the theory of economic growth" 2744:concept (as Steedman has shown), of neoclassical 2044:{\displaystyle Y_{i}=A_{i}.K_{i}^{a}.L_{i}^{1-a}} 4611: 4329:Normal Prices, Technical Change and Accumulation 3917:(George R. Feiwel, editor), Palgrave Macmillan, 3754:. Cambridge University Press. pp. 305–314. 3218:around an "unexplained trend." See Besomi (1998) 4322:Mr. Sraffa on Joint Production and Other Essays 2652:Here are some of the Cambridge critics' views: 2073:. (Its subscript is left out for convenience.) 1943:that is subject to aggregation problems: so is 1835:can. For the latter, all units are measured in 4083:. Auburn, Alabama, Ludwig Von Mises Institute. 3911:Capital in the Neoclassical Theory. Some Notes 2065:is the amount of labor input. The coefficient 1499:is the sum of the value of capital goods, and 958:, in Cambridge, Massachusetts, United States. 3959:Radical Political Economy: Sraffa Versus Marx 3791: 3478: 891: 4112:Theory of Production: A Long-Period Analysis 3997:(March 1939). "An Essay in Dynamic Theory". 3983:. Cambridge: Cambridge University Press 1972 3830: 4262:The New Palgrave: A Dictionary of Economics 3259: 3257: 2197:" — supposedly a physical measure of 1874:and the simple neoclassical version of the 1778:falls to zero (another extreme case). Then 1648:in each sector (and does not change). Both 1051:is defined as the sum of the growth of the 3747: 3727:"Neoclassical Growth: Tinbergen and Solow" 3123: 1424: 898: 884: 4512: 4434: 4306:. New York: McGraw-Hill. pp. 63–66. 4110:Kurz, Heinz D. and Neri Salvadori (1995) 3813: 3774:"Capital and Income in the Money Economy" 2979:Learn how and when to remove this message 2876:, since they showed that the equilibrium 2831:and the interest rate. Thus, they reject 2742:Hicksian neutrality of technical progress 1135: 961:The English side is most often labeled " 4559: 4544: 4341: 4166:Joan Robinson and Modern Economic Theory 3934: 3915:Joan Robinson and Modern Economic Theory 3621: 3330: 3328: 3254: 2778:Ramsey-style dynamic-optimization models 1587: 1537:, i.e., that the income earned by each " 1274:Neo-Keynesian sides were represented by 1016:given: Growth is dependent on exogenous 4345:Structural Change and Economic Dynamics 4226:New Palgrave: A Dictionary of Economics 4182:. Mansfield Centre: Martino Publishing. 4162:Capital Theory Paradoxes: Anything Goes 4153:Capital and Finance: Theory and History 4104:New Palgrave: A Dictionary of Economics 4081:Money, Bank Credit, and Economic Cycles 3986:Harcourt, G. C. and N.F. Laing (1971). 3883: 2854:work present in some iterations of the 2124:Reswitching implies the possibility of 1906:) is not independent of the measure of 1405:the majority of workers and to receive 1210:in 1956, in response to the supposedly 1191: 4612: 4301: 3993: 3768: 3627:Introduction to Modern Economic Growth 3355: 3318: 3316: 3314: 3312: 3310: 3308: 1930:results (e.g., by Mas-Colell 1989) in 988:; specifically, that we cannot extend 4411: 4370: 4180:Human Action: A Treatise on Economics 4151:Lewin, P. and Cachanosky, N. (2019). 4064: 4040: 3731:Pioneering Economic Theory, 1630–1980 3724: 3682: 3652:Quiet Revolution in Welfare Economics 3373: 3337: 3325: 3227:A similar model had been proposed by 3110:goods have also been ignored in the ' 2764: 2563:is the amount of labor input in time 2216:, that use labor at different times ( 1333: 956:Massachusetts Institute of Technology 4474: 4267: 4214:Lectures on the Theory of Production 4141:, Leiden & Boston: Brill, 2009, 3382: 3364: 2917:adding citations to reliable sources 2888: 1044:that will eventually approach zero. 4507:Journal of Post Keynesian Economics 4244:Capital in the Twenty-First Century 3964: 3878:Journal of Post Keynesian Economics 3346: 3305: 3275: 3084:–Sraffian tradition instead of the 2163:summarizes the reswitching debate: 1559:law of diminishing marginal returns 1495:is factor representing technology, 1257:The post-Keynesian theory of growth 1006:classical, orthodox economic theory 13: 4492:10.1111/j.1475-4932.1956.tb00434.x 4338:, Vol. 56, No. 4, pp. 438–476 3625:(2009). "The Solow Growth Model". 1767:= $ 30,000, as assumed. As above, 946:in England and economists such as 14: 4646: 4129:Encyclopedia of Political Economy 3929:Encyclopedia of Political Economy 3691:. Westport, CT; London: Praeger. 3114:revolution' and in virtually all 3029:. It is also the basis for the " 2803: 2647: 1963:. That is, output of each sector 1074:; or whether growth is viewed as 4597: 4585: 4422:Journal of Economic Perspectives 4088:Journal of Economic Perspectives 3802:Journal of Economic Perspectives 2893: 2872:, are another refutation of the 2862: 1957:Cobb–Douglas production function 1951:Simple mathematical presentation 1882:General equilibrium presentation 1866:, to the neoclassical vision of 1856: 1104: 994:production by society as a whole 865: 853: 38: 4417:"Perspectives on Growth Theory" 4358:The Assumptions Economists Make 4264:, v. 3, pp. 452–460. 3614: 3601: 3592: 3583: 3574: 3565: 3556: 3547: 3538: 3529: 3520: 3511: 3502: 3493: 3484: 3463: 3454: 3445: 3436: 3427: 3418: 3409: 3400: 3391: 3234: 3221: 3205: 3193: 3172: 2928:"Cambridge capital controversy" 2904:needs additional citations for 2686:neoclassical theories of output 2136:, sometimes referred to as the 1967:is determined by the equation: 1437:is often assumed, for example, 1049:natural rate of economic growth 969:", and the Massachusetts side " 140:Concepts, theory and techniques 4563:Cambridge Journal of Economics 4384:Quarterly Journal of Economics 4260:(1987). "Sraffian economics," 4095:Essays on Capital and Interest 3968:Cambridge Journal of Economics 3654:, Princeton University Press, 3296: 3284: 3266: 3151: 3138: 2856:Austrian Business Cycle Theory 2678:neoclassical theory of capital 2639: 2516: 2503: 2460: 2447: 2416: 2403: 2378: 2366: 2182:Quarterly Journal of Economics 2155:In a 1966 article, the famous 2112: 1471: 1459: 1294:, US, while the Keynesian and 1: 4206:, Cambridge University Press. 4127:(2000). "Capital Reversing", 4114:, Cambridge University Press. 3880:, Spring 2011, Vol. 33, No. 3 3247: 2884: 1549:(sometimes confused with the 1268: 1217:. Solow and Swan proposed an 999: 912:Cambridge capital controversy 4461:Journal of Political Economy 4216:, Columbia University Press. 3990:, Harmondsworth, UK: Penguin 3938:History of Political Economy 3887:Review of Austrian Economics 3781:The Theory of Social Economy 2617: 2602: 2587: 2297: 2284: 2271: 2253: 1639:is the price of an item and 1509:diminishing marginal returns 1225:set within the framework of 1130: 930:goods and a critique of the 7: 4548:Review of Political Economy 4519:Weltwirtschaftliches Archiv 4464:, 82(4), pp. 893–903. 4356:Schlefer, Jonathan (2017). 4079:Huerta De Soto, J. (2006). 4050:. Oxford: Clarendon Press. 3571:Lewin and Cachanosky (2019) 2740:have demonstrated), of the 1318:, who mostly taught at the 1245:, often specified to be of 1154:and of the productivity of 10: 4651: 4327:Schefold, Bertram (1997). 4320:Schefold, Bertram (1989). 4119:On Austrian Capital Theory 4097:. Edward Elgar Publishing. 3815:10.1257/089533003321165010 2705:general equilibrium models 2676:. It puts in jeopardy the 2232:Two production techniques 1932:general equilibrium theory 1928:Sonnenschein–Mantel–Debreu 1298:sides were represented by 1195: 1139: 4635:1960s in economic history 3951:10.1215/00182702-2009-017 3900:10.1007/s11138-019-0432-0 3683:Bjork, Gordon J. (1999). 3664:Benomi, Daniele (1998). " 3479:Cohen & Harcourt 2003 3415:Albert et al (1990) p.358 3163:technological improvement 3148:units". See Harrod (1939) 2259: 1961:constant returns to scale 1876:principle of substitution 1666:constant returns to scale 1543:marginal physical product 1514:In some more complicated 1477:{\displaystyle Q=Af(K,L)} 1026:technological improvement 920:the two Cambridges debate 4136:Following Marx: Method, 4117:Lachmann, L. M. (1976). 3979:Harcourt, G. C. (1972). 3263:Brems (1975) pp. 369–384 3131: 2690:employment determination 2660:renders meaningless the 1292:Cambridge, Massachusetts 128:JEL classification codes 4630:Criticisms of economics 3424:Han & Schefold 2006 3292:Classical growth-theory 2754:environmental economics 2184:vol. 80, 1966, p. 568.) 2121:at intermediate rates. 1425:The aggregation problem 1320:University of Cambridge 1178:Neoclassical economists 965:", while some call it " 944:University of Cambridge 916:the capital controversy 314:Industrial organization 171:Computational economics 4625:Economic controversies 4592:Business and economics 4185:Murphy, R. P. (2005). 3957:Hahnel, Robin (2017). 3406:Schlefer (2012) p. 101 3302:Bjork (1999) pp. 2, 67 3129: 2870:transformation problem 2848: 2797: 2758: 2717: 2548: 2338:unit of labor costs $ 2088:(plus that for sector 2045: 1814:specific point in time 1535:neoclassical economics 1478: 1431:neoclassical economics 1358: 1227:neoclassical economics 1160:exogenous growth model 1136:The Harrod–Domar model 986:fallacy of composition 976:Most of the debate is 166:Experimental economics 4537:Steedman, I. (1977). 4178:Mises, L. v. (1949). 4093:Kirzner, I.M., 1996. 3907:Garegnani, Pierangelo 3831:Domar, Evsey (1946). 3794:Harcourt, Geoffrey C. 3721:, Volume 123, Issue 3 3589:Huerta De Soto (2006) 3553:Huerta De Soto (2006) 3526:Huerta De Soto (2006) 3517:Huerta De Soto (2006) 3272:Piketty (2014) p. 231 3112:rational expectations 3094: 3078:multi-sectoral models 3060:The critics, such as 2874:labor theory of value 2843: 2771: 2718: 2654: 2549: 2046: 1588:Sraffian presentation 1522:(for example, in the 1479: 1353: 1340:marginal productivity 1196:Further information: 1140:Further information: 4274:The Economic Journal 4198:Opocher, Arrigo and 4191:Ochoa, E. M. (1989) 4032:: CS1 maint: year ( 3725:Brems, Hans (1986). 3107:mainstream economics 3076:He thus mostly uses 3062:Pierangelo Garegnani 2913:improve this article 2825:Jesús Huerta de Soto 2746:tax incidence theory 2724:(as authors such as 2701:macroeconomic theory 2567:previous to time 0. 2348: 2084:plus one for sector 1973: 1936:representative agent 1539:factor of production 1444: 1372:Some members of the 1286:, who taught at the 1231:capital accumulation 1192:The Solow–Swan model 1095:difference equations 914:, sometimes called " 393:Social choice theory 4620:Capital (economics) 4331:. London: Macmillan 4234:University of Siena 4138:Critique and Crisis 4090:6(2), 117–136 4042:Hicks, John Richard 3961:. London: Routledge 3796:(1 February 2003). 3481:, pp. 199–214. 3231:. See Cassel (1924) 3055:general equilibrium 3007:Keynesian economics 2709:long-run equilibria 2682:input demand curves 2574: 2233: 2148:) and then back to 2040: 2016: 1934:, which shows that 1610:Classical economics 1581:income distribution 1567:profit maximization 1516:general equilibrium 1435:production function 1362:John Maynard Keynes 1243:production function 1237:; and increases in 1125:balance of payments 982:aggregation problem 860:Business portal 181:Operations research 161:National accounting 4499:Tcherneva, Pavlina 4436:10.1257/jep.8.1.45 4158:Mas-Colell, Andreu 4068:Economica Politica 3988:Capital and Growth 3945:(Suppl 1): 67–87. 3785:Augustus M. Kelley 3053:and intertemporal 2765:Neoclassical views 2680:and the notion of 2666:input substitution 2570: 2544: 2231: 2041: 2020: 2002: 1774:Now, suppose that 1474: 1334:Ideological issues 1233:; labor growth or 1215:Harrod–Domar model 1142:Harrod–Domar model 1057:labor productivity 1055:and the growth of 191:Industrial complex 186:Middle income trap 4539:Marx After Sraffa 4313:978-0-07-055039-1 4174:978-1-349-08633-7 3923:978-1-349-08633-7 3868:Dray, Mark & 3787:. pp. 51–63. 3761:978-0-521-58089-2 3740:978-0-8018-2667-2 3698:978-0-275-96532-7 3678:978-1-349-26931-0 3636:978-0-691-13292-1 3322:Dray et al (2010) 3182:to match planned 3167:natural resources 3159:population growth 3088:aggregate model. 3031:new growth theory 2989: 2988: 2981: 2963: 2726:Sergio Parrinello 2697:monetary theories 2658:Capital reversing 2633: 2632: 2316: 2315: 2199:capital intensity 2161:Paul A. Samuelson 2130:capital intensity 2126:capital reversing 1844:Marxian economics 1833:financial capital 1284:Franco Modigliani 1235:population growth 1076:demand determined 1072:supply determined 1030:natural resources 1022:population growth 1012:is assumed to be 908: 907: 4642: 4602: 4601: 4600: 4590: 4589: 4581: 4571: 4556: 4534: 4509:, Vol. 33, No. 3 4495: 4452:Stiglitz, Joseph 4448: 4438: 4413:Solow, Robert M. 4408: 4380: 4372:Solow, Robert M. 4353: 4317: 4298: 4281:(294): 380–387. 4220:Pasinetti, Luigi 4210:Pasinetti, Luigi 4076: 4061: 4037: 4031: 4023: 4000:Economic Journal 3976: 3954: 3903: 3870:Thirlwall, A. P. 3865: 3837: 3827: 3817: 3788: 3778: 3765: 3744: 3702: 3690: 3640: 3608: 3605: 3599: 3596: 3590: 3587: 3581: 3578: 3572: 3569: 3563: 3560: 3554: 3551: 3545: 3542: 3536: 3533: 3527: 3524: 3518: 3515: 3509: 3506: 3500: 3497: 3491: 3488: 3482: 3476: 3470: 3467: 3461: 3458: 3452: 3449: 3443: 3440: 3434: 3431: 3425: 3422: 3416: 3413: 3407: 3404: 3398: 3395: 3389: 3386: 3380: 3377: 3371: 3368: 3362: 3359: 3353: 3350: 3344: 3341: 3335: 3332: 3323: 3320: 3303: 3300: 3294: 3288: 3282: 3281:Tcherneva (2011) 3279: 3273: 3270: 3264: 3261: 3241: 3238: 3232: 3225: 3219: 3209: 3203: 3197: 3191: 3176: 3170: 3165:, and growth in 3155: 3149: 3142: 3127: 3070:Bertram Schefold 3043:Edwin Burmeister 2984: 2977: 2973: 2970: 2964: 2962: 2921: 2897: 2889: 2881:the US economy. 2813:Ludwig von Mises 2730:Stanley Metcalfe 2713:stability proofs 2707:are extended to 2670:capital scarcity 2575: 2553: 2551: 2550: 2545: 2543: 2542: 2524: 2523: 2487: 2486: 2468: 2467: 2443: 2442: 2424: 2423: 2399: 2398: 2234: 2138:rate of interest 2050: 2048: 2047: 2042: 2039: 2028: 2015: 2010: 1998: 1997: 1985: 1984: 1733:+ $ 10,000*(1 + 1706:+ $ 20,000*(1 + 1677:"normal" profits 1551:rate of interest 1483: 1481: 1480: 1475: 1344:John Bates Clark 1198:Solow–Swan model 1186:Solow–Swan model 1042:diminishing rate 1028:, and growth in 900: 893: 886: 872:Money portal 870: 869: 868: 858: 857: 354:Natural resource 146:Economic systems 42: 19: 18: 16:Economic dispute 4650: 4649: 4645: 4644: 4643: 4641: 4640: 4639: 4610: 4609: 4608: 4598: 4596: 4584: 4576: 4574: 4480:Economic Record 4476:Swan, Trevor W. 4397:10.2307/1884513 4378: 4314: 4287:10.2307/2228485 4258:Samuelson, Paul 4239:Piketty, Thomas 4058: 4025: 4024: 4013:10.2307/2225181 3872:(2010) : " 3854:10.2307/1905364 3835: 3792:Cohen, Avi J.; 3776: 3762: 3741: 3699: 3644:Albert, Michael 3637: 3623:Acemoglu, Daron 3617: 3612: 3611: 3606: 3602: 3598:Steedman (1977) 3597: 3593: 3588: 3584: 3579: 3575: 3570: 3566: 3561: 3557: 3552: 3548: 3543: 3539: 3535:Lachmann (1976) 3534: 3530: 3525: 3521: 3516: 3512: 3508:Lachmann (1976) 3507: 3503: 3498: 3494: 3489: 3485: 3477: 3473: 3468: 3464: 3459: 3455: 3450: 3446: 3441: 3437: 3432: 3428: 3423: 3419: 3414: 3410: 3405: 3401: 3397:Acemoglu (1956) 3396: 3392: 3387: 3383: 3378: 3374: 3369: 3365: 3360: 3356: 3351: 3347: 3342: 3338: 3333: 3326: 3321: 3306: 3301: 3297: 3289: 3285: 3280: 3276: 3271: 3267: 3262: 3255: 3250: 3245: 3244: 3239: 3235: 3226: 3222: 3210: 3206: 3198: 3194: 3184:full employment 3177: 3173: 3156: 3152: 3143: 3139: 3134: 3128: 3124:Burmeister 2000 3122: 2985: 2974: 2968: 2965: 2922: 2920: 2910: 2898: 2887: 2865: 2821:Ludwig Lachmann 2806: 2767: 2750:taxation theory 2738:Lynn Mainwaring 2650: 2642: 2561: 2554: 2535: 2531: 2519: 2515: 2479: 2475: 2463: 2459: 2435: 2431: 2419: 2415: 2391: 2387: 2349: 2346: 2345: 2243:input or output 2115: 2051: 2029: 2024: 2011: 2006: 1993: 1989: 1980: 1976: 1974: 1971: 1970: 1953: 1884: 1790: 1785:= $ 30,000 and 1783: 1765: 1760:= $ 50,000 and 1758: 1749:= $ 10,000 and 1727: 1700: 1675:conceptions of 1659:Note that this 1604:As noted, this 1590: 1445: 1442: 1441: 1427: 1411:Frank Roosevelt 1336: 1308:Luigi Pasinetti 1300:Nicholas Kaldor 1271: 1259: 1223:economic growth 1200: 1194: 1144: 1138: 1133: 1107: 1010:economic growth 1002: 904: 866: 864: 852: 845: 844: 815: 805: 804: 803: 802: 566:von Böhm-Bawerk 454: 443: 442: 204: 196: 195: 151:Economic growth 141: 133: 132: 74: 72:classifications 17: 12: 11: 5: 4648: 4638: 4637: 4632: 4627: 4622: 4607: 4606: 4594: 4573: 4572: 4557: 4542: 4535: 4510: 4496: 4486:(2): 334–361. 4472: 4449: 4409: 4368: 4366:978-0674975408 4354: 4339: 4336:Metroeconomica 4332: 4325: 4318: 4312: 4299: 4265: 4255: 4253:978-0674430006 4236: 4230: 4217: 4207: 4196: 4189: 4183: 4176: 4155: 4149: 4147:978-1608460335 4132: 4122: 4115: 4108: 4098: 4091: 4084: 4077: 4062: 4057:978-0198282693 4056: 4038: 4007:(193): 14–33. 3991: 3984: 3977: 3962: 3955: 3932: 3925: 3904: 3894:(4): 363–374. 3881: 3866: 3848:(2): 137–147. 3828: 3808:(1): 199–214. 3789: 3770:Cassel, Gustav 3766: 3760: 3745: 3739: 3722: 3710: 3707:Capital Theory 3703: 3697: 3680: 3662: 3660:978-0691629483 3641: 3635: 3618: 3616: 3613: 3610: 3609: 3600: 3591: 3582: 3573: 3564: 3562:Fratini (2019) 3555: 3546: 3537: 3528: 3519: 3510: 3501: 3499:Kirzner (1996) 3492: 3483: 3471: 3462: 3453: 3444: 3435: 3426: 3417: 3408: 3399: 3390: 3381: 3372: 3363: 3354: 3352:Hageman (2009) 3345: 3336: 3324: 3304: 3295: 3283: 3274: 3265: 3252: 3251: 3249: 3246: 3243: 3242: 3233: 3220: 3204: 3192: 3171: 3150: 3136: 3135: 3133: 3130: 3120: 3051:microeconomics 3023:macroeconomics 2987: 2986: 2969:September 2009 2901: 2899: 2892: 2886: 2883: 2878:rate of profit 2864: 2861: 2829:roundaboutness 2817:Israel Kirzner 2805: 2804:Austrian Views 2802: 2766: 2763: 2674:labor scarcity 2649: 2648:Sraffian views 2646: 2641: 2638: 2631: 2630: 2627: 2622: 2616: 2615: 2610: 2607: 2601: 2600: 2597: 2592: 2586: 2585: 2582: 2579: 2578:interest rate 2559: 2541: 2538: 2534: 2530: 2527: 2522: 2518: 2514: 2511: 2508: 2505: 2502: 2499: 2496: 2493: 2490: 2485: 2482: 2478: 2474: 2471: 2466: 2462: 2458: 2455: 2452: 2449: 2446: 2441: 2438: 2434: 2430: 2427: 2422: 2418: 2414: 2411: 2408: 2405: 2402: 2397: 2394: 2390: 2386: 2383: 2380: 2377: 2374: 2371: 2368: 2365: 2362: 2359: 2356: 2353: 2344: 2320:Böhm-Bawerkian 2314: 2313: 2310: 2307: 2302: 2296: 2295: 2292: 2289: 2283: 2282: 2279: 2276: 2270: 2269: 2266: 2263: 2258: 2252: 2251: 2248: 2245: 2240: 2195:roundaboutness 2186: 2185: 2144:) to another ( 2134:rate of profit 2114: 2111: 2038: 2035: 2032: 2027: 2023: 2019: 2014: 2009: 2005: 2001: 1996: 1992: 1988: 1983: 1979: 1969: 1952: 1949: 1883: 1880: 1870:as indices of 1864:factor markets 1788: 1781: 1763: 1756: 1743: 1742: 1741: 1740: 1739: 1738: 1725: 1716: 1715: 1714: 1713: 1712: 1711: 1698: 1633: 1632: 1631: 1630: 1629: 1628: 1589: 1586: 1563:all else equal 1555:rate of profit 1547:rate of profit 1528:entire economy 1485: 1484: 1473: 1470: 1467: 1464: 1461: 1458: 1455: 1452: 1449: 1426: 1423: 1415:Michael Albert 1399:economic power 1382:rate of profit 1335: 1332: 1296:Post-Keynesian 1276:Paul Samuelson 1270: 1267: 1258: 1255: 1251:microeconomics 1219:economic model 1193: 1190: 1137: 1134: 1132: 1129: 1116:post-Keynesian 1106: 1103: 1047:The so-called 1001: 998: 963:post-Keynesian 948:Paul Samuelson 906: 905: 903: 902: 895: 888: 880: 877: 876: 875: 874: 862: 847: 846: 843: 842: 837: 827: 822: 816: 811: 810: 807: 806: 801: 800: 793: 788: 783: 778: 773: 768: 763: 758: 753: 748: 743: 738: 733: 728: 723: 718: 713: 708: 703: 698: 693: 688: 683: 678: 673: 668: 663: 658: 653: 648: 643: 638: 633: 628: 623: 618: 613: 608: 603: 598: 593: 588: 583: 578: 573: 568: 563: 558: 553: 548: 543: 538: 533: 528: 523: 518: 513: 508: 503: 498: 493: 488: 483: 478: 473: 468: 463: 457: 456: 455: 449: 448: 445: 444: 441: 440: 435: 430: 425: 420: 415: 410: 405: 400: 395: 386: 381: 376: 371: 366: 361: 359:Organizational 356: 351: 346: 341: 336: 331: 326: 321: 316: 311: 306: 301: 296: 291: 286: 281: 276: 271: 266: 261: 256: 251: 246: 241: 236: 231: 226: 221: 216: 211: 205: 203:By application 202: 201: 198: 197: 194: 193: 188: 183: 178: 173: 168: 163: 158: 153: 148: 142: 139: 138: 135: 134: 131: 130: 125: 120: 115: 110: 105: 96: 91: 86: 81: 75: 69: 68: 65: 64: 63: 62: 57: 52: 44: 43: 35: 34: 28: 27: 15: 9: 6: 4: 3: 2: 4647: 4636: 4633: 4631: 4628: 4626: 4623: 4621: 4618: 4617: 4615: 4605: 4595: 4593: 4588: 4583: 4582: 4579: 4570:(2): 383–426. 4569: 4565: 4564: 4558: 4555:(2): 827–843. 4554: 4550: 4549: 4543: 4540: 4536: 4533: 4529: 4525: 4521: 4520: 4515: 4514:Tinbergen, J. 4511: 4508: 4504: 4500: 4497: 4493: 4489: 4485: 4481: 4477: 4473: 4471: 4467: 4463: 4462: 4457: 4453: 4450: 4446: 4442: 4437: 4432: 4428: 4424: 4423: 4418: 4414: 4410: 4406: 4402: 4398: 4394: 4390: 4386: 4385: 4377: 4373: 4369: 4367: 4363: 4359: 4355: 4351: 4347: 4346: 4340: 4337: 4333: 4330: 4326: 4323: 4319: 4315: 4309: 4305: 4300: 4296: 4292: 4288: 4284: 4280: 4276: 4275: 4270: 4266: 4263: 4259: 4256: 4254: 4250: 4246: 4245: 4240: 4237: 4235: 4231: 4228: 4227: 4221: 4218: 4215: 4211: 4208: 4205: 4201: 4197: 4194: 4190: 4188: 4184: 4181: 4177: 4175: 4171: 4167: 4163: 4159: 4156: 4154: 4150: 4148: 4144: 4140: 4139: 4133: 4130: 4126: 4123: 4120: 4116: 4113: 4109: 4106: 4105: 4099: 4096: 4092: 4089: 4085: 4082: 4078: 4074: 4070: 4069: 4063: 4059: 4053: 4049: 4048: 4043: 4039: 4035: 4029: 4022: 4018: 4014: 4010: 4006: 4002: 4001: 3996: 3992: 3989: 3985: 3982: 3978: 3975:(5): 737–765. 3974: 3970: 3969: 3963: 3960: 3956: 3952: 3948: 3944: 3940: 3939: 3933: 3930: 3926: 3924: 3920: 3916: 3912: 3908: 3905: 3901: 3897: 3893: 3889: 3888: 3882: 3879: 3875: 3871: 3867: 3863: 3859: 3855: 3851: 3847: 3843: 3842: 3834: 3829: 3825: 3821: 3816: 3811: 3807: 3803: 3799: 3795: 3790: 3786: 3782: 3775: 3771: 3767: 3763: 3757: 3753: 3752: 3746: 3742: 3736: 3732: 3728: 3723: 3720: 3719: 3714: 3711: 3708: 3704: 3700: 3694: 3689: 3688: 3681: 3679: 3675: 3671: 3667: 3663: 3661: 3657: 3653: 3649: 3645: 3642: 3638: 3632: 3628: 3624: 3620: 3619: 3604: 3595: 3586: 3577: 3568: 3559: 3550: 3544:Murphy (2005) 3541: 3532: 3523: 3514: 3505: 3496: 3487: 3480: 3475: 3466: 3460:Vienneau 2024 3457: 3451:Schefold 2023 3448: 3439: 3433:Zambelli 2018 3430: 3421: 3412: 3403: 3394: 3385: 3376: 3367: 3361:Scarfe (1977) 3358: 3349: 3340: 3334:Harrod (1939) 3331: 3329: 3319: 3317: 3315: 3313: 3311: 3309: 3299: 3293: 3287: 3278: 3269: 3260: 3258: 3253: 3237: 3230: 3229:Gustav Cassel 3224: 3217: 3214: 3208: 3202: 3196: 3189: 3188:entrepreneurs 3185: 3181: 3175: 3168: 3164: 3160: 3154: 3147: 3141: 3137: 3126:, p. 312 3125: 3119: 3117: 3113: 3108: 3102: 3099: 3093: 3089: 3087: 3083: 3079: 3073: 3071: 3067: 3063: 3058: 3056: 3052: 3048: 3044: 3040: 3034: 3032: 3028: 3027:growth theory 3024: 3018: 3014: 3012: 3008: 3002: 2999: 2995: 2983: 2980: 2972: 2961: 2958: 2954: 2951: 2947: 2944: 2940: 2937: 2933: 2930: – 2929: 2925: 2924:Find sources: 2918: 2914: 2908: 2907: 2902:This article 2900: 2896: 2891: 2890: 2882: 2879: 2875: 2871: 2863:Marxian Views 2860: 2857: 2853: 2852:Böhm-Bawerk's 2847: 2842: 2839: 2838:Robert Murphy 2834: 2833:Böhm-Bawerk's 2830: 2826: 2822: 2818: 2814: 2810: 2801: 2796: 2792: 2789: 2787: 2783: 2779: 2774: 2770: 2762: 2757: 2755: 2751: 2747: 2743: 2739: 2735: 2731: 2727: 2723: 2716: 2714: 2710: 2706: 2702: 2698: 2695: 2692:, as well as 2691: 2687: 2683: 2679: 2675: 2671: 2667: 2663: 2659: 2653: 2645: 2637: 2628: 2626: 2623: 2621: 2618: 2614: 2611: 2608: 2606: 2603: 2598: 2596: 2593: 2591: 2588: 2583: 2580: 2577: 2576: 2573: 2568: 2566: 2562: 2539: 2536: 2532: 2528: 2525: 2520: 2512: 2509: 2506: 2500: 2497: 2494: 2491: 2488: 2483: 2480: 2476: 2472: 2469: 2464: 2456: 2453: 2450: 2444: 2439: 2436: 2432: 2428: 2425: 2420: 2412: 2409: 2406: 2400: 2395: 2392: 2388: 2384: 2381: 2375: 2372: 2369: 2363: 2360: 2357: 2354: 2351: 2343: 2341: 2335: 2333: 2329: 2325: 2321: 2311: 2308: 2306: 2303: 2301: 2298: 2293: 2290: 2288: 2285: 2280: 2277: 2275: 2272: 2267: 2264: 2262: 2257: 2254: 2249: 2246: 2244: 2241: 2239: 2236: 2235: 2229: 2227: 2223: 2219: 2215: 2211: 2206: 2202: 2200: 2196: 2192: 2191:Böhm-Bawerk's 2183: 2178: 2174: 2170: 2166: 2165: 2164: 2162: 2158: 2153: 2151: 2147: 2143: 2139: 2135: 2131: 2127: 2122: 2119: 2110: 2108: 2104: 2099: 2095: 2091: 2087: 2083: 2079: 2074: 2072: 2068: 2064: 2060: 2056: 2036: 2033: 2030: 2025: 2021: 2017: 2012: 2007: 2003: 1999: 1994: 1990: 1986: 1981: 1977: 1968: 1966: 1962: 1958: 1948: 1946: 1942: 1937: 1933: 1929: 1925: 1921: 1917: 1913: 1909: 1905: 1901: 1897: 1893: 1889: 1879: 1877: 1873: 1869: 1865: 1860: 1858: 1852: 1849: 1845: 1840: 1838: 1834: 1830: 1825: 1823: 1819: 1815: 1809: 1807: 1801: 1799: 1798:in proportion 1795: 1791: 1784: 1777: 1772: 1771:= $ 650,000. 1770: 1766: 1759: 1752: 1748: 1736: 1732: 1728: 1722: 1721: 1720: 1719: 1718: 1717: 1709: 1705: 1701: 1695: 1694: 1693: 1692: 1691: 1690: 1689: 1685: 1682: 1678: 1674: 1669: 1667: 1662: 1657: 1655: 1651: 1647: 1642: 1638: 1626: 1622: 1619: 1618: 1617: 1616: 1615: 1614: 1613: 1611: 1607: 1602: 1600: 1594: 1585: 1582: 1578: 1577:Joan Robinson 1574: 1570: 1568: 1564: 1560: 1556: 1552: 1548: 1544: 1540: 1536: 1531: 1529: 1525: 1521: 1520:growth theory 1517: 1512: 1510: 1506: 1502: 1498: 1494: 1490: 1468: 1465: 1462: 1456: 1453: 1450: 1447: 1440: 1439: 1438: 1436: 1432: 1422: 1420: 1416: 1412: 1408: 1404: 1400: 1396: 1392: 1387: 1383: 1379: 1375: 1370: 1368: 1363: 1357: 1352: 1350: 1345: 1341: 1331: 1327: 1325: 1321: 1317: 1313: 1309: 1305: 1304:Joan Robinson 1301: 1297: 1293: 1289: 1285: 1281: 1277: 1266: 1264: 1254: 1252: 1248: 1244: 1240: 1236: 1232: 1228: 1224: 1220: 1216: 1213: 1209: 1205: 1199: 1189: 1187: 1183: 1179: 1175: 1173: 1169: 1163: 1161: 1157: 1153: 1149: 1143: 1128: 1126: 1122: 1117: 1113: 1105:Central issue 1102: 1100: 1096: 1093: 1089: 1085: 1079: 1077: 1073: 1069: 1064: 1062: 1058: 1054: 1050: 1045: 1043: 1039: 1035: 1031: 1027: 1023: 1019: 1015: 1011: 1007: 997: 995: 991: 990:microeconomic 987: 983: 979: 974: 972: 968: 967:neo-Ricardian 964: 959: 957: 953: 949: 945: 941: 937: 936:Joan Robinson 933: 929: 925: 921: 917: 913: 901: 896: 894: 889: 887: 882: 881: 879: 878: 873: 863: 861: 856: 851: 850: 849: 848: 841: 838: 835: 831: 828: 826: 823: 821: 818: 817: 814: 809: 808: 799: 798: 794: 792: 789: 787: 784: 782: 779: 777: 774: 772: 769: 767: 764: 762: 759: 757: 754: 752: 749: 747: 744: 742: 739: 737: 734: 732: 729: 727: 724: 722: 719: 717: 714: 712: 709: 707: 704: 702: 699: 697: 694: 692: 689: 687: 684: 682: 679: 677: 674: 672: 669: 667: 664: 662: 659: 657: 654: 652: 649: 647: 644: 642: 639: 637: 634: 632: 629: 627: 624: 622: 619: 617: 614: 612: 609: 607: 604: 602: 599: 597: 594: 592: 589: 587: 584: 582: 579: 577: 574: 572: 569: 567: 564: 562: 559: 557: 554: 552: 549: 547: 544: 542: 539: 537: 534: 532: 529: 527: 524: 522: 519: 517: 514: 512: 509: 507: 504: 502: 499: 497: 494: 492: 489: 487: 484: 482: 479: 477: 474: 472: 469: 467: 464: 462: 461:de Mandeville 459: 458: 453: 447: 446: 439: 436: 434: 431: 429: 426: 424: 421: 419: 416: 414: 411: 409: 406: 404: 401: 399: 396: 394: 390: 389:Public choice 387: 385: 382: 380: 377: 375: 372: 370: 367: 365: 364:Participation 362: 360: 357: 355: 352: 350: 347: 345: 342: 340: 337: 335: 332: 330: 327: 325: 324:Institutional 322: 320: 317: 315: 312: 310: 307: 305: 302: 300: 297: 295: 292: 290: 287: 285: 282: 280: 277: 275: 274:Expeditionary 272: 270: 267: 265: 264:Environmental 262: 260: 257: 255: 252: 250: 247: 245: 242: 240: 237: 235: 232: 230: 227: 225: 222: 220: 217: 215: 212: 210: 207: 206: 200: 199: 192: 189: 187: 184: 182: 179: 177: 174: 172: 169: 167: 164: 162: 159: 157: 154: 152: 149: 147: 144: 143: 137: 136: 129: 126: 124: 121: 119: 116: 114: 111: 109: 106: 104: 100: 97: 95: 94:International 92: 90: 87: 85: 82: 80: 77: 76: 73: 70:Branches and 67: 66: 61: 58: 56: 53: 51: 48: 47: 46: 45: 41: 37: 36: 33: 30: 29: 25: 21: 20: 4567: 4561: 4552: 4546: 4538: 4523: 4517: 4506: 4483: 4479: 4459: 4429:(1): 45–54. 4426: 4420: 4391:(1): 65–94. 4388: 4382: 4357: 4349: 4343: 4335: 4328: 4324:, Routledge. 4321: 4303: 4278: 4272: 4261: 4242: 4223: 4213: 4203: 4200:Ian Steedman 4192: 4186: 4179: 4165: 4152: 4135: 4128: 4125:Lavoie, Marc 4118: 4111: 4101: 4094: 4087: 4080: 4072: 4066: 4046: 4028:cite journal 4004: 3998: 3987: 3980: 3972: 3966: 3958: 3942: 3936: 3928: 3914: 3891: 3885: 3877: 3845: 3841:Econometrica 3839: 3805: 3801: 3783:. New York: 3780: 3750: 3730: 3718:De Economist 3716: 3706: 3686: 3669: 3651: 3648:Robin Hahnel 3626: 3615:Bibliography 3607:Ochoa (1989) 3603: 3594: 3585: 3580:Mises (1949) 3576: 3567: 3558: 3549: 3540: 3531: 3522: 3513: 3504: 3495: 3490:Mises (1949) 3486: 3474: 3465: 3456: 3447: 3438: 3429: 3420: 3411: 3402: 3393: 3384: 3379:Solow (1956) 3375: 3366: 3357: 3348: 3343:Domar (1946) 3339: 3298: 3286: 3277: 3268: 3236: 3223: 3207: 3201:determinants 3195: 3174: 3153: 3140: 3103: 3097: 3095: 3090: 3086:neoclassical 3074: 3068:(2009), and 3059: 3035: 3019: 3015: 3010: 3003: 2994:Robert Solow 2990: 2975: 2966: 2956: 2949: 2942: 2935: 2923: 2911:Please help 2906:verification 2903: 2866: 2849: 2844: 2807: 2798: 2793: 2790: 2775: 2772: 2768: 2759: 2734:Ian Steedman 2719: 2664:concepts of 2662:neoclassical 2655: 2651: 2643: 2634: 2624: 2619: 2612: 2604: 2594: 2589: 2584:technique B 2581:technique A 2571: 2564: 2557: 2555: 2339: 2336: 2331: 2327: 2323: 2317: 2304: 2299: 2286: 2273: 2260: 2255: 2250:technique B 2247:technique A 2242: 2237: 2225: 2221: 2217: 2213: 2209: 2207: 2203: 2193:concept of " 2187: 2181: 2157:neoclassical 2154: 2149: 2145: 2141: 2125: 2123: 2117: 2116: 2106: 2102: 2097: 2093: 2089: 2085: 2081: 2077: 2075: 2070: 2066: 2062: 2058: 2054: 2052: 1964: 1954: 1944: 1940: 1923: 1919: 1915: 1911: 1907: 1903: 1899: 1895: 1891: 1887: 1885: 1861: 1853: 1847: 1841: 1828: 1826: 1813: 1810: 1805: 1802: 1797: 1793: 1786: 1779: 1775: 1773: 1768: 1761: 1754: 1750: 1746: 1744: 1734: 1730: 1723: 1707: 1703: 1696: 1686: 1673:neoclassical 1670: 1658: 1653: 1649: 1645: 1640: 1636: 1634: 1624: 1620: 1605: 1603: 1598: 1595: 1591: 1573:Piero Sraffa 1571: 1532: 1527: 1513: 1500: 1496: 1492: 1488: 1486: 1428: 1419:Robin Hahnel 1390: 1385: 1371: 1366: 1359: 1354: 1337: 1328: 1316:Richard Kahn 1312:Piero Sraffa 1280:Robert Solow 1272: 1263:Richard Kahn 1260: 1247:Cobb–Douglas 1239:productivity 1221:of long-run 1204:Robert Solow 1201: 1176: 1164: 1145: 1108: 1086:growth into 1080: 1065: 1048: 1046: 1003: 992:concepts to 978:mathematical 975: 971:neoclassical 960: 952:Robert Solow 940:Piero Sraffa 932:neoclassical 919: 915: 911: 909: 830:Publications 795: 418:Sociological 391: / 289:Geographical 269:Evolutionary 244:Digitization 209:Agricultural 113:Mathematical 84:Econometrics 4526:: 511–549. 4269:Sato, Ryuzo 4131:, Routledge 3995:Harrod, Roy 3931:, Routledge 3713:Brems, Hans 3442:Hahnel 2017 3388:Swan (1956) 3370:Sato (1964) 3213:trade cycle 3116:econometric 3066:Fabio Petri 2998:Trevor Swan 2752:applied in 2694:Wicksellian 2640:Standpoints 2572:Reswitching 2261:labor input 2238:time period 2173:Böhm-Bawerk 2118:Reswitching 2113:Reswitching 1857:Reswitching 1848:dated labor 1681:exogenously 1491:is output, 1378:capitalists 1208:Trevor Swan 1182:instability 1148:Evsey Domar 1092:first-order 1053:labor force 1014:exogenously 666:von Neumann 319:Information 259:Engineering 239:Development 234:Demographic 176:Game theory 118:Methodology 4614:Categories 4352:: 128–150. 4075:: 351–371. 3469:Huang 2019 3248:References 3180:investment 3146:efficiency 3047:Frank Hahn 3011:vice versa 2939:newspapers 2885:Conclusion 2159:economist 1808:) change. 1269:The debate 1061:Roy Harrod 1020:, such as 1000:Background 825:Economists 696:Schumacher 601:Schumpeter 571:von Wieser 491:von Thünen 452:economists 428:Statistics 423:Solidarity 344:Managerial 309:Humanistic 304:Historical 249:Ecological 214:Behavioral 108:Mainstream 4501:(2011). 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