Spectral Theory of Value and Actual Economies: Controllability, Effective Demand, and Cycles

This book develops a unified treatment of the income distribution-capital-value problems with respect to actual economies, placing produced means of production, positive profits, and capital accumulation at the center of the analysis. It investigates input-output representations, heterogeneous labor, and open economies, derives meaningful theoretical results, and addresses the uncontrollable/unobservable aspects of real-world economies, low-order spectral approximations, inter-industry structure, value theories, matrix demand multipliers, and circular inter-actions.

Format: Paperback / softback
Length: 499 pages
Publication date: 31 May 2022
Publisher: Springer Verlag, Singapore

This comprehensive book delves into a unified analysis of income distribution, capital, and value problems within actual economies, gradually transitioning to explore effective demand and fluctuations in capitalist accumulation from political economy and economic policy perspectives. It centers its examination around produced means of production, positive profits, and capital accumulation, employing modern control theory as an analytical foundation. The authors' research encompasses input-output representations of single and joint production, heterogeneous labor, and open economies, focusing on the characteristic value distributions of system matrices. Through this investigation, they derive meaningful theoretical results that align with empirical evidence, fostering a reciprocal relationship.

The book addresses key topics such as the uncontrollable/unobservable aspects of real-world economies, the utilization of powerful low-order spectral approximations and reconstructions to understand the inter-industry structure of production-value-distributive variables relationships, a critical evaluation of both "mainstream" and "radical" theories of value, the exploration of matrix demand multipliers and demand-switching policies in heterogeneous capital worlds, and the intricate circular inter-actions between income distribution, effective demand, accumulation, and technical conditions of production.

Written to commemorate the 60th anniversary of the publication of Piero Sraffa's Production of Commodities by Means of Commodities and Rudolf E. Kalman's paper "On the general theory of control systems," this book offers a robust and comprehensive framework for theoretical, empirical, and economic policy research. It serves as a valuable resource for scholars and practitioners seeking to understand the complex dynamics of income distribution, capital accumulation, and economic policy in contemporary economies.

Weight: 789g
Dimension: 235 x 155 (mm)
ISBN-13: 9789813362628
Edition number: 1st ed. 2021