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BERTRAM SCHEFOLD

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Bertram Schefold

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Bertram Schefold

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Bertram Schefold

The paper summarises the main results of the Cambridge controversy on capital theory and discusses its actual relevance. The paradoxes that had first been regarded as most relevant (reswitching and reverse capital deepening) have turned out to be empirically rare, and this can be explained theoretically, but both neoclassical and anti-neoclassical Wicksell effects are ubiquitous. The number of efficient techniques that turn up on the envelope of the wage curves of a spectrum of techniques can be shown to be quite small both empirically and theoretically, which constitutes a new critique. It has implications for employment policies.

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Edited by Ingo Barens, Volker Caspari and Bertram Schefold

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Edited by Ingo Barens, Volker Caspari and Bertram Schefold

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Edited by Ingo Barens, Volker Caspari and Bertram Schefold

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Edited by Ingo Barens, Volker Caspari and Bertram Schefold

The influence of political developments on the evolution of economic thought is the main theme behind this book. As the authors reveal throughout the book, history has shown many times that political events can trigger the formulation of new economic conceptions that in turn influence the future economic development of a country.