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John S.L. McCombie

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John S.L. McCombie

In Cambridge, UK, in the late 1960s and early 1970s, there were some of the most distinguished post-war non-neoclassical economists, which included Nicholas Kaldor, Joan Robinson and Piero Sraffa. The Cambridge capital theory controversies seemed to have been decisively settled in Cambridge, UK's favour, yet no alternative paradigm emerged to challenge the prevailing neoclassical orthodoxy. This paper briefly looks at the reasons for this, including why the Cambridge capital theory debate, despite its important ramifications, is now largely forgotten. The paper concludes by looking at a further problem that vitiates the aggregate production function, resulting from the use of constant-price value data in econometric estimation. This criticism has also been widely ignored.

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Óscar Dejuán and John S. L. McCombie

Oscar Dejuán and John McCombie discuss how credit explosions leading to asset bubbles and an increasing burden of debt are an endemic disease of advanced capitalism. Indeed, even the traditional originate-to-hold model of banking is not free from such a virus. The novelty of the originate-to-distribute model of finance, based on the securitization of mortgage loans, is that it has assembled the machinery to accelerate the process. The limit to credit expansion derives from the potential (full capacity) growth of output. If there is a systematic gap between both rates, the credit-led growth will eventually become a debt- burdened growth.

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Prologue: ‘Not even wrong’

‘Not Even Wrong’

Jesus Felipe and John S.L. McCombie

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Acknowledgements

‘Not Even Wrong’

Jesus Felipe and John S.L. McCombie

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Introduction

‘Not Even Wrong’

Jesus Felipe and John S.L. McCombie

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Jesus Felipe and John S.L. McCombie

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Jesus Felipe and John S.L. McCombie

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Jesus Felipe and John S.L. McCombie

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Jesus Felipe and John S.L. McCombie