Marx's Legacy Revisited
Chapter 13: Production Prices and Imperfect Competition, Part II
The choice of techniques and the introduction of technological innovations by profit maximizing firms are central features of advanced economies. They play a fundamental role in theories of value and distribution, and, given their relevance for capital theory, they have been at the center of substantial controversy between alternative approaches. Although most of the contributions have focused on theoretical issues, the empirical analysis of actual economies is arguably crucial, and indeed empirically-oriented claims have played an important role in the debate. For example, the theoretical possibility of paradoxes in capital theory, such as ‘re-switching’ and ‘reverse capital deepening’, highlighted by the neo-Ricardian school has long been acknowledged, but critics have often argued that such phenomena are unlikely to be found in actual economies.
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