Value, Competition and Exploitation
Marx's Legacy Revisited
Jonathan F. Cogliano, Peter Flaschel, Reiner Franke, Nils Fröhlich and Roberto Veneziani
Chapter 13: Production Prices and Imperfect Competition, Part II
Jonathan F. Cogliano, Peter Flaschel, Reiner Franke, Nils Fröhlich and Roberto Veneziani
Abstract
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.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.