Economics Dictionary of ArgumentsHome
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| Terminology: This section explains special features of the language used by the individual authors. _____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Geoffrey C. Harcourt on Terminology - Dictionary of Arguments
Harcourt I 8 Terminology/Harcourt: Def 'Double-switching' is the possibility that the same technique may be the most profitable of all possible techniques at two or more separated values of the rate of profits even though other techniques have been the most profitable at rates of profits in between. Def 'Capital-reversing' is the possibility of a positive relationship between the value of capital and the rate of profits. It is argued (…) that capital-reversing as much as double-switching itself strikes at the foundations of all versions of the neoclassical theory of distribution, whether they be in an aggregate production form or in terms of a supply and demand approach at either a macro- or a micro-level. Harcourt I 66 Terminology/Harcourt: (…) [we distinguish between] the malleable capital world in which technical progress is disembodied and the vintage world where it is embodied (…). Harcourt I 72 Def Purely capital-augmenting technical progress: means that only capital productivity rises over time; Harcourt I 73 Def purely labour-augmenting: means exactly the opposite - that labour alone gets the treatment. Def Hicks neutral: means that factor productivities grow at the same rate so that marginal rates of substitution remain unchanged at given factor ratios. (In the case of 'quickening', however, where only one ratio of factors is relevant at any one time, Hicks neutral technical progress means that the ratio remains the same because the absolute amounts of the factor inputs per unit of output both decline by the same proportion.) Harcourt I 128 Terminology/Harcourt: Ruth Cohen curiosum: This refers to the possibility that as we change the interest rate producers switch the process of production from a to ft, but as we change it further in the same direction they return to a. >Reswitching, >Capital reversing. Harcourt I 129 This would have the unfortunate consequence that we could no longer say that the lowering of the interest rate brings about a process of 'deepening' and each process is more capital-intensive than its predecessors. Harcourt I 130 This curiosum is also discussed by Piero Sraffa in chapter 12 of his book(1). He shows that producers may shift from one activity to another as the interest rate changes but return to the first activity as it changes further in the same direction. The phenomenon may indeed be observed in the production of a single good. But (…) it is impossible with the whole basis of production. 1. Sraffa, P. (1960) Production of Commodities by Means of Commodities. Prelude to a Critique of Economic Theory (Cambridge: Cambridge University Press)._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Harcourt I Geoffrey C. Harcourt Some Cambridge controversies in the theory of capital Cambridge 1972 |
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