Author:
Bertram Schefold Faculty of Economics and Business, Goethe University Frankfurt, FB2, Theodor-W.-Adorno-Platz 4, 60323 Frankfurt am Main, Germany

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Abstract

The focus of debate on capital theory still is on the macroeconomic aggregate production function, almost seventy years after Joan Robinson attacked this concept. It has turned out that reswitching is rare in large systems. Reswitching and reverse capital deepening once were the most effective arguments against the production function. Later it was shown that an approximate surrogate production function could be constructed, using the approach of random matrices. This seemed to weaken the critique, but a new one has emerged, which shows that the number of effective techniques on the wage curve is small and that the possibilities of substitution between capital and labour are quite restricted in the relevant range or profit. This paper reconstructs the path by which the new results were arrived at and presents a new variant of the proof of zero substitution.

  • Bidard, Ch. Schatteman, T. (2001): The Spectrum of Random Matrices. Economics Systems Research, 13(3): 289298.

  • Goldberg, G. Neumann, M. (2003): Distribution of Subdominant Eigenvalues of Matrices with Random Rows. Society for Industrial and Applied Mathematics Journal on Matrix Analysis and Application, 24(3): 747761.

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  • Han, Z. Schefold, B. (2006): An Empirical Investigation of Paradoxes: Reswitching and Reverse Capital Deepening in Capital Theory. Cambridge Journal of Economics, 30(5): 737765.

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  • Harcourt, G. C. (1972): Some Cambridge Controversies in the Theory of Capital. Cambridge: Cambridge University Press.

  • Kaldor, N. (1956): Model of Distribution. In: Sen, A. (ed.): Growth Economics .Harmondsworth: Penguin, pp. 8191.

  • Kersting, G. Schefold, B. (2021): Best Techniques Leave Little Room for Substitution. A New Critique of the Production Function. Structural Change and Economic Dynamics, 58(1): 509533.

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  • Petri, F. (2021): What Remains of the Cambridge Critique? On Professor Schefold’s Theses. Centro Sraffa Working Papers, No. 50.

  • Robinson, J. (1953–54): The Production Function and the Theory of Capital. Review of Economic Studies, 21(2): 81106.

  • Salvadori, N. Steedman, I. (1988): No Reswitching? No Switching. Cambridge Journal of Economics, 12(4): 481486.

  • Samuelson, P. (1962): Parable and Realism in Capital Theory: The Surrogate Production Function. Review of Economic Studies, 29(3): 193206.

  • Schefold, B. (1971): Piero Sraffas Theorie der Kuppelproduktion, des Kapitals und der Rente. Dissertation, main part in English, entitled “Mr. Sraffa on Joint Production”, Basel: Privat publication.

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  • Schefold, B. (1976a): Reduction to Dated Quantities of Labour, Roundabout Processes, and Switches of Technique in Fixed Capital Systems. Metroeconomica ,28: 1-15.

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  • Schefold, B. (1976b): Relative Prices as a Function of the Rate of Profit. Zeitschrift für Nationalökonomie ,36: 21-48.

  • Schefold, B. (1989): Mr. Sraffa on Joint Production and Other Essays .London: Unwin & Hyman.

  • Schefold, B. (2008a): C.E.S. Production Functions in the Light of the Cambridge Critique. Journal of Macroeconomics ,30(2): 783797.

  • Schefold, B. (2008b): Families of Strongly Curved and of Nearly Linear Wage Curves: A Contribution to the Debate about the Surrogate Production Function. Bulletin of Political Economy ,2(1): 124. (With revisions in Schefold 2010).

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  • Schefold (2008c): Savings, Investment and Capital in a System of General Intertemporal Equilibrium: An Extended Comment on Garegnani with a Note on Parinello. In: Chiodi, G. Ditta, L. (eds): Sraffa or an Alternative Economics .Basingstoke: Macmillan, pp. 127184.

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  • Schefold, B. (2010): Families of Strongly Curved and of Nearly Linear Wage Curves: A Contribution to the Debate about the Surrogate Production Function. In: Economic Theory and Economic Thought. Essays in Honour of Ian Steedman .London – New York: Routledge, pp. 117137.

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  • Schefold, B. (2013a): Approximate Surrogate Production Functions. Cambridge Journal of Economics, 37(5): 11611184.

  • Schefold, B. (2013b): Only a Few Techniques Matter! On the Number of Curves on the Wage Frontier. In: Levrero, E. S. Palumbo, A. Stirati, A. (eds): Sraffa and the Reconstruction of Economic Theory, Vol. 1: Theories of Value and Distribution. Basingstoke: Palgrave Macmillan, pp. 4669.

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  • Schefold, B. (2016a): Profits Equal Surplus Value on Average and the Significance of this Result for the Marxian Theory of Accumulation: Being a New Contribution to Engels' Prize Essay Competition, based on random matrices and on manuscripts recently published in the MEGA for the first time. Cambridge Journal of Economics, 40(1): 165199.

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  • Schefold, B. (2016b): Marx, the Production Function and the Old Neoclassical Equilibrium: Workable under the Same Assumptions? With an Appendix on the Likelihood of Reswitching and of Wicksell Effects. Centro Sraffa Working Papers, No. 19.

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  • Schefold, B. (2019a): Continuity and Change in the Transition from the Classical to the Neoclassical Theory of Normal Prices. In: Rosselli, A. Naldi, N. Sanfilippo, E. (eds): Money Finance and Crises in Economic History. The Long-Term Impact of Economic Ideas .London – New York: Routledge, pp. 1126.

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  • Schefold, B. (2019b): The Transformation of Values into Prices on the Basis of Random Systems Revisited. Evolutionary and Institutional Economics Review,16(2): 261302.

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  • Schefold, B. (2021): Transformations of the Cambridge Critique. The Indian Economic Journal, 69(2): 241254.

  • Schefold, B. (2022): The Rarity of Reswitching Explained. Centro Sraffa Working Paper, Roma Tre University.

  • Shaikh, A. Coronado, J. A. Nassif-Pires, L. (2020): On the Statistical Regularities of Prices of Production. European Journal of Economics and Economic Policies ,17(2): 265275.

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  • Sraffa, P. (1960): Production of Commodities by Means of Commodities. Cambridge: Cambridge University Press.

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2021  
Web of Science  
Total Cites
WoS
285
Journal Impact Factor 0,939
Rank by Impact Factor Economics 326/379
Impact Factor
without
Journal Self Cites
0,646
5 Year
Impact Factor
0,740
Journal Citation Indicator 0,34
Rank by Journal Citation Indicator Economics 389/570
Scimago  
Scimago
H-index
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Scimago
Journal Rank
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Scimago Quartile Score Economics and Econometrics (Q3)
Scopus  
Scopus
Cite Score
1,4
Scopus
CIte Score Rank
Economics and Econometrics 436/696 (Q3)
Scopus
SNIP
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2020  
Total Cites 275
WoS
Journal
Impact Factor
0,875
Rank by Economics 325/377 (Q4)
Impact Factor  
Impact Factor 0,534
without
Journal Self Cites
5 Year 0,500
Impact Factor
Journal  0,38
Citation Indicator  
Rank by Journal  Economics 347/549 (Q3)
Citation Indicator   
Citable 37
Items
Total 37
Articles
Total 0
Reviews
Scimago 13
H-index
Scimago 0,292
Journal Rank
Scimago Economics and Econometrics Q3
Quartile Score  
Scopus 225/166=1,4
Scite Score  
Scopus Economics and Econometrics 392/661 (Q3)
Scite Score Rank  
Scopus 0,668
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Days from  447
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2019  
Total Cites
WoS
212
Impact Factor 0,914
Impact Factor
without
Journal Self Cites
0,728
5 Year
Impact Factor
0,650
Immediacy
Index
0,156
Citable
Items
45
Total
Articles
45
Total
Reviews
0
Cited
Half-Life
3,9
Citing
Half-Life
9,5
Eigenfactor
Score
0,00015
Article Influence
Score
0,052
% Articles
in
Citable Items
100,00
Normalized
Eigenfactor
0,01891
Average
IF
Percentile
28,437
Scimago
H-index
12
Scimago
Journal Rank
0,439
Scopus
Scite Score
214/165=1,3
Scopus
Scite Score Rank
Economics and Econometrics 355/637 (Q3)
Scopus
SNIP
0,989

 

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Acta Oeconomica
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