Resumen

TSOULFIDIS, Lefteris. Capital Theory Debates: New Developments and Direction. Inv. Econ [online]. 2022, vol.81, n.319, pp.3-36.  Epub 27-Feb-2023. ISSN 0185-1667.  https://doi.org/10.22201/fe.01851667p.2022.319.79901.

In recent years, the research on capital theory has shifted from reverse capital deepening and reswitching in techniques to a new direction, which goes beyond the near-linearities of price-rates of profit trajectories and of wage-rates of profit curves and explicates the reasons behind this kind of near-linearities. The reswitching issue remains in the background of these studies as a remote albeit ever-present possibility. The article contributes some more evidence to the extant literature by utilizing data from the last available benchmark input-output table of the US economy of the year 2012. The derived near-linearities of price trajectories and wage-rate of profit curves are explained by the low effective rank of the economy’s input-output matrices and not from their seemingly random character. These findings shed additional light on a new and more meaningful direction in the research agenda, the possibility of molding the essential features of the economy through dimensionality reduction.

Palabras llave : Price rate of profit trajectories; capital controversies; effective rank; eigendecomposition; eigenvalues.

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