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The Location of the Value Theories in the Complex Plane and the Degree of Regularity-Controllability of Actual Economies, Second version, November 27, 2019
Abstract and Figures
This is the second version of my MPRA_paper_96972.pdf (https://mpra.ub.uni-muenchen.de/96972/). The paper expands the spectral analysis of the Sraffian value system, and shows that: (i) the hitherto alternative value theories correspond to specific complex plane locations of the eigenvalues of the vertically integrated technical coefficients matrix; and (ii) the actual economies cannot be coherently analyzed in terms of the traditional value theories (classical, Marxian, Austrian, and neoclassical), despite the fact that their Krylov (or controllability) matrices are characterized by rather low degrees of regularity-controllability and relatively low numerical ranks. Hence, on the one hand, the Sraffian value theory is not only the most general one but also provides a sound empirical basis, while on the other hand, real-world economies constitute almost irregular-uncontrollable systems, and this explains the specific shape features of the empirical value-wage-profit rate curves.
Figures - uploaded by Theodore Mariolis
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