Abstract
The analytical device of partitioning an economic system into subsystems (and correspondingly of constructing vertically integrated sectors) can be taken one step further into dynamic analysis, with remarkable implications. In fact, if one looks at the physical quantities side, as against the price side, of the usual equations representing a production economic system, one may notice a formal asymmetry. The Author shows that the asymmetry disappears when the scheme is further generalized to vertically hyper-integrated sectors.
| Original language | English |
|---|---|
| Title of host publication | Essays on Piero Sraffa Critical Perspectives on the Revival of Classical Theory |
| Editors | Bertram Schefold, K. Bharadwaj |
| Pages | 239-249 |
| Number of pages | 11 |
| Publication status | Published - 1990 |
Keywords
- Generalization of the pure labour theory of value
- Growing or hyper-sub-systems
- The natural price subsystems
- Vertically hyper-integrated sectors