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On the present state of the capital controversy

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  • Pierangelo Garegnani

Abstract

The post-war capital controversy seems to have had two distinguishable stages. Thanks to the unambiguous phenomena of reswitching and reverse capital deepening, the first stage was conclusive in discarding from pure theory the traditional versions of neoclassical theory that relied on the notion of capital as a single quantity. Subsequently, however, when the implications of those phenomena took centre stage in the controversy, together with the reformulations of the theory which intended to do away with the ‘quantity of capital’, several misunderstandings prevented, I shall contend, decisive progress in the analysis and we entered an inconclusive phase of the discussion.
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Suggested Citation

  • Pierangelo Garegnani, 2012. "On the present state of the capital controversy," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 36(6), pages 1417-1432.
    • Handle: RePEc:oup:cambje:v:36:y:2012:i:6:p:1417-1432
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    File URL: http://hdl.handle.net/10.1093/cje/bes063
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    Cited by:

    1. Martins, Nuno Ornelas, 2021. "The economics of biodiversity: Accounting for human impact in the biosphere," Ecological Economics, Elsevier, vol. 189(C).
    2. Xiaofeng Liu, 2019. "A Contribution to Theory of Factor Income Distribution, Cambridge Capital Controversy and Equity Premium Puzzle," Papers 1911.12490, arXiv.org, revised Dec 2019.
    3. G. C. Harcourt, 2015. "On the Cambridge, England, Critique of the Marginal Productivity Theory of Distribution," Review of Radical Political Economics, Union for Radical Political Economics, vol. 47(2), pages 243-255, June.
    4. Ajit Sinha, 2015. "A Reflection on the Samuelson-Garegnani Debate," Economic Thought, World Economics Association, vol. 4(2), pages 1-48, September.
    5. Stefano Di Bucchianico & Riccardo Pariboni, 2022. "Garegnani, dieci anni dopo: introduzione al numero speciale (Garegnani, ten years after: introduction to the special issue)," Moneta e Credito, Economia civile, vol. 75(299), pages 227-231.
    6. Antonella Stirati, 2016. "Real wages in the business cycle and the theory of income distribution: an unresolved conflict between theory and facts in mainstream macroeconomics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 40(2), pages 639-661.
    7. Fabio Petri, 2017. "The Passage of Time, Capital, and Investment in Traditional and in Recent Neoclassical Value Theory," Department of Economics University of Siena 750, Department of Economics, University of Siena.
    8. Saverio M. Fratini, 2019. "On The Second Stage Of The Cambridge Capital Controversy," Journal of Economic Surveys, Wiley Blackwell, vol. 33(4), pages 1073-1093, September.
    9. Fabio Petri, 2022. "General equilibrium and the neo‐Ricardian critique: On Bloise and Reichlin," Metroeconomica, Wiley Blackwell, vol. 73(4), pages 1021-1047, November.
    10. Matteo Deleidi & Walter Paternesi Meloni & Antonella Stirati, 2018. "Structural change, labour productivity and the Kaldor-Verdoorn law: evidence from European countries," Departmental Working Papers of Economics - University 'Roma Tre' 0239, Department of Economics - University Roma Tre.
    11. Fabio Petri, 2021. "None so deaf as those that will not hear: on Garegnani’s contributions to the capital-theoretic critique and the resistances to accepting them," Bulletin of Political Economy, Bulletin of Political Economy, vol. 15(2), pages 187-207, December.
    12. Stirati, Antonella, 2014. "Real wages in the business cycle: an unresolved conflict between theory and facts in mainstream macroeconomics," MPRA Paper 53743, University Library of Munich, Germany.
    13. Carlo Milana, 2019. "Solving the Reswitching Paradox in the Sraffian Theory of Capital," Applied Economics and Finance, Redfame publishing, vol. 6(6), pages 97-125, November.
    14. Enrico Sergio Levrero, 2021. "Garegnani’s work and the prospects of the surplus approach: an introduction," Bulletin of Political Economy, Bulletin of Political Economy, vol. 15(2), pages 115-121, December.

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