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Use of Normalised General Co-ordinates in Linear Value and Distribution Theory

In: Essays in Linear Economic Structures

Author

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  • R. M. Goodwin

Abstract

The aim of this paper is not to treat input—output as such but rather to use it to discuss some old and some more recent economic issues. All the awkward empirical problems we intentionally put to one side and assume an economy completely and correctly characterised by a simple input—output system, with no joint products, only circulating capital, and only one factor, homogeneous human labour. The system is irreducible, primitive, and, being empirical, non-degenerate, that is, for n homogeneous commodities, the coefficient matrix has n distinct eigenvalues.1 All production is of the same unit duration, taking place in one period and available as output at the beginning of the next. Thus, in the spirit of the classical economists, and of Marx, reality is represented in a highly oversimplified form with the intention of illuminating certain central features, but at a sacrifice of detail.

Suggested Citation

  • R. M. Goodwin, 1983. "Use of Normalised General Co-ordinates in Linear Value and Distribution Theory," Palgrave Macmillan Books, in: Essays in Linear Economic Structures, chapter 7, pages 130-152, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-05507-4_7
    DOI: 10.1007/978-1-349-05507-4_7
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    Cited by:

    1. Landesmann, M.A. & Stehrer, R., 2006. "Goodwin's structural economic dynamics: Modelling Schumpeterian and Keynesian insights," Structural Change and Economic Dynamics, Elsevier, vol. 17(4), pages 501-524, December.
    2. Chatzarakis, Nikolaos & Tsaliki, Persefoni & Tsoulfidis, Lefteris, 2022. "Does the Labour Theory of Value Explain Economic Growth? A Modern Classical View," MPRA Paper 112824, University Library of Munich, Germany.
    3. Alessandro Sarra & Claudio Berardino & Davide Quaglione, 2019. "Deindustrialization and the technological intensity of manufacturing subsystems in the European Union," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 36(1), pages 205-243, April.

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