Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/277478 
Year of Publication: 
2020
Citation: 
[Journal:] European Journal of Economics and Economic Policies: Intervention (EJEEP) [ISSN:] 2052-7772 [Volume:] 17 [Issue:] 2 [Year:] 2020 [Pages:] 196-207
Publisher: 
Edward Elgar Publishing, Cheltenham
Abstract: 
The paper points out that capital theory has always been a hotly debated subject, partly because the theoretical issues involved are very complex, and partly because rival ideologies and value systems directly affect the issues discussed. The focus is on the history, the main protagonists, and the relevant problems examined and argued about during the two Cambridges controversy on the theory of capital which was at its peak 50 years ago. Whereas one clear result of these debates is that neither Samuelson's surrogate production function nor Solow's rate-of-return concept could resurrect aggregate neoclassical theory, many other questions, such as the treatment of capital in temporary or intertemporal general equilibrium models or the empirical relevance of the reswitching phenomenon, are still discussed controversially.
Subjects: 
Austrian theory of capital
capital theory
Cambridge controversy
reswitching
Sraffa
wage-profit curve
Wicksell effects
JEL: 
B25
B51
C67
D57
E22
O33
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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