The export of capital theory
The export of capital theory
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资本输出理论
DOI:
10.1016/0022-1996(81)90023-4
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发表时间:
1981
影响因子:
3.3
通讯作者:
A. Dixit
中科院分区:
文献类型:
--
作者:
A. Dixit
International trade theory is accustomed to the export and import of ideas with other branches of economics. General equilibrium theory has always been closely associated with trade theory in this way. Monetary economics, welfare economics, and two-sector growth theory have all had a look-in. Industrial economics is a newcomer to this trade in ideas. So is neo-Ricardian capital theory. Two recent books have given us a very valuable comprehensive statement of the neo-Ricardian contribution. One (FITT) is a collection of articles by Steedman, Metcalfe, Mainwaring and Parrinello, some not previously published, edited by Ian Steedman. The other book (TAGE) by Steedman gives an admirable exposition of the approach using a simplified illustrative model. The time now seems ripe for a detailed evaluation.In TAGE, and in his introductory essay in FITT, Steedman provides a clear statement of their aims. He begins by criticising the usual static two-bytwo model for treating capital as a scalar input made exogenously available in fixed quantity. According to Steedman, a proper treatment must recognise three features: the heterogeneity of capital goods, the fact of their being produced means of production, and the time needed for such production. It is clear that on all three counts the Heckscher-Ohlin-Samuelson model of elementary textbooks must plead guilty. However, few readers would wish to leave this criticism as an item in the pure history of thought. For most, it is the attempt of Steedman et al, to provide a constructive alternative approach that will be the focus of interest. Most of my discussion is8also motivated by that concern.