After the Cambridge Controversies
Reflections Old and New
Bibliographic Data
| ID | 11697367 |
|---|---|
| Authors | Harvey Gram (Queens College, CUNY, corresponding author) |
| Year | 2022 |
| Volume | 41 |
| Issue | 1 |
| Pages | 130-152 |
| Publication date | 2022-03-16 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Contributions to Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0277-5921 • E-ISSN: 1464-3588 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1093/cpe/bzac001 |
| OpenAlex | W4226322463 |
| Language | EN |
| Citations received | 1 |
| References cited | 43 |
Perfect foresight is a consequence of applying the Pontryagin Maximum Principle to the analysis of an intertemporal general equilibrium. For this reason, the capital theory controversy ended in an intellectual impasse. The critique of mainstream theory largely ignored the perfect foresight entailments of intertemporal equilibrium analysis, while its defenders, with notable exceptions, too often failed to acknowledge this implication of the technique of dynamic programming. From this standpoint, the long debate over the existence or non-existence of an aggregate production function is secondary. This leaves open the theoretical question of how to proceed with an analysis of the actual dynamics of capitalist development. The critique of mainstream capital theory remains a ‘prelude’, caught up in an ever deeper analysis of the implications of alternative representations of the technique of production. The first part of this paper deals with the question of how perfect foresight came to infect mainstream theory; the second part turns to a consideration of a weakness in the dual representation of the technique of production in the simplest Sraffian framework. Neither part addresses the bigger questions of how to analyze the process of uneven development under the capitalist rules of the game
Capital (architecture · Economics · Function (biology · Futures studies · Mainstream · Mathematical economics · Microeconomics · Neoclassical economics · Political science · Politics · Positive economics · Production (economics · Representation (politics · Computer Science · Economic Theory and Institutions · Economic Theory and Policy · Political Economy and Marxism · Law
The general theory of employment, interest, and money
The nature of capital and income
Protection and Real Wages
A Ricardo-Sraffa Paradigm Comparing Gains from Trade in Inputs and Finished Goods
The Production Function and the Theory of Capital
Reswitching as a Cause of Instability of Intertemporal Equilibrium
Theory of Production
Mr Sraffa on Joint Production and Other Essays
Competing Theories of Value
Cost of Production’ and the Theory of the Rate of Profit
The Theory of Value and the Foundations of Economic Policy
Duality and Positive Profits
Prices of Factors and Good in General Equilibrium
Towards a Dynamic Economics
The Winter of Our Discontent
On Instability in the Sense of Harrod
Reswitching and Primary Input Use
Dr. Hayek on Money and Capital
Production of Commodities by Means of Commodities. Prelude to a Critique of Economic Theory
An Essay in Dynamic Theory
A Mathematical Theory of Saving
Increasing Returns and Economic Progress
A Contribution to the Theory of Economic Growth
| Unique citing works | 1 |
|---|---|
| Citations per year | 1 |
| Citation span | 2025 - 2025 (1) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 1 |