Cambridge capital controversies
E760764
The Cambridge capital controversies were a mid-20th-century debate between economists in Cambridge, England and Cambridge, Massachusetts over the measurement and role of capital in production and distribution, which challenged key assumptions of neoclassical economics.
Statements (61)
| Predicate | Object |
|---|---|
| instanceOf |
controversy in economics
ⓘ
economic debate ⓘ historical event in economic thought ⓘ |
| challengesAssumptionOf |
marginal productivity explanation of factor incomes
ⓘ
monotonic relationship between capital intensity and rate of profit ⓘ neoclassical economics ⓘ smooth substitution between capital and labor ⓘ well-defined aggregate capital stock ⓘ |
| country |
United Kingdom
ⓘ
United States of America ⓘ |
| field |
capital theory
ⓘ
distribution theory ⓘ history of economic thought ⓘ macroeconomics ⓘ microeconomics ⓘ |
| hasAcademicDiscipline | economics ⓘ |
| hasBroaderContext |
Keynesian–neoclassical debates
NERFINISHED
ⓘ
debates over economic growth and accumulation ⓘ debates over income distribution ⓘ |
| hasEndTime | 1970s ⓘ |
| hasLocation |
Cambridge, England
NERFINISHED
ⓘ
Cambridge, Massachusetts NERFINISHED ⓘ |
| hasMainParticipants |
economists in Cambridge, England
ⓘ
economists in Cambridge, Massachusetts ⓘ |
| hasOutcome |
demonstration of possibility of reswitching
ⓘ
ongoing disagreement about interpretation of capital theory results ⓘ undermining of simple neoclassical capital-labor substitution story ⓘ |
| hasSide |
Cambridge, England school
ⓘ
Cambridge, Massachusetts school ⓘ |
| hasStartTime | 1950s ⓘ |
| influenced |
Sraffian economics
ⓘ
critique of neoclassical growth models ⓘ neo-Ricardian economics NERFINISHED ⓘ post-Keynesian economics NERFINISHED ⓘ |
| inspiredWork | Production of Commodities by Means of Commodities NERFINISHED ⓘ |
| involvesConcept |
choice of technique
ⓘ
heterogeneous capital goods ⓘ intertemporal equilibrium ⓘ own-rates of interest ⓘ surplus approach to value and distribution ⓘ technique of production ⓘ |
| mainSubject |
aggregate capital
ⓘ
aggregate production function ⓘ capital reversing ⓘ interest rate ⓘ marginal productivity theory of distribution ⓘ measurement of capital ⓘ neoclassical growth theory ⓘ rate of profit ⓘ reswitching of techniques ⓘ role of capital in income distribution ⓘ role of capital in production ⓘ validity of neoclassical production functions ⓘ |
| positionHeldBy |
Christopher Bliss
NERFINISHED
ⓘ
David Levhari NERFINISHED ⓘ Joan Robinson NERFINISHED ⓘ Luigi Pasinetti NERFINISHED ⓘ Nicholas Kaldor NERFINISHED ⓘ Paul Samuelson NERFINISHED ⓘ Piero Sraffa NERFINISHED ⓘ Robert Solow NERFINISHED ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.