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Linear Theory of Fixed Capital and China’s Economy

Marx, Sraffa and Okishio

  • Book
  • © 2017

Overview

Authors:
  1. Bangxi Li

    1. School of Social Sciences, Tsinghua University, Beijing, China

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  • Develops Marx-Sraffa-type linear economic models with fixed capital

  • Estimates the fixed capital coefficients of China's economy

  • Presents Marx and post-Keneysian views on recent China's economy

  • Includes supplementary material: sn.pub/extras

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Table of contents (10 chapters)

  1. Front Matter

    Pages i-xiv
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  2. Introduction

    • Bangxi Li
    Pages 1-6

  3. Sraffa-Okishio-Nakatani’s Fixed Capital Theory

    • Bangxi Li
    Pages 7-12

  4. Renewal Dynamics of Fixed Capital

    • Bangxi Li
    Pages 13-19

  5. Profit and Growth in the SON Economy

    • Bangxi Li
    Pages 21-31

  6. Economic Durability and Hardening Effects of Fixed Capital

    • Bangxi Li
    Pages 33-46

  7. Marx-Sraffa Equilibria as Eigensystems

    • Bangxi Li
    Pages 47-58

  8. Fixed Capital and China’s Economy 1995–2000

    • Bangxi Li
    Pages 59-74

  9. Marx’s Labour Values in China’s Economy

    • Bangxi Li
    Pages 75-82

  10. Turnpike Paths for China’s Economy 1995–2000

    • Bangxi Li
    Pages 83-94

  11. Concluding Remarks

    • Bangxi Li
    Pages 95-96

  12. Back Matter

    Pages 97-122
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Keywords

About this book

This book discusses both linear economic theory and its application to China's recent economy from, 1987-2000, with an emphasis on fixed capital. It starts with the development of Marx-Sraffa linear economic models with fixed capital. The author then addresses various topics, including formal explanations of Sraffa-Okishio-Nakatani’s (SON) reduction of the whole economy to its subsystem of brand-new commodities, the renewal dynamics of fixed capital and the Marx-Engles-Ruchti-Lohmann effect as well as its extension to the accelerated depreciation case; and simulations of the economic durability of fixed capital. Further, in a general joint-production system, equilibria are computed as the spectra of the matrix pencil defining the equilibrium of the systems and the so-called Cambridge equation are extended to the case of SON's economy.
By simulating the case of all final products being invested for capital goods, it estimates the fixed capital coefficients from investment data on China's economy 1995-2000. Based on this, the book describes the wage-profit curves of the open China economy. 


By applying the estimated fixed capital coefficients, the book presents the computation of the labour values of major commodities in China, and the turnpike of the stage 1995-2000, with fixed capital. It compares the value system with the production price system, and thus points out some structural issues of China's economy that are worth discussing.


Authors and Affiliations

  • School of Social Sciences, Tsinghua University, Beijing, China

    Bangxi Li

About the author

Bangxi Li is an associate professor of political economy at the School of Social Sciences, Tsinghua University. He obtained his Ph.D. in economics at Waseda University in 2012. His major field of research is mathematical political economy, Marxian economics, and Post-Keynesian Economics. Bangxi Li has begun his academic career in Faculty of Political Science and Economics, Waseda University, as Research Assistant (2012-2013), in School of Social Sciences, Tsinghua University, as assistant professor of Political Economy (2013-2016), and in School of Social Sciences, Tsinghua University, as associate professor of Political Economy (2016-present). He is also the editorial director of the Chinese Journal of Political Economy (2013-present).He is the co-author of Mathematical Analysis for Marxian Economics (in Chinese) and has published articles in influential journals such as Research in Political Economy, Economic and Political Studies and Political Economy Quarterly.



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