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2017 | OriginalPaper | Buchkapitel

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

verfasst von : Bangxi Li

Erschienen in: Linear Theory of Fixed Capital and China’s Economy

Verlag: Springer Singapore

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Abstract

In this chapter, we aim at investigating growth and distribution of China’s economy on the basis of the input-output tables and fixed capital data.

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Vorheriges Kapitel Marx-Sraffa Equilibria as Eigensystems

Nächstes Kapitel Marx’s Labour Values in China’s Economy

As for Sraffa’s joint-production system with fixed capital and the Leontief system with brandnew fixed capital, see Fujimori (1982) and Li and Fujimori (2013).

The analysis frameworks on linear programming of the von Neumann, Marx, Leontief models are pioneered by Morishima (1964, 1973), Fujimoto (1975) and Fujimori (1982, 1992b). Especially, on the premise to define the depreciation rate by the pension method, Fujimori (1992b) expanded the joint production model of Morishima (1964) and Fujimoto (1975), and made an abridgement of the linear programming model only consisting of brand-new goods by a kind of rational operation. In addition, for the other empirical contributions, refer to e.g.Han and Schefold (2006).

Remark that

$$ \psi _i(r) =\Bigl (\sum _{h=0}^{\tau _i-1}(1+r)^h\Bigr )^{-1} =\frac{r}{(1+r)^{\tau _i}-1}\,, $$

where $\tau _i$ stands for durability of the type i of fixed capital. Equation (7.2.3) is the definition of depreciation rate of brand-new (0-age) fixed capital.

For a detailed discussion, which includes fixed capital, see e.g. Fujimori (1982), Schefold (1989, Part II) and Kurz and Salvadori (1995, Chap. 7).

It should be noted here that $\gamma _i(g)=\gamma _i(r)$. In an economy that disregards non-productive consumption, the uniform profit rate r and the uniform growth rate g are equal. For details, see e.g. Fujimori (1982).

See von Neumann (1945/46[1937]) for details of original von Neumann Model.

Refer to Fujimori (1992b) for the detailed procedure of the abridgement. Fujimori (1992b)’s method is related to Sraffa in two ways: in the way to deal with fixed capital, and in other way in the similarity between estimating the marginal fixed capital coefficient and drawing the wage-profit curves. Fujimori (1992b) was strongly conscious of Sraffa’s system. Incidentally, Pasinetti (1977, Chap. VI) and especially Schefold (1980) mentioned the conceptual difference of von Neumann model, linear programming and Sraffa system, and indeed the concept of the wage-profit curve is closer to Sraffa than to von Neumann.

Titel: Fixed Capital and China’s Economy 1995–2000
verfasst von: Bangxi Li
Verlag: Springer Singapore
Buch: Linear Theory of Fixed Capital and China’s Economy
Print ISBN: 978-981-10-4064-1

Electronic ISBN: 978-981-10-4065-8

Copyright-Jahr: 2017
DOI: https://doi.org/10.1007/978-981-10-4065-8_7