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Serrano 1995 Sraffiansupermultiplier

Serrano 1995 Sraffiansupermultiplier

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Published by: alejandro on Jan 28, 2009
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03/18/2013

 
 THE SRAFFIAN SUPERMULTIPLIERbyFranklin L. P. SerranoSt. Edmund's CollegeNovember 1995A Dissertation Submitted to the Faculty of Economics andPolitics at the University of Cambridge, England in PartialFulfillment of the Requirements for the Degree of Doctor ofPhilosophy.
 
 2SUMMARYThis is a study in the notion of long-period effectivedemand, viewed from a Sraffian standpoint. First, weexamine the conditions under which both the level and therate of growth of the productive capacity of the economy canbe said to be demand-led rather than resource constrained. Wethen show how, for a given aggregate marginal propensity tosave, the economy's average propensity to save adjustsitself automatically to the required share of inducedinvestment via the operation of the supermultiplier.Finally, we demonstrate how the operation of thesupermultiplier guarantees that under conditions ofexogenous distribution and a 'planned' degree of capacityutilization, conditions which imply that there is an inverserelation between the normal rate of profits and the wageshare, there is no direct connection between the rate ofaccumulation and the distribution of income. Thus there isalso no long period trade-off between the levels ofinvestment and consumption.
 
 STATEMENTI hereby declare that this dissertation is the result of myown work and includes nothing which is the outcome of workdone in collaboration and that it contains less than 60000words.Franklin Serrano

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