Cite JOURNAL ARTICLE
Die kapitaltheoretische Kontroverse; Test zum Reswitching-Problem
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 98 (1978), Iss. 1 : pp. 1–31
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The article states the basic macroeconomic facts which any capital theory should explain. The neoclassic approach as well as the approach of the "new capital theory" are presented and analysed in detail. These theories are supposed to explain the basic facts mentioned above. The neoclassic approach is a macroeconomic one, basically, the approach of the "new capital theory" a microeconomic one. The "new capital theory" shows that concave wage-profit curves as well as the reswitching of techniques is possible on the micro level - features which are impossible in the neoclassical theory. Stability considerations lead to the conclusion that on the macrolevel concave wage-profit curves should be considered with suspicion. Using theories of input-output tables for Germany the wage-profit curves for Germany have been calculated. These curves turn out to be convex and never cut twice.