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Global & Local Vol. 17 No. 1 Economic Review 3 1 Volume 17 No. 1 2013 0 2 w Geoffrey Colin Harcourt e The importance of Humbug in the Cambridge - Cambridge i controversies in capital theory v e Guglielmo Chiodi R Beyond the surrogate production function c Arrigo Opocher, Ian Steedman i Unconventional results with surrogate production functions m o Edgardo Bucciarelli, Nicola Mattoscio, Michele Alessi n What is essential is invisible to the eye. o From neoclassical to cognitive perspective on production theory c Jesus Felipe, John McCombie E Aggregate production functions and the accounting identity critique: l criticisms and misunderstandings with special reference to Temple a c Kumaraswamy Vela Velupillai o Humbugs and other exotica - Celebrating Anwar Shaikh L Jayati Ghosh & A brief empirical note on the recent behaviour of factor l shares in national income a b Antoine Godin, Stephen Kinsella o Production functions at the business end: l the case of the European Fiscal Compact G Thomas Fredholm, Stefano Zambelli Production functions behaving badly - Reconsidering Fisher and Shaikh ISBN 978-88-386-7420-4 Prabhat Patnaik Technological progress and the rate of profit € 25,00 (i.i.) 9 788838 674204 www.mcgraw-hill.it McGraw-Hill POLICY FOR THE SUBMISSION OF MANUSCRIPTS TO BE PUBLISHED IN THEGLOBAL & LOCAL ECONOMIC REVIEW 1. PRELIMINARY INSTRUCTIONS For a manuscript to be accepted for publication in the Review, authors are required to abide by the following publication rules. In particular, authors must state that: vthe manuscript, or relevant parts of the manuscripts, was not previously published; vthe manuscript is not simultaneously under review by any other journal; vthe manuscript will be not submitted elsewhere before the final outcome of peer-reviewing process by the Scientific Board. 2. MANUSCRIPTS SUBMISSION Manuscripts must be sent to the Scientific Board by e-mail attachment to gler@ fondazionepescarabruzzo.it. Papers, which must be submitted in printable formats, should include the manuscript text, footnotes, a bibliography, an abstract not longer than 300 words and the JEL code (available on http://www.aeaweb.org/journal/elclasjn.html). It is the author's responsibility to ensure that papers are written in clear and comprehensible English, especially if they do not adhere to linguistic standards. Institutional affiliation, telephone number and the e-mail address of the author (or the corresponding author in case of multiple authorship) should be placed on the first page of the manuscript. All manuscripts should follow the format specified in the section “Instructions for authors”, available on the Review website www.gler.it. 3. REVIEWING PROCESS The manuscript is reviewed by the Scientific Board and, if judged suitable for publication in the Review, is then sent to three referees for a rigorous blind peer-reviewing process. vThe initial decision by the Scientific Board takes 2 weeks. vAuthors will be informed of the review decision and all relevant comments by the three referees within approximately a month. Based on the referee's recommendations, the Scientific Board then decides whether the paper should be accepted as it is, revised or rejected. In any case, authors will be provided with a feedback. In case of acceptance by the Scientific Board, the publication process will begin by assigning the manuscript to a number and a year of the Review. Proof corrections and the printing process takes approximately a month. 4. MISCELLANEOUS Authors submitting manuscripts to the Review are expected to be available for contributing as referees, in the event they would be so requested. The articles published on Global & Local Economic Review will be listed in the ECONLIT and EJEL bibliographies. Table of Contents Global & Local Economic Review Aut. Trib. PE n. 7 del 14.7.1999, No. 1/2012 Editor Nicola Mattoscio Co-editor Tonio Di Battista EDITORIAL BOARD N,&2LA ACOCE//$“LD6DSLHQ]Dµ8QLYHUVLW\RI5RPH MA5,2A5&(LL,=L8,668QLYHUVLW\RI5RPH 3,(5L8,*,&,2&&A´LXLJL(LQDXGL)RXQGDWLRQµRITXULQ ALBE5TO QUA'5,2&85=,2´&DWWROLFDGHO6DFro CuorHµ8QLYHUVLW\RI0LODQ *,86(33('(5,7A3rHVLGHQWRI&(16,6)RXQGDWLRQ T21,2',%A77,67A8QLYHUVLW\RI&KLHWL3HVFDUD JEA13AUL),T2866,,QVWLWXWG·(WXGHV3ROLWLTXHVGH3DULVL8,668QLYHUVLW\RI5RPH MA852*ALL(*A7,8QLYHUVLW\RIAQFRQD JAYA7,*+OS+-DZDKDUODO1HKrX8QLYHUVLW\RI1HZ'HKOL A'5,A12*,ANNOLA´)HGHULFR,,µ8QLYHUVLW\RI1DSOHV *,ANA1'5(A*2,6,68QLYHUVLW\RI0LODQ *ALEA==2,03,&&,AT25(´LD6DSLHQ]Dµ8QLYHUVLW\RI5RPH PAOLO L(*5(1=,´,8A9µ8QLYHUVLW\RIVHQLFH 1,&2LA MATT26&,28QLYHUVLW\RI&KLHWL3HVFDUD L8,*,3A*ANETT2´Tor VHrJDWDµ8QLYHUVLW\RI5RPH )/$9,2)(/,&(3RQWLILFLDO/DWHUDQ8QLYHUVLW\/8,668QLYHUVLW\RI5RPH 9,1&(1=23A75,=,8QLYHUVLW\RI)ORrHQFH MA5,A PAOLA327(67,2´5RPDTrHµ8QLYHUVLW\RI5RPH *,AN CESA5(520A*12L,´5RPDTrHµ8QLYHUVLW\RI5RPH AL'2520A12´H%XVLQHVV0DQDJHPHQW6FKRRO,68),µ8QLYHUVLW\RILHFFH 3,(5L8,*,6A&&2´,8A9µ8QLYHUVLW\RIVHQLFH '20,1,&.6ALVAT25(´)RrGKDPµ8QLYHUVLW\RI1HZYork PASQUALE L8&,26&A1',==2´Tor VHrJDWDµ8QLYHUVLW\RI5RPH *,8L,A126(*5(8QLYHUVLW\RIVHQLFH JOSEP+67,*L,7=1REHO3UL]HZLQQLQJHFRQRPLVW´&ROXPELDµ8QLYHUVLW\RI1HZYork .80A5ASWAMY VELA VEL83,LLA,7KH1HZ6FKRROIRU6RFLDO5HVHDUFKRI1HZ<RUN MA85,=,29,&+,´LD6DSLHQ]Dµ8QLYHUVLW\RI5RPH STEFA12=AMA*1,8QLYHUVLW\RI%RORJQD STEFA12=AMBELL,8QLYHUVLW\RITrHQWR Editing and revising '21$7(//$)85,$ $/,1$&$67$*1$ «Global & Local Economic Review» is included in JEL on CD, e-JEL and Econlit, the electronic indexing and abstracting service of the American Economic Association (GLWRULDO2IÀFHV: CorVo UmEHUWR,Q513HVFDUa 7HO 2110 – Fax 210 WHEVLWH: wwwJOHrLW (PDLOJOHU#IRQGD]LRQHSHVFDUDErX]]RLW All right reserved 1 Table of Contents Copyright © 2013 McGraw-Hill Education (Italy), s.r.l. Via Ripamonti 89,20141 Milano I diritti di traduzione, di riproduzione, di memorizzazione elettronica e di adattamento totale e parziale con qualsiasi mezzo (compresi i microfilm e le copie fotostatiche) sono riservati per tutti i Paesi. Date le caratteristiche intrinseche di Internet, l’Editore non è responsabile per eventuali variazioni negli indirizzi e nei contenuti dei siti Internet riportati. Nomi e marchi citati nel testo sono generalmente depositati o registrati dalle rispettive case produttrici. Publisher: Paolo Roncoroni Acquisition Editor: Daniele Bonanno Produzione: Donatella Giuliani Realizzazione print on demand: Ilovebooks, Verdellino Zingonia (Bergamo) Stampa: Prontostampa, Verdellino Zingonia (Bergamo) McGraw-Hill Education (Italy), 2013 ISBN 978-88-386-7420-4 Global & Local Economic Review Volume 17 No. 1 2013 TABLE OF CONTENTS Kumaraswamy Vela Velupillai Introduction to the special issue of Global & Local Economic Review - In honour of Anwar Shaikh Pag. 5 Geoffrey Colin Harcourt The importance of Humbug in the Cambridge - Cambridge controversies in capital theory ” 11 Guglielmo Chiodi Beyond the surrogate production function ” 23 Arrigo Opocher, Ian Steedman Unconventional results with surrogate production functions ” 45 Edgardo Bucciarelli, Nicola Mattoscio, Michele Alessi What is essential is invisible to the eye. From neoclassical to cognitive perspective on production theory ” 55 Table of Contents Jesus Felipe, John McCombie Aggregate production functions and the accounting identity critique: criticisms and misunderstandings with special reference to Temple Pag. 93 Kumaraswamy Vela Velupillai Humbugs and other exotica - Celebrating Anwar Shaikh ” 129 Jayati Ghosh A brief empirical note on the recent behaviour of factor shares in national income ” 143 Antoine Godin, Stephen Kinsella Production functions at the business end: the case of the European Fiscal Compact ” 153 Thomas Fredholm, Stefano Zambelli Production functions behaving badly - Reconsidering Fisher and Shaikh ” 181 Prabhat Patnaik Technological progress and the rate of profi t ” 199 G. & L. E. R., Vol. 17 No. 1, 2013 Kumaraswamy Vela Velupillai* INTRODUCTION to THE SPECIAL ISSUE OF GLOBAL & LOCAL ECONOMIC REVIEW Surrogates, Humbugs and other Aggregate Parables. Half-a-Century of the ‘Surrogate Production Function’ In honour of Anwar Shaikh That forty years have passed since a young Anwar Shaikh fi rsts shook the complacency of the neoclassical establishment is a simple fact, yet like all such simplicities of academic life, hard to fathom. Shaikh’s bolt was not from the proverbial ‘blue’; those of us who had the privilege to study under the infl uence of the Cambridge maestros, Joan Robinson and Richard Goodwin, Nicky Kaldor and Luigi Pasinetti, Richard Kahn and Geoff Harcourt1, were almost lulled into a different kind of complacency – that which was associated with an acknowledged intellectual victory. * Department of Economics, The New School for Social Research, New York (United States of America); phone: +1 212-229-5717 X4908; e-mail: [email protected]. 1 No one in my generation, to the best of my knowledge, was directly supervised by the great Piero Sraffa, but everyone knew him, talked to him, and his general intellectual spirit permeated the life of the doctoral students and his works were the most discussed topics in the room which was allocated to us, in the Sidgewick site. 5 Introduction Sraffa’s magnum opus, Production of Commodities by Means of Commodities (PCMC), was on all our desks, in our bags, on our shelves – and so was Harcourt’s wonderful ‘blow-by-blow’ account of the Cambridge Controversies in the Theory of Capital. Mario Nuti was giving his brilliant lectures on Capital and Time, outlining his fundamental results on what eventually came to be called the Truncation or Neo- Austrian Theorem by John Hicks. The great architect of
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    CURRICULUM VITAE: Kumaraswamy (Vela) Velupillai Current Appointments: Professor of Economics Department of Economics & CIFREM1 University of Trento Trento, Italy Tel: +39 0461 882278 Fax: +39 0461 882335 [email protected] Preferred e-mail: [email protected] Date & place of birth: September 25, 1947; Colombo, Sri Lanka Citizenship: Swedish Languages: Tamil, Singhalese, English, Italian, Japanese, Swedish (and some German & Spanish). Academic 1979-80: Ph.D. King's College, Cambridge University (1973-76), England. [Thesis: "Aspects of the Structural Dynamics of Capitalist Economies"; Supervisors: Professor Lord Kaldor & Professor Richard M Goodwin] 1973: M.Soc.Sc. University of Lund, Lund, Sweden [Thesis: "Some Cybernetic Approaches to Macroeconomics"] 1970: B.E. Kyoto University, Kyoto, Japan 1966: (Japanese Lang., & Gen.Sc.) Chiba University, Chiba, Japan 1965: High School Royal College, Colombo, Ceylon Scholarships/Fellowships and other awards ․ Various Academic and Sports awards at primary, middle and high schools ․ Japanese Government (‘Mombusho’: Ministry of Education) Scholarship for Undergraduate Education in Japan, 1965-1970. ․ Swedish Government (University) award (‘Doktorand Stipendium’) for doctoral studies at Lund and Cambridge Universities, 1973-75. ․ C.O.R.E Research Fellowship, 1977-78. ․ Fitzwilliam College, Cambridge, Elected to a Teaching Fellowship, 1981 (declined) ․ US National Science Foundation/Ford Foundation Visiting Professorship at the People’s University, Beijing, China, 1988. ․ Invited to give the Fourth Arne Ryde Lectures, University of Lund, Lund, Sweden, 1994. ․ Honorary Professor of Economics, Queen’s University of Belfast, 1998-2003. ․ Central Bank of Uruguay Distinguished Invited Lecturer, 1998, Montevideo, Uruguary. 1 The Interdepartmental Centre for Research Training in Economics and Management.. ․ Visiting Fellow, Peterhouse, Cambridge, Lent & Easter Terms, 2001.