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Special Issue in Honour of Anwar Shaikh 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. 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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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