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One of the fields of research to which the modern revival of the surplus approach has devoted much attention, in the fifty years following Sraffa’s Production of Commodities by Means of Commodities, is the theory of output and the analysis of the processes of growth and development in capitalist economies. Although no explicit theorisation about the determinants of output levels is to be found in Sraffa’s work, the revival of the classical approach to value and distribution and the critique of neoclassical theory prompted by his work, as shown in Garegnani’s (1978–79) seminal contribution, have relevant implications for the analysis of output.
KeywordsPublic Debt Capacity Utilisation Neoclassical Theory Effective Demand International Economic Order
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