On the survival of a flawed theory of capital: Mainstream economics and the Cambridge capital controversies

dc.contributor.authorPereira, Francisco
dc.date.accessioned2024-04-04T16:52:34Z
dc.date.available2024-04-04T16:52:34Z
dc.date.issued2024-01-08
dc.description.abstractThe Cambridge controversies on capital theory opposed heterodox economists, mainly from the University of Cambridge, UK, to mainstream economists, mostly based at the Massachusetts Institute of Technology, Cambridge, USA. The controversies started in the 1950s and occupied the pages of some of the most influential journals. Their primary outcome was the broad acknowledgement of flaws, which we retrieve, in the concept of aggregate capital. Despite that acknowledgement, aggregate, homogeneous capital remains a staple of contemporary macroeconomics, as if the Cambridge controversies had never existed. To account for this apparent paradox is the aim of this article. We examine the arguments seeking to justify the enduring commitment to the aggregate capital approach and argue that they indicate an implicit commitment to instrumentalism. The indifference to the results of the Cambridge controversies is a consequence of methodological conformism and has shaky foundations.
dc.identifier.citationPereira, F., & Moura, M. G. (2024). On the survival of a flawed theory of capital: mainstream economics and the Cambridge capital controversies. Cambridge Journal of Economics, 48(2), 169-186. https://doi.org/10.1093/cje/bead056. Repositório Institucional UPT. https://hdl.handle.net/11328/5568
dc.identifier.issn0309-166X
dc.identifier.issn1464-3545
dc.identifier.urihttps://hdl.handle.net/11328/5568
dc.language.isoeng
dc.publisherOxford University Press
dc.relation.hasversionhttps://doi.org/10.1093/cje/bead056
dc.rightsopen access
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subjectCapital
dc.subjectIntangible Capital
dc.subjectCapacity
dc.subjectMacroeconomics
dc.subjectEconomic Methodology
dc.subjectInvestment
dc.subject.fosCiências Sociais - Economia e Gestão
dc.titleOn the survival of a flawed theory of capital: Mainstream economics and the Cambridge capital controversies
dc.typejournal article
dspace.entity.typePublication
oaire.citation.endPage186
oaire.citation.issue2
oaire.citation.startPage169
oaire.citation.titleCambridge Journal of Economics
oaire.citation.volume48
oaire.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
person.affiliation.nameREMIT – Research on Economics, Management and Information Technologies
person.familyNamePereira
person.givenNameFrancisco
relation.isAuthorOfPublicationeac0a2ca-6853-4fa9-a9a7-663f0445bbab
relation.isAuthorOfPublication.latestForDiscoveryeac0a2ca-6853-4fa9-a9a7-663f0445bbab

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