Keynesian, Sraffian, Computable and Dynamic Economics

447 Pages·2021·8.722 MB·English

by  Kumaraswamy Velupillai

Edited by
Kumaraswamy Velupillai
Keynesian, Sraffian,
Computable and
Dynamic Economics
Theoretical and
Simulational
(Numerical) Approaches
Keynesian, Sraffian, Computable and Dynamic
Economics
“I had the chance to meet Stefano as a student in the Faculty of Economics of
the University of Modena. I think my role in applying Mathematics in model-
ling economic situations may have stimulated Stefano (and his friends) to do the
same. We came from the same region Romagna and this made our relationship
easy, and at the same time it was deep and enduring. This Festschrift is a testi-
mony to the personal and intellectual esteem with which many scholars hold
Stefano.”
—Gianni Ricci, Emeritus Professor, University of Modena, Modena, Italy
“It is fitting that a volume in celebration of Stefano Zambelli should incorporate
so many features of his own work: theoretical rigour and creativity, profound
and insightful analysis spanning across different disciplines with ease. It is even
more exciting that it includes fresh new contributions from outstanding think-
ers. Truly a volume to value.”
—Jayati Ghosh, Centre for Economic Studies and Planning,
Jawaharlal Nehru University, India
Kumaraswamy Velupillai
Editor
Keynesian, Sraffian,
Computable and
Dynamic Economics
Theoretical and Simulational
(Numerical) Approaches
Editor
Kumaraswamy Velupillai
Solna, Stockholms Län, Sweden
ISBN 978-3-030-58130-5 ISBN 978-3-030-58131-2 (eBook)
https://doi.org/10.1007/978-3-030-58131-2
© The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature
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Contents
1 Introduction to the Zambelli Festschrift 1
Kumaraswamy Velupillai
2 Intuitions About Welfare—Under the Constraint of
Computability 33
Charlotte Bruun
3 Recasting Stefano Zambelli: Notes on the Foundations of
Mathematics for a Post-Neoclassical Age in Economics 59
Edgardo Bucciarelli and Nicola Mattoscio
4 Sraffa, Keynes and a New Paradigm 81
Sara Casagrande
5 On the Meaning Maximization Doctrine: An Alternative
to the Utilitarian Doctrine 109
Shu-Heng Chen
6 A Generalization of Sraffa’s Notion of ‘Viability’ in a
‘Land Grabbing’ Context 163
Guglielmo Chiodi
vi Contents
7 Th e Sea Battle Tomorrow: The Identity of Reflexive
Economic Agents 187
John B. Davis
8 P roduction, Innovation, and Disequilibrium 215
Dharmaraj Navaneethakrishnan
9 Th e Non-Robustness of Saddle-Point Dynamics: A
Methodological Perspective 231
Donald A. R. George
10 The Economic Intuitions at the Base of Stefano
Zambelli’s Technical Contributions 253
G. C. Harcourt
11 The Foreseeable Future 257
Brian Hayes
12 U niqueness in Planar Endogenous Business Cycle Theories 273
Ragupathy Venkatachalam and Ying-Fang Kao
13 Nonlinear Endogenous Business Cycles: Zambelli-
Goodwin Excursions in Cellular Automata Worlds 311
Cassey Lee
14 Chipping off to Compute Sraffa’s Standard Ratio 329
Francesco Luna
15 O bservations on Computability, Uncertainty, and
Technology 349
J. Barkley Rosser Jr
16 Marx and the Other Sraffa: The Insignificant Empirical
Effect of Price-Value Deviations on Economic Aggregates 367
Anwar Shaikh
Contents vii
17 Corn-Model, Subsistence Economy and the Empirical
Economy 387
Ajit Sinha
18 The Zambelli Attractors of Coupled, Nonlinear
Macrodynamics and Knot Theory 397
Kumaraswamy Velupillai
Author Index 419
Subject Index 429
Notes on Contributors
Charlotte Bruun is an associate professor at University College of
Northern Denmark, previously Aalborg University. She was an early
adapter of agent-based economics, combining it with Keynesian macro-
economics in her 1995 dissertation, partly supervised by Stefano
Zambelli. She is working on possible theoretical underpinnings for the
idea of doing sustainable business.
Edgardo Bucciarelli, PhD, is an Italian economist. He is Associate
Professor of Economics at the University of Chieti-Pescara (Italy). His
main research interests lie in the area of complexity and market dynam-
ics, decision theory, experimental microeconomics, classical behavioural
economics, economic methodology, and foundations of mathematics.
He cooperates with several international academic institutions.
Sara Casagrande is a post-doc research fellow in comparative European
Studies. She holds a PhD in Economics and Management at the University
of Trento, Italy. Her research fields include cyclical development, eco-
nomic simulation, and macroeconomic theoretical and applied issues.
Her present research activity relates to European integration process and
institutional variety.
ix
x Notes on Contributors
Shu-Heng Chen is a distinguished professor in the Department of
Economics, National Chengchi University (NCCU), Taipei, Taiwan. He
is the director of the AI-ECON Research Center. He serves as the editor-
in- chief of the Journal of New Mathematics and Natural Computation
(World Scientific) and Journal of Economic Interaction and Coordination
(Springer). He holds a PhD in Economics from University of California,
Los Angeles.
Guglielmo Chiodi, Former Professor of Economics at the University of
Rome “La Sapienza”, Italy, he is president of the interdisciplinary associa-
tion ‘Nuova Accademia’. His articles on monetary theory, the theory of
value and distribution, with special regard to Classical, Sraffian and
Marxian economic theory have appeared in many journals and books.
John B. Davis, Professor Emeritus of Economics, Marquette University
and University of Amsterdam, is author of Keynes’s Philosophical
Development, The Theory of the Individual in Economics, Individuals and
Identity in Economics, co-author with Marcel Boumans of Economic
Methodology: Understanding Economics as a Science, and Robert McMaster
of Health Care Economics.
Donald A. R. George is Honorary Fellow in Economics at the University
of Edinburgh. He advocates a pluralist approach to economics. Donald
has published extensively on a wide range of topics, including economic
dynamics and workers’ co-operatives. He is a founding editor of the
Journal of Economic Surveys.
Geoffrey Colin Harcourt is Emeritus Reader in the History of Economic
Theory, Cambridge, 1998; Emeritus Fellow, Jesus College, Cambridge,
1998; Professor Emeritus, Adelaide, 1988; and Honorary Professor,
School of Economics, UNSW Sydney, 2010–2019. He has published 33
books and over 400 articles, chapters in books, and reviews. His research
interests include post-Keynesian theory, applications and policy, intel-
lectual biography and history of economic theory.
Notes on Contributors xi
Brian Hayes is an essayist who writes on topics in mathematics, computa-
tion, and the sciences. He began his career as an editor at Scientific American
and later edited another magazine, American Scientist. His most recent col-
lection of essays is Foolproof, and Other Mathematical Meditations.
Selda Kao (Ying-Fang Kao) is a data scientist at the Experimentation,
Artificial Intelligence and Machine Learning Team, Just Eat, London,
UK. Selda (Ying-Fang) obtained her PhD in Economics from the University
of Trento, Italy. Her research includes classical behavioural Economics,
computable economics, causal inference and machine learning.
Cassey Lee is a Senior Fellow at the ISEAS—Yusof Ishak Institute,
Singapore. Prior to joining ISEAS, Dr Lee held academic appointments
at the University of Wollongong, Nottingham University Business School
(Malaysia) and University of Malaya.
Francesco Luna has spent the last 20 years at the International Monetary
Fund, working as desk economist in transition economies and more
recently training country officials from Eastern Europe, Central Asia, and
the Middle East. His research interests include Computable Economics
and Computable Agent Based modeling. Luna has taught at the University
of Venice “Ca’ Foscari” and Oberlin College.
Nicola Mattoscio is an Italian economist. He is Distinguished Professor
of Economics at the University of Chieti-Pescara (Italy) where he heads
the PPEQ Sciences Department. He is the editor-in-chief of Global &
Local Economic Review and Il Risparmio Review, as well as the Maestro of
two generations of economists. He is the founder and director of the
Federico Caffè & Corradino D’Ascanio Research Center. He has authored
over 100 publications.
Dharmaraj  Navaneethakrishnan holds a PhD in Economics and
Management from the University of Trento, Italy, a master’s degree in
Engineering Management from MAHE, India, and a bachelor’s degree in
Mechanical Engineering from Periyar University, India. He works as a
Data Scientist at Hubbell, and previously worked with Ford.