Abstract
The paper reconstructs the Marxian circuit of capital model to identify distinctive growth dynamics of the financial, productive, and commercial capital stock, which are primarily induced by the change in both the three capital flows and the time-lags tied to each capital flow. The simulation shows that there exist nonlinear interactions among the three capital stocks associated with the change in both three capital flows and the time lags required for the circuit of capital. The paper also attempts to account for the effect of financialization and the realization crisis on the growth dynamics of the economic system. The simulation result indicates the presence of divergent ‘growth regimes.’ in which delays in either mobilizing financial capital outlay or delays in realization of surplus value alters the composition of the total capital stock as well as the nature of growth of the domestic productive capital stock.
Original language | American English |
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State | Published - 2022 |
Event | 2022 Korean Association for Public Administration (KAPA) Annual International Conference : Digital, Green, COVID19: Rethinking Public Administration in the Era of Great Transformation - Yeosu Expo Convention Center, Yeosu-si, Korea, Republic of Duration: Jun 22 2022 → Jun 24 2022 https://www.kdevelopedia.org/events/view/2022+Korean+Association+for+Public+Administration%28KAPA%29+Annual+Int%27l+Conference--3142 |
Conference
Conference | 2022 Korean Association for Public Administration (KAPA) Annual International Conference |
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Country/Territory | Korea, Republic of |
City | Yeosu-si |
Period | 6/22/22 → 6/24/22 |
Internet address |
Keywords
- Circuit of capital
- Time-lags
- Financialization
- Realization crisis
- Simulation
- Mathematica
Disciplines
- Economics