Spring ’21 Inspiration Lecture 1
Intermediary good pricing in production networks: Equality and inequality in a theory of value
Professor Robert Gilles
Professor of Theoretical Economics & Economics Subject Group Leader
Management School, The Queen’s University of Belfast
Tuesday, March 2, 7:00PM-8:30PM (New Delhi)
This presentation considers the role of intermediary commodities in a network model of an economy in which production is conducted through a social division of labour. We may refer to this configuration as a production network economy. First, the nature and special role of intermediary goods is discussed founded on commodity conceptions of Marx, Debreu and Sraffa. Subsequently, it is argued that a broad class of general equilibria in a production network economy can be based on the general equilibrium concept of Roemer (1980,1981) in which economic agents in the production network are partitioned into reference classes and agents in each reference class are assumed to have equality of opportunities. This introduces considerations of equality as well as in-equality within these equilibria. Within the context of such equilibria in a production network economy one can also analyse the impact on wealth creation of various services and institutional processes.
About the speaker:
Professor Rob Gilles is a theoretical economist with a PhD from Tilburg University, the Netherlands. Professor Gilles was a lecturer of mathematical economics at Tilburg University, prior to joining the Department of Economics at Virginia Tech, Blacksburg, VA, USA. Since 2009 he has been a Professor of Economics at the Queen’s University of Belfast, Belfast, UK. His research interests have always been focussed on how institutions and social structures affect economic wealth creation. Currently, Professor Gilles’ work focusses on building an alternative theory of value through the hypothesis that all economic wealth comes from a social division of labour. He has published a two-volume book on Economic wealth Creation and the Social Division of Labour at Palgrave-Macmillan on this perspective. This theory has been expanded to include public and collective goods in recent journal publications.
Moderator: Prof. Saumya Dey, Associate Professor, (Economics), JGBS