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Will the classical-type approach survive Sraffian theory?
- Source :
- Journal of Post Keynesian Economics; Summer2005, Vol. 27 Issue 4, p633-654, 22p
- Publication Year :
- 2005
-
Abstract
- This paper has two goals. First, it seeks to show a logical inconsistency in Sraffian theory. The theory, it is argued, is conceived as a long-period approach but is unable to identify a long-period position. Second, the paper tries to show that even if we drop some of the building blocks of Sraffian theory, it is still possible to build a coherent alternative to neoclassical theory using (some of) the ideas of the classical economists. It suggests that we put the indefensible long-period method to one side, and build short-period equilibrium models with probabilistic prices. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 01603477
- Volume :
- 27
- Issue :
- 4
- Database :
- Complementary Index
- Journal :
- Journal of Post Keynesian Economics
- Publication Type :
- Academic Journal
- Accession number :
- 17335372