Garegnani on a way to avoid the value capital endowment in Wicksell (1898)

Fabio Petri ()
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Fabio Petri: Università degli Studi di Siena (University of Siena)

No CSWP11, Centro Sraffa Working Papers from Centro di Ricerche e Documentazione "Piero Sraffa"

Abstract: Pierangelo Garegnani has argued that the value capital endowment could have been avoided in Knut Wicksell’s long-period general equilibrium in Value, Capital and Rent (1898); the capital endowment might have been speci-fied as an amount of labour embodied in the economy’s stock of capital goods, which would have avoided the vi-cious circle of a factor endowment dependent on the prices the equilibrium must determine. The paper argues that this thesis cannot be accepted.

Keywords: capital endowment; long-period general equilibrium; Wicksell; Garegnani (search for similar items in EconPapers)
JEL-codes: B13 D50 (search for similar items in EconPapers)
Pages: 10 pages
Date: 2015-04
New Economics Papers: this item is included in nep-his, nep-hme and nep-hpe
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