The Classical Theory of Normal Prices and the Analysis of Economic Changes: a Comment on D’Orlando

Fabio Ravagnani

No 104, Working Papers from Sapienza University of Rome, Department of Public Economics

Abstract: This paper examines the critical remarks that D’Orlando (2005) addresses to the classical theory of value based on ‘normal’ positions and briefly comments on the alternative dynamic analysis of short-run prices that he recommends. In particular, the first part refutes D’Orlando’s considerations about the method traditionally adopted in classical analysis and discusses the claim that the characteristic structure of classical theory prevents consistent determination of the normal prices. The second part moves on to consider the basic elements of D’Orlando proposed short-period analysis and argues that they appear problematic on both theoretical and methodological grounds.

Keywords: Classical theory; Normal prices; Short-period (search for similar items in EconPapers)
JEL-codes: B41 B51 (search for similar items in EconPapers)
Date: 2007-11
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Persistent link: http://EconPapers.repec.org/RePEc:sap:wpaper:104

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