A Fixed Capital Model with Transferable and Jointly Utilized Machines in the Sraffa Framework

Biao Huang

Metroeconomica, 2015, vol. 66, issue 3, 426-450

Abstract: type="main">

Fixed capital is treated as a special case of joint production in the Sraffa framework. Much of the literature excludes transferable old machines. Salvadori (1999) builds a model with transferable non-jointly utilized machines whose efficiency paths are independent of the sectors in which the machines are used. He shows that the neat properties of the non-transferable single machine model still hold. In an earlier paper, Salvadori (1988a) builds another model with non-transferable jointly utilized machines. This paper synthesizes these two models. It shows that the properties of the non-transferable jointly utilized machines model still hold if some conditions are satisfied.

Date: 2015
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