On the Notion of Equilibrium or the Centre of Gravitation in Economic Theory

Ajit Sinha
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Ajit Sinha: Indira Gandhi Institute of Development Research

Microeconomics Working Papers from East Asian Bureau of Economic Research

Abstract: This paper is a critical examination of the notion of equilibrium in the classical theory of value. It highlights the theoretical importance as well as the problems associated with the notion of equilibrium in the classical theory and goes on to argue that Sraffa presents a theory of value within the classical tradition that does not require a notion of equilibrium of demand and supply, which succeeds in dissolving the problems associated with the classical theory of value. It also discusses the importance of the notion of equilibrium in the modern general equilibrium theory for the sake of continuity and completeness of the story.

Keywords: Equilibrium; Centre of Gravitation; Price Theory; Theory of Value; Classical Economics; Neoclassical Economics; Sraffa (search for similar items in EconPapers)
Date: 2010-01
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