The Dynamics of Competition: A Restoration of the Classical Analysis

Gerard Dumenil and Dominique Lévy

Cambridge Journal of Economics, 1987, vol. 11, issue 2, 133-64

Abstract: The main purpose of this article is to show that it is possible to construct a model of competition based on the classical perspective (Smith, Ricardo, and Marx). An analysis of the work of the classics is presented, and their views of the workings of competition is contrasted with neoclassical and Keynesian approaches. A simple model, with two commodities, is constructed, in which the stability of the classical long-term equilibrium is shown (under certain conditions). This first model is developed to include the treatments of gravitation, rationing, deficiency in demand, choice of the technology, and three commodities. Copyright 1987 by Oxford University Press.

Date: 1987
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