Time and Equilibrium in Neoclassical Price Theory and Volume III of Capital

Guglielmo Carchedi

Chapter 8 in Marxian Economics: A Reappraisal, 1998, pp 101-115 from Palgrave Macmillan

Abstract: Abstract It is often argued by Marxist and non-Marxist authors alike (see, for example, Bronfenbrenner, 1968; Horverak, 1988) that Marx’s production prices, the outcome of the transformation procedure in volume III of Capital, are equilibrium prices and that, as far as this is concerned, there is no substantial difference with equilibrium prices as in neoclassical price theory (hereafter NCPT). Conversely this chapter argues that neoclassical equilibrium prices have a radically different theoretical status and social content than Marxian production prices.1

Keywords: Market Price; Equilibrium Price; Demand Curve; Production Price; Neoclassical Economic (search for similar items in EconPapers)
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-26121-5_8

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DOI: 10.1007/978-1-349-26121-5_8

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