Reproduction Prices: Equilibrium and Disequilibrium in a Classical Model

Carlo Benetti, Christian Bidard and Edith Klimovsky

Bulletin of Political Economy, 2008, vol. 2, issue 1, 25-41

Abstract: We consider reproduction in the classical tradition and elaborate ‘reproduction prices models’ with a common formalization to equilibrium and disequilibrium. The accumulation of capital is the driving variable, and the capitalists’ decisions are socially evaluated by the actual rates of profit. Apart from taxes levied by Government, the non-accumulated part of production is devoted to capitalists’ consumption. Two models are distinguished depending on the hypothesis retained on capitalists’ consumption. It is shown that the rates of profit and prices are positively correlated to the relative accumulation rates. The rates of profit admit a physical interpretation: they are the accumulation rates of a ‘core economy’, obtained by isolating the production of capital by means of capital.

Date: 2008
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