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Classical and Neoclassical Competitive Adjustment Processes

Peter Flaschel () and Willi Semmler ()

The Manchester School of Economic & Social Studies, 1987, vol. 55, issue 1, 13-37

Abstract: This article introduces a stable cross-dual adjustment process for Sraffa-von Neumann models. Excluding free goods, but not process extinction, from consideration, it proves furthermore the global asymptotic stability of a simple modification of this classical adjustment process. The relationship of this approach to neoclassical stability analysis and recent attempts to formalize the classical idea of equalizing profit rates is explored. Copyright 1987 by Blackwell Publishers Ltd and The Victoria University of Manchester

Date: 1987
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