Elements for a Classical Theory of Equilibrium and Disequilibrium Prices

Alexander Tobon and Eduardo Bolaños

Lecturas de Economía, 2010, issue 73, 99-130

Abstract: This paper intends to present an unconventional approach to the classical theory of relative prices based on recent developments and current limitations. Using the work of Carlo Benetti, Christian Bidard y Edith Klimovsky (Bidard and Klimovsky, 2006) as a conceptual framework that generalizes the classical theory of production prices, this analysis provides explanations for both equilibrium and disequilibrium cases. Accordingly, this paper depicts the importance of this new theoretical model, its initial hypothesis, structure, main properties and proficiency for explaining economic dynamics.

Keywords: Relative prices; benefit accrual rates; reproduction of capital; balance classic; classical balance. (search for similar items in EconPapers)
JEL-codes: B24 B51 E11 E12 (search for similar items in EconPapers)
Date: 2010
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