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Will the classical-type approach survive Sraffian theory?

Fabio D'Orlando

Journal of Post Keynesian Economics, 2005, vol. 27, issue 4, 633-654

Abstract: This paper has two goals. First, it seeks to show a logical inconsistency in Sraffian theory. The theory, it is argued, is conceived as a long-period approach but is unable to identify a long-period position. Second, the paper tries to show that even if we drop some of the building blocks of Sraffian theory, it is still possible to build a coherent alternative to neoclassical theory using (some of) the ideas of the classical economists. It suggests that we put the indefensible long-period method to one side, and build short-period equilibrium models with probabilistic prices.

Date: 2005
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DOI: 10.1080/01603477.2005.11051458

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Handle: RePEc:mes:postke:v:27:y:2005:i:4:p:633-654