On the Classical Theory of Competition

Donald J Harris

Cambridge Journal of Economics, 1988, vol. 12, issue 1, 139-67

Abstract: This paper identifies some important theoretical issues remaining unresolved in the wake of Piero Sraffa's seminal work. A central problem concerns the process of gravitation towards uniform profit rates and production prices. Stringent requirements for convergence and stability are discussed, the issue of path dependence being regar ded as most basic. Other issues concern inter- and intraindustry mechanisms of competition, choice of technique and technical change, and mechanisms of wage/profit rate determination. Prospects for advancing a theory of differentiated profit rates that would be consistent with classical theory are examined. Against this background, it is suggested that Sraffa's contribution encompasses two theoretically distinct research programs. Copyright 1988 by Oxford University Press.

Date: 1988
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