"Perverse" Behaviour in a "One Commodity" Model

Ian Steedman

Cambridge Journal of Economics, 1994, vol. 18, issue 3, 299-311

Abstract: 'Perverse' behavior in capital theory results stems from the changes in relative prices provoked by a change in distribution, even in the presence of unchanged methods of production. But it does not follow that perverse results cannot arise in a 'one commodity' model; they can arise if there is only one new commodity but that commodity is used as an input for more than one period of production (so that the relative values of 'old machines' can vary with distribution). Many familiar results in production, distribution, growth, and technical change theory now collapse. Copyright 1994 by Oxford University Press.

Date: 1994
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