Production, Prices and Time: A Comparison of Some Alternative Concepts

Christian Lager

Economic Systems Research, 2000, vol. 12, issue 2, 231-253

Abstract: This paper compares alternative concepts of production and prices with a special emphasis on time. First, it is demonstrated that the point-input point-output representation of processes used in von Neumann-Sraffa models is not restrictive and can be derived from general flow-input flow-output processes. Second, the concept of long-period positions, which can be traced back to the work of the classical authors, is discussed. Third, the von Neumann-Sraffa approach is compared with the neo-Austrian model and the flow-fund model developed by Hicks and Georgescu-Roegen respectively. It turns out that these latter two models are, at best, a special case of the former. Finally, some problems and intricacies concerning observable input-output coefficients are discussed and, as an alternative, a possibly applicable method to determine coefficients for general flow-input flow-output processes is presented.

Keywords: Sraffa Von Neumann; (NEO) Austrian Production Theory; Georgescu Roegen'S Flow-FUND Approach (search for similar items in EconPapers)
Date: 2000
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Citations: View citations in EconPapers (8)

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DOI: 10.1080/09535310050005725

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