On the Limits to the Long-Period Method in Classical Economics: A note

Rodolfo Signorino

Review of Political Economy, 2001, vol. 13, issue 2, 245-251

Abstract: On a first reading of Theory of Production, Kurz & Salvadori (1995) appear to confine the empirical domain of the long-period models of the classical theory of value and distribution to stationary economies with non-constant returns to scale and to growing economies with constant returns to scale. Such a reading is shown to be untenable since it merges the two levels of exploring the extension of a model and of testing a theoretical hypothesis. Conversely, the way Kurz & Salvadori tackle the problems of price dynamics and returns to scale in growing economies is shown to be compatible with what appears to be Sraffa's (implicit) strategy of research.

Date: 2001
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DOI: 10.1080/09538250120036664

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