Production is a Circular Process. The Reasons for an Alternative Approach to Economic Theory

Enrico Bellino ()
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Enrico Bellino: Faculty of Economics and Law, Department of Economics and Social Sciences - Università Cattolica del Sacro Cuore, Piacenza

Rivista Internazionale di Scienze Sociali, 2023, vol. 131, issue 1, 19-34

Abstract: This paper reviews the main logical difficulties of the neoclassical analysis of production and income distribution when ‘capital’ is introduced. Both the version of the theory that considers capital as a single magnitude and the one where it is constituted by a set of capital goods are presented in a unified analytical framework. The same framework is then used to provide an alternative approach to production and distribution which reconnects with the modern classical approach.

Keywords: General equilibrium with capitalistic production; capital; capital critique; Walras; Wicksell; Hicks; neo-Walrasian approach; modern classical approach (search for similar items in EconPapers)
JEL-codes: B13 B24 B51 C60 D20 D24 D33 D51 E13 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:vep:journl:y:2023:v:131:i:1:p:19-34

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