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The Competitive Process in a Fixed Capital Environment: A Classical View

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  • Dumenil, Gerard
  • Levy, Dominique

Abstract

A model of competition in capitalist economies, based on the works of the classics, is presented. Agents act in disequilibrium by reacting to their observations of disequilibria. They move capital across activities according to profitability differentials. They adjust prices and outputs on the basis of disequilibria on the commodity market, measured by the score of inventories. The analytical proof of the local stability of long-term equilibrium with prices of production is derived. This stability is subject to certain conditions. The notion of a short-term "classical" equilibrium is presented in which the misallocation of capital is corrected by the adjustment of capacity utilization. Copyright 1989 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Dumenil, Gerard & Levy, Dominique, 1989. "The Competitive Process in a Fixed Capital Environment: A Classical View," The Manchester School of Economic & Social Studies, University of Manchester, vol. 57(1), pages 34-57, March.
    • Handle: RePEc:bla:manch2:v:57:y:1989:i:1:p:34-57
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    Cited by:

    1. Marc van Wegberg, 1990. "Capital Mobility and Unequal Profit Rates: A Classical Theory of Competition by Boundedly Rational Firms," Review of Radical Political Economics, Union for Radical Political Economics, vol. 22(2-3), pages 1-16, June.
    2. Thierry Levy, 1997. "Intersubjective economics, theory of production, and the transformation problem," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 3(1), pages 37-45, February.

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