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Classical-type temporary positions: a "cost-plus" model

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  • SERGIO NISTICÒ

Abstract

Within Hicks's temporary equilibrium method, the paper explores the possibility of supporting the Sraffian theory of prices with a cost-plus explanation of pricing. The model proposed assumes that all firms take their investment decisions with reference to an accounting period, constituted by various production periods, within which cost-plus prices tend to converge toward a Sraffian configuration generally characterized, however, by the divergence between expected and actual profit rates. The paper concludes that the abandonment of the long-period method represents the cost that classical-type theories should sustain in order to provide a persuasive explanation of prices and distribution within contemporary capitalism.

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  • Sergio Nisticò, 2002. "Classical-type temporary positions: a "cost-plus" model," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 25(1), pages 83-103.
    • Handle: RePEc:mes:postke:v:25:y:2002:i:1:p:83-103
    DOI: 10.1080/01603477.2002.11051350
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    Cited by:

    1. Nisticò, Sergio, 2015. "Enjoyment takes time: Some implications for choice theory," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 9, pages 1-40.

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