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Will the classical-type approach survive Sraffian theory?

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  • FABIO D'ORLANDO

Abstract

This paper has two goals. First, it seeks to show a logical inconsistency in Sraffian theory. The theory, it is argued, is conceived as a long-period approach but is unable to identify a long-period position. Second, the paper tries to show that even if we drop some of the building blocks of Sraffian theory, it is still possible to build a coherent alternative to neoclassical theory using (some of) the ideas of the classical economists. It suggests that we put the indefensible long-period method to one side, and build short-period equilibrium models with probabilistic prices.

Suggested Citation

  • Fabio D'Orlando, 2005. "Will the classical-type approach survive Sraffian theory?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(4), pages 633-654.
    • Handle: RePEc:mes:postke:v:27:y:2005:i:4:p:633-654
    DOI: 10.1080/01603477.2005.11051458
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    Cited by:

    1. Frederic Lee & Tae-Hee Jo, 2011. "Social Surplus Approach and Heterodox Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 45(4), pages 857-876.
    2. Lee, Frederic, 2011. "Heterodox surplus approach: production, prices, and value theory," MPRA Paper 31824, University Library of Munich, Germany.

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