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Production, Prices and Time: A Comparison of Some Alternative Concepts

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  • Christian Lager

Abstract

This paper compares alternative concepts of production and prices with a special emphasis on time. First, it is demonstrated that the point-input point-output representation of processes used in von Neumann-Sraffa models is not restrictive and can be derived from general flow-input flow-output processes. Second, the concept of long-period positions, which can be traced back to the work of the classical authors, is discussed. Third, the von Neumann-Sraffa approach is compared with the neo-Austrian model and the flow-fund model developed by Hicks and Georgescu-Roegen respectively. It turns out that these latter two models are, at best, a special case of the former. Finally, some problems and intricacies concerning observable input-output coefficients are discussed and, as an alternative, a possibly applicable method to determine coefficients for general flow-input flow-output processes is presented.

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  • Christian Lager, 2000. "Production, Prices and Time: A Comparison of Some Alternative Concepts," Economic Systems Research, Taylor & Francis Journals, vol. 12(2), pages 231-253.
    • Handle: RePEc:taf:ecsysr:v:12:y:2000:i:2:p:231-253
    DOI: 10.1080/09535310050005725
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    1. Burmeister, Edwin, 1974. "Synthesizing the Neo-Austrian and Alternative Approaches to Capital Theory: A Survey," Journal of Economic Literature, American Economic Association, vol. 12(2), pages 413-456, June.
    2. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, September.
    3. J. v. Neumann, 1945. "A Model of General Economic Equilibrium," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 13(1), pages 1-9.
    4. Harald Hagemann & Heinz D. Kurz, 1976. "The Return Of The Same Truncation Period And Reswitching Of Techniques In Neo‐Austrian And More General Models," Kyklos, Wiley Blackwell, vol. 29(4), pages 678-708, January.
    5. Hicks, J R, 1970. "A Neo-Austrian Growth Theory," Economic Journal, Royal Economic Society, vol. 80(318), pages 257-281, June.
    6. Hicks, J. R., 1987. "Capital and Time: A Neo-Austrian Theory," OUP Catalogue, Oxford University Press, number 9780198772866.
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    Cited by:

    1. Guilhoto, Joaquim José Martins, 2011. "Análise de Insumo-Produto: Teoria e Fundamentos [Input-Output Analysis: Theory and Foundations]," MPRA Paper 32566, University Library of Munich, Germany.
    2. Theodore Mariolis & George Soklis & Eugenia Zouvela, 2013. "Testing Böhm-Bawerk’s theory of capital: Some evidence from the Finnish economy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(2), pages 207-220, June.
    3. Nadia Garbellini & Ariel Luis Wirkierman, 2014. "Productivity Accounting in Vertically (Hyper-)integrated Terms: Bridging the Gap between Theory and Empirics," Metroeconomica, Wiley Blackwell, vol. 65(1), pages 154-190, February.
    4. Wirkierman, Ariel Luis, 2022. "Productivity homogenisation trends of six advanced industrial economies: A vertically hyper-integrated approach," Structural Change and Economic Dynamics, Elsevier, vol. 61(C), pages 495-511.
    5. Guilhoto, Joaquim José Martins, 2001. "Leontief e insumo-produto: antecedentes, princípios e evolução [Leotief and input-output: background, principles and evolution]," MPRA Paper 54649, University Library of Munich, Germany.
    6. Wirkierman, Ariel Luis, 2023. "Structural economic dynamics in actual industrial economies," Structural Change and Economic Dynamics, Elsevier, vol. 64(C), pages 245-262.
    7. Lee, Frederic, 2011. "Heterodox surplus approach: production, prices, and value theory," MPRA Paper 31824, University Library of Munich, Germany.

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