IDEAS home Printed from https://ideas.repec.org/a/vep/journl/y2023v131i1p19-34.html
   My bibliography  Save this article

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

Author

Listed:
  • Enrico Bellino

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

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.

Suggested Citation

  • Enrico Bellino, 2023. "Production is a Circular Process. The Reasons for an Alternative Approach to Economic Theory," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 131(1), pages 19-34.
    • Handle: RePEc:vep:journl:y:2023:v:131:i:1:p:19-34
    as

    Download full text from publisher

    File URL: https://riss.vitaepensiero.it/scheda-articolo_digital/enrico-bellino/production-is-a-circular-processthe-reasons-for-an-alternative-approach-to-economic-theory-000518_2023_0001_0019-395237.html
    Download Restriction: Yes
    ---><---

    More about this item

    Keywords

    General equilibrium with capitalistic production; capital; capital critique; Walras; Wicksell; Hicks; neo-Walrasian approach; modern classical approach;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • D20 - Microeconomics - - Production and Organizations - - - General
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vep:journl:y:2023:v:131:i:1:p:19-34. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Vep - Vita e Pensiero (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.