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On a Change in the Notion of Equilibrium in Recent Work on Value and Distribution: A Comment on Samuelson

In: Capital Theory, the Surplus Approach, and Effective Demand

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  • Pierangelo Garegnani

    (Roma Tre University)

Abstract

The article is mainly concerned with the shift in the neoclassical theory of value, distribution, starting with Hicks' Value, Capital, from the method of analysis centered on ‘long-run positions, characterized by auniform rate of profit, to short-run equilibria, which do not imply a uniform rate of return on the supply price of capital goods. It is argued that the explanation for this move towards short-period equilibria, their sequence over time is not to be found in weaknesses of the method as such, which was common to the earlier classical approach, but rather in the attempt to overcome the difficulties that neoclassical theory encounters in dealing with capital, while maintaining the basic supply, demand approach.

Suggested Citation

  • Pierangelo Garegnani, 2024. "On a Change in the Notion of Equilibrium in Recent Work on Value and Distribution: A Comment on Samuelson," Springer Studies in the History of Economic Thought, in: Roberto Ciccone (ed.), Capital Theory, the Surplus Approach, and Effective Demand, pages 209-227, Springer.
    • Handle: RePEc:spr:spshcp:978-3-031-23643-3_4
    DOI: 10.1007/978-3-031-23643-3_4
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