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On the Inconsistence between the Long-period Method and the Assumption of Given Quantities

Author

Listed:
  • Fabio D'Orlando

    (University of Cassino)

  • Sergio Nisticò

    (University of Cassino)

Abstract

According to Sraffian economists, both the aggregate and the general equilibrium versions of the neoclassical theory suffer from a logical inconsistence that prevents them from identifying a long-period position. The aim of this paper is to show that also Sraffa’s approach, based on the assumption of given sectoral outputs, brings about an inconsistence between his theory and the long-period method. The main upshot of our argument is that sectoral outputs can legitimately be left to a separate stage of the theory only insofar as the long-period method is dropped and the classical-type theory is reconstructed within the temporary equilibrium method.

Suggested Citation

  • Fabio D'Orlando & Sergio Nisticò, 2009. "On the Inconsistence between the Long-period Method and the Assumption of Given Quantities," Working Papers 2009-05, Universita' di Cassino, Dipartimento di Economia e Giurisprudenza.
    • Handle: RePEc:css:wpaper:2009-05
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    More about this item

    Keywords

    classical-type approach; Sraffian theory; long period; short period; temporary equilibrium;
    All these keywords.

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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