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Garegnani on a way to avoid the value capital endowment in Wicksell (1898)

Author

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  • Petri, Fabio

    (Università degli Studi di Siena (University of Siena))

Abstract

Pierangelo Garegnani has argued that the value capital endowment could have been avoided in Knut Wicksell’s long-period general equilibrium in Value, Capital and Rent (1898); the capital endowment might have been speci-fied as an amount of labour embodied in the economy’s stock of capital goods, which would have avoided the vi-cious circle of a factor endowment dependent on the prices the equilibrium must determine. The paper argues that this thesis cannot be accepted.

Suggested Citation

  • Petri, Fabio, 2015. "Garegnani on a way to avoid the value capital endowment in Wicksell (1898)," Centro Sraffa Working Papers CSWP11, Centro di Ricerche e Documentazione "Piero Sraffa".
    • Handle: RePEc:ris:sraffa:0011
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    More about this item

    Keywords

    capital endowment; long-period general equilibrium; Wicksell; Garegnani;
    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)
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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