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Equilibrium And Dynamics In Marx And The Classics: A Comparative Study

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  • Giovanni Scarano

Abstract

The paper discusses the possible presence and role of the concept of equilibrium in the formulations of the ‘classical economists’ and Marx, also examining the characteristics of the ‘long-period positions’ attributed to these authors. The paper argues that the ‘classical economists’ and Marx only considered all real economic phenomena as momentary results of an unstoppable historical and dynamic process, characterised by continuous conflicts and recompositions. In this context, so-called long-period positions could play a role in determining the dynamics of adjustment without ever being the point of arrival or stasis. This means that, for these authors, long-period positions could be drivers of the gravitation of economic variables, but not necessarily final resting points. It is also argued that the concern to determine the long-period positions of the prices of production did not have a central place in Marx’s analysis.

Suggested Citation

  • Giovanni Scarano, 2025. "Equilibrium And Dynamics In Marx And The Classics: A Comparative Study," Departmental Working Papers of Economics - University 'Roma Tre' 0285, Department of Economics - University Roma Tre.
    • Handle: RePEc:rtr:wpaper:0285
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    More about this item

    Keywords

    Equilibrium; Dynamics; Attractor; Long-Period Positions; Uniform Rate of Profit; Classical economists;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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