IDEAS home Printed from https://ideas.repec.org/p/sap/wpaper/wp104.html
   My bibliography  Save this paper

The classical theory of normal price and the analysis of economic Changes: A comment on D'Orlando

Author

Listed:
  • Fabio Ravagnani

Abstract

This paper examines the critical remarks that D’Orlando (2005) addresses to the classical theory of value based on ‘normal’ positions and briefly comments on the alternative dynamic analysis of short-run prices that he recommends. In particular, the first part refutes D’Orlando’s considerations about the method traditionally adopted in classical analysis and discusses the claim that the characteristic structure of classical theory prevents consistent determination of the normal prices. The second part moves on to consider the basic elements of D’Orlando proposed short-period analysis and argues that they appear problematic on both theoretical and methodological grounds.

Suggested Citation

  • Fabio Ravagnani, 2007. "The classical theory of normal price and the analysis of economic Changes: A comment on D'Orlando," Working Papers in Public Economics 104, Department of Economics and Law, Sapienza University of Roma.
    • Handle: RePEc:sap:wpaper:wp104
    as

    Download full text from publisher

    File URL: https://www.dipecodir.it/wpsap/data/wp104.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Garegnani, Pierangelo, 1984. "Piero Sraffa," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 8(1), pages 1-2, March.
    2. Pierangelo Garegnani, 2024. "Value and Distribution in the Classical Economists and Marx," Springer Studies in the History of Economic Thought, in: Roberto Ciccone (ed.), Capital Theory, the Surplus Approach, and Effective Demand, pages 305-340, Springer.
    3. Pierangelo Garegnani, 2007. "Professor Samuelson on Sraffa and the classical economists," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 14(2), pages 181-242.
    4. Stephan Boehm & Christian Gehrke & Heinz D. Kurz & Richard Sturn (ed.), 2002. "Is There Progress in Economics?," Books, Edward Elgar Publishing, number 2403.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Bellino, Enrico & Nerozzi, Sebastiano, 2013. "Causality and interdependence in Pasinetti's works and in the modern classical approach," MPRA Paper 52179, University Library of Munich, Germany.
    2. Frederic Lee & Tae-Hee Jo, 2011. "Social Surplus Approach and Heterodox Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 45(4), pages 857-876.
    3. Saverio M. Fratini & Alessia Naccarato, 2016. "The Gravitation of Market Prices as A Stochastic Process," Metroeconomica, Wiley Blackwell, vol. 67(4), pages 698-716, November.
    4. Bellino, Enrico, 2009. "The Classical approach to distribution and the “natural system”," MPRA Paper 14901, University Library of Munich, Germany.
    5. Harvey Gram, 2003. "Joan Robinson: classical revivalist or neoclassical critic?," Review of Political Economy, Taylor & Francis Journals, vol. 15(4), pages 493-508.
    6. Bellino , Enrico & Nerozzi, Sebastiano, 2015. "Causality and interdependence in Pasinetti’s works and in the modern classical approach," Centro Sraffa Working Papers CSWP10, Centro di Ricerche e Documentazione "Piero Sraffa".
    7. Kurose, Kazuhiro & Yoshihara, Naoki, 2019. "On the Ricardian invariable measure of value in general convex economies," Structural Change and Economic Dynamics, Elsevier, vol. 51(C), pages 539-549.
    8. José Felix Catano, 1996. "¿Un defecto en la mercancía patrón de Sraffa?," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, June.
    9. Fabio Ravagnani, 2001. "Notes on a Mischaracterization of the Classical Theory of Value," Review of Political Economy, Taylor & Francis Journals, vol. 13(3), pages 355-363.
    10. Fabio Ravagnani, 1999. "On a current characterization of the classical theory of value," Working Papers in Public Economics 39, Department of Economics and Law, Sapienza University of Roma.
    11. Zolea, Riccardo, 2022. "A Model of the Relationship between the Interest Rate and the Profit Rate," Centro Sraffa Working Papers CSWP55, Centro di Ricerche e Documentazione "Piero Sraffa".
    12. Enrico Bellino, 2018. "Viability, reproducibility and returns in production price systems," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 35(3), pages 845-861, December.
    13. Sergio Cesaratto, 2012. "Controversial and novel features of the Eurozone crisis as a balance of payment crisis," Department of Economics University of Siena 640, Department of Economics, University of Siena.
    14. Luis Daniel Torres-González, 2020. "The Characteristics of the Productive Structure Behind the Empirical Regularities in Production Prices Curves," Working Papers 2016, New School for Social Research, Department of Economics.
    15. Cavalieri, Duccio, 2015. "Structural interdependence in monetary economics: theoretical assessment and policy implications," MPRA Paper 65526, University Library of Munich, Germany.
    16. Saverio M. Fratini, 2020. "Interest, profit and saving in Arrow-Debreu equilibrium models," Bulletin of Political Economy, Bulletin of Political Economy, vol. 14(1), pages 39-53, June.
    17. Saverio M. Fratini, 2018. "Is Marx's absolute rent due to a monopoly price?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 25(5), pages 961-985, September.
    18. Sergio Cesaratto, 2017. "Beyond the traditional monetary circuit: endogenous money, finance and the theory of long-period effective demand," Department of Economics University of Siena 757, Department of Economics, University of Siena.
    19. Fabio Ravagnani, 2008. "Classical Theory and Exhaustible Natural Resources: Notes on the Current Debate," Review of Political Economy, Taylor & Francis Journals, vol. 20(1), pages 79-93.
    20. Di Bucchianico, Stefano, 2019. "The Impact of Financialization on the Rate of Profit: A Discussion," Centro Sraffa Working Papers CSWP36, Centro di Ricerche e Documentazione "Piero Sraffa".

    More about this item

    Keywords

    Classical theory; Normal prices; Short-period.;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

    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:sap:wpaper:wp104. 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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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: Luisa Giuriato (email available below). General contact details of provider: https://ecodir.web.uniroma1.it/ .

    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.