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

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  • 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, University of Rome La Sapienza, Department of Economics and Law.
    • Handle: RePEc:sap:wpaper:wp104
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    References listed on IDEAS

    as
    1. Garegnani, Pierangelo, 1984. "Value and Distribution in the Classical Economists and Marx," Oxford Economic Papers, Oxford University Press, vol. 36(2), pages 291-325, June.
    2. Garegnani, Pierangelo, 1984. "Piero Sraffa," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 8(1), pages 1-2, March.
    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.
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    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

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