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Sraffian Interdependence and Partial Equilibrium Analysis

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  • Steedman, Ian
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    Abstract

    The conventional partial equilibrium analysis of input demands star ts from the cost-minimization condition and then supposes that only one input price changes. But if initial prices make price equal to unit cost in every industry, changing only one price means violating the price equals unit cost conditions. Here, by contrast, price-cost equality is maintained throughout. Primary input price-quality relations now need not be negative when there is input complementarit y, and produced input price-quality relations now need not be negative even when all inputs are substitutes. This is so even with a constant , zero rate of interest. Copyright 1988 by Oxford University Press.

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    Bibliographic Info

    Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

    Volume (Year): 12 (1988)
    Issue (Month): 1 (March)
    Pages: 85-95

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    Handle: RePEc:oup:cambje:v:12:y:1988:i:1:p:85-95

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    Cited by:
    1. Arrigo Opocher, 2003. "'Interrelated prices' and Sraffa's critique of partial equilibrium," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 10(3), pages 479-496.
    2. Ismail Saglam & Asad Zaman, 2012. "The Conflict Between General Equilibrium and the Marshallian Cross," Koç University-TUSIAD Economic Research Forum Working Papers 1219, Koc University-TUSIAD Economic Research Forum.
    3. Giuseppe Freni, 2001. "Sraffa's early contribution to competitive price theory," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 8(3), pages 363-390.
    4. Frederic S. Lee & Tae-Hee Jo, 2011. "Social Surplus Approach and Heterodox Economics," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 45(4), pages 857-876, December.
    5. Lavoie, Marc, 1992. "Éléments d’analyse d’une synthèse post-classique," L'Actualité Economique, Société Canadienne de Science Economique, vol. 68(4), pages 607-631, décembre.

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