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Production, Prices and Time: A Comparison of Some Alternative Concepts

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  • Christian Lager
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    Abstract

    This paper compares alternative concepts of production and prices with a special emphasis on time. First, it is demonstrated that the point-input point-output representation of processes used in von Neumann-Sraffa models is not restrictive and can be derived from general flow-input flow-output processes. Second, the concept of long-period positions, which can be traced back to the work of the classical authors, is discussed. Third, the von Neumann-Sraffa approach is compared with the neo-Austrian model and the flow-fund model developed by Hicks and Georgescu-Roegen respectively. It turns out that these latter two models are, at best, a special case of the former. Finally, some problems and intricacies concerning observable input-output coefficients are discussed and, as an alternative, a possibly applicable method to determine coefficients for general flow-input flow-output processes is presented.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/09535310050005725
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Economic Systems Research.

    Volume (Year): 12 (2000)
    Issue (Month): 2 ()
    Pages: 231-253

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    Handle: RePEc:taf:ecsysr:v:12:y:2000:i:2:p:231-253

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    Related research

    Keywords: Sraffa Von Neumann; (NEO) Austrian Production Theory; Georgescu Roegen'S Flow-FUND Approach;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Hagemann, Harald & Kurz, Heinz D, 1976. "The Return to the Same Truncation Period and Reswitching of Techniques in Neo-Austrian and More General Models," Kyklos, Wiley Blackwell, vol. 29(4), pages 678-708.
    2. Hicks, J R, 1970. "A Neo-Austrian Growth Theory," Economic Journal, Royal Economic Society, vol. 80(318), pages 257-81, June.
    3. Hicks, J. R., 1987. "Capital and Time: A Neo-Austrian Theory," OUP Catalogue, Oxford University Press, number 9780198772866.
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    Cited by:
    1. Theodore Mariolis & George Soklis & Eugenia Zouvela, 2013. "Testing Böhm-Bawerk’s theory of capital: Some evidence from the Finnish economy," The Review of Austrian Economics, Springer, vol. 26(2), pages 207-220, June.
    2. Guilhoto, Joaquim José Martins, 2011. "Análise de Insumo-Produto: Teoria e Fundamentos
      [Input-Output Analysis: Theory and Foundations]
      ," MPRA Paper 32566, University Library of Munich, Germany.
    3. Guilhoto, Joaquim José Martins, 2001. "Leontief e insumo-produto: antecedentes, princípios e evolução
      [Leotief and input-output: background, principles and evolution]
      ," MPRA Paper 54649, University Library of Munich, Germany.
    4. Lee, Frederic, 2011. "Heterodox surplus approach: production, prices, and value theory," MPRA Paper 31824, University Library of Munich, Germany.

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