On the notion of equilibrium or the centre of gravitation in economic theory
AbstractThis paper is a critical examination of the notion of equilibrium in the classical theory of value. It highlights the theoretical importance as well as the problems associated with the notion of equilibrium in the classical theory and goes on to argue that Sraffa presents a theory of value within the classical tradition that does not require a notion of equilibrium of demand and supply, which succeeds in dissolving the problems associated with the classical theory of value. It also discusses the importance of the notion of equilibrium in the modern general equilibrium theory for the sake of continuity and completeness of the story.
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Bibliographic InfoPaper provided by Indira Gandhi Institute of Development Research, Mumbai, India in its series Indira Gandhi Institute of Development Research, Mumbai Working Papers with number 2010-008.
Length: 32 pages
Date of creation: Jul 2010
Date of revision:
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Equilibrium; Centre of Gravitation; Price Theory; Theory of Value; Classical Economics; Neoclassical Economics; Sraffa;
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