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Reproduction Prices: Equilibrium and Disequilibrium in a Classical Model

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  • Carlo Benetti
  • Christian Bidard
  • Edith Klimovsky

Abstract

We consider reproduction in the classical tradition and elaborate ‘reproduction prices models’ with a common formalization to equilibrium and disequilibrium. The accumulation of capital is the driving variable, and the capitalists’ decisions are socially evaluated by the actual rates of profit. Apart from taxes levied by Government, the non-accumulated part of production is devoted to capitalists’ consumption. Two models are distinguished depending on the hypothesis retained on capitalists’ consumption. It is shown that the rates of profit and prices are positively correlated to the relative accumulation rates. The rates of profit admit a physical interpretation: they are the accumulation rates of a ‘core economy’, obtained by isolating the production of capital by means of capital.

Suggested Citation

  • Carlo Benetti & Christian Bidard & Edith Klimovsky, 2008. "Reproduction Prices: Equilibrium and Disequilibrium in a Classical Model," Bulletin of Political Economy, Bulletin of Political Economy, vol. 2(1), pages 25-41, June.
    • Handle: RePEc:awu:journl:v:2:y:2008:i:1:p:25-41
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    Cited by:

    1. 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.

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