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Classical and Neoclassical Competitive Adjustment Processes

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  • Flaschel, Peter
  • Semmler, Willi

Abstract

This article introduces a stable cross-dual adjustment process for Sraffa-von Neumann models. Excluding free goods, but not process extinction, from consideration, it proves furthermore the global asymptotic stability of a simple modification of this classical adjustment process. The relationship of this approach to neoclassical stability analysis and recent attempts to formalize the classical idea of equalizing profit rates is explored. Copyright 1987 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Flaschel, Peter & Semmler, Willi, 1987. "Classical and Neoclassical Competitive Adjustment Processes," The Manchester School of Economic & Social Studies, University of Manchester, vol. 55(1), pages 13-37, March.
    • Handle: RePEc:bla:manch2:v:55:y:1987:i:1:p:13-37
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    Cited by:

    1. Lefteris Tsoulfidis, 2015. "Contending Conceptions of Competition and the Role of Regulating Capital," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 62(1), pages 15-31, March.
    2. Kiedrowski, Roman, 2018. "Profit rates equalization and balanced growth in a multi-sector model of classical competition," Journal of Mathematical Economics, Elsevier, vol. 77(C), pages 39-53.
    3. Jonathan F. Cogliano & Roberto Veneziani & Naoki Yoshihara, 2022. "Computational methods and classical‐Marxian economics," Journal of Economic Surveys, Wiley Blackwell, vol. 36(2), pages 310-349, April.
    4. Toichiro Asada, 1991. "On a mixed competitive-monopolistic macrodynamic model in a monetary economy," Journal of Economics, Springer, vol. 54(1), pages 33-53, February.
    5. Oriol Valles Codina, 2020. "Economic Production as Life: A Classical Approach to Computational Social Science," Working Papers 2001, New School for Social Research, Department of Economics.
    6. Tsoulfidis, Lefteris & Tsaliki, Persefoni, 2011. "Classical competition and regulating capital: theory and empirical evidence," MPRA Paper 51334, University Library of Munich, Germany, revised 2013.
    7. Chatzarakis, Nikolaos & Tsaliki, Persefoni & Tsoulfidis, Lefteris, 2022. "Does the Labour Theory of Value Explain Economic Growth? A Modern Classical View," MPRA Paper 112824, University Library of Munich, Germany.
    8. Rotta, Tomás N., 2021. "Effective Demand and Prices of Production: An Evolutionary Approach," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 90-105.
    9. Duménil, Gérard & Lévy, 1997. "Being keynesian in the short term and classical in the long term," CEPREMAP Working Papers (Couverture Orange) 9702, CEPREMAP.
    10. Tsoulfidis, Lefteris, 2011. "Classical vs. Neoclassical Conceptions of Competition," MPRA Paper 43999, University Library of Munich, Germany, revised Oct 2012.
    11. Ajit Sinha, 2010. "On the Notion of Equilibrium or the Centre of Gravitation in Economic Theory," Microeconomics Working Papers 23025, East Asian Bureau of Economic Research.
    12. Marc van Wegberg, 1990. "Capital Mobility and Unequal Profit Rates: A Classical Theory of Competition by Boundedly Rational Firms," Review of Radical Political Economics, Union for Radical Political Economics, vol. 22(2-3), pages 1-16, June.
    13. Braga, Joao Paulo & Semmler, Willi & Grass, Dieter, 2021. "De-risking of green investments through a green bond market – Empirics and a dynamic model," Journal of Economic Dynamics and Control, Elsevier, vol. 131(C).
    14. Robert Jump, 2014. "Animal spirits and unemployment: a disequilibrium analysis," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 9(2), pages 255-274, October.

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