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A Fixed Capital Model with Transferable and Jointly Utilized Machines in the Sraffa Framework

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  • Biao Huang

Abstract

type="main"> Fixed capital is treated as a special case of joint production in the Sraffa framework. Much of the literature excludes transferable old machines. Salvadori (1999) builds a model with transferable non-jointly utilized machines whose efficiency paths are independent of the sectors in which the machines are used. He shows that the neat properties of the non-transferable single machine model still hold. In an earlier paper, Salvadori (1988a) builds another model with non-transferable jointly utilized machines. This paper synthesizes these two models. It shows that the properties of the non-transferable jointly utilized machines model still hold if some conditions are satisfied.

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  • Biao Huang, 2015. "A Fixed Capital Model with Transferable and Jointly Utilized Machines in the Sraffa Framework," Metroeconomica, Wiley Blackwell, vol. 66(3), pages 426-450, July.
    • Handle: RePEc:bla:metroe:v:66:y:2015:i:3:p:426-450
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    References listed on IDEAS

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    1. J. E. Stiglitz, 1970. "Non-Substitution Theorems with Durable Capital Goods," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 37(4), pages 543-553.
    2. Bertram Schefold, 1980. "Fixed Capital as a Joint Product and the Analysis of Accumulation with Different Forms of Technical Progress," Palgrave Macmillan Books, in: Luigi L. Pasinetti (ed.), Essays on the Theory of Joint Production, chapter 0, pages 138-217, Palgrave Macmillan.
    3. Kurz, Heinz D. & Salvadori, Neri, 1994. "Choice of technique in a model with fixed capital," European Journal of Political Economy, Elsevier, vol. 10(3), pages 545-569, October.
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    Cited by:

    1. Christian Bidard, 2016. "On Transferable Machines," Metroeconomica, Wiley Blackwell, vol. 67(3), pages 513-528, July.
    2. Biao Huang, 2019. "Revisiting fixed capital models in the Sraffa framework," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 36(2), pages 351-371, July.

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