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Elements for a Classical Theory of Equilibrium and Disequilibrium Prices

Author

Listed:
  • Alexander Tobón
  • Eduardo Bolaños

Abstract

This paper intends to present an unconventional approach to the classical theory of relative prices based on recent developments and current limitations. Using the work of Carlo Benetti, Christian Bidard y Edith Klimovsky (Bidard and Klimovsky, 2006) as a conceptual framework that generalizes the classical theory of production prices, this analysis provides explanations for both equilibrium and disequilibrium cases. Accordingly, this paper depicts the importance of this new theoretical model, its initial hypothesis, structure, main properties and proficiency for explaining economic dynamics.

Suggested Citation

  • Alexander Tobón & Eduardo Bolaños, 2010. "Elements for a Classical Theory of Equilibrium and Disequilibrium Prices," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 73, pages 99-130.
  • Handle: RePEc:lde:journl:y:2010:i:73:p:99-130
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    Keywords

    Relative prices; benefit accrual rates; reproduction of capital; balance classic; classical balance.;

    JEL classification:

    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian

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