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Elements for a Classical Theory of Equilibrium and Disequilibrium Prices

  • Alexander Tobón
  • Eduardo Bolaños

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.

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Article provided by Universidad de Antioquia, Departamento de Economía in its journal LECTURAS DE ECONOMÍA.

Volume (Year): (2010)
Issue (Month): 73 ()
Pages: 99-130

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Handle: RePEc:lde:journl:y:2010:i:73:p:99-130
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