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The Dynamics of Competition: A Restoration of the Classical Analysis

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  • Dumenil, Gerard
  • Levy, Dominique

Abstract

The main purpose of this article is to show that it is possible to construct a model of competition based on the classical perspective (Smith, Ricardo, and Marx). An analysis of the work of the classics is presented, and their views of the workings of competition is contrasted with neoclassical and Keynesian approaches. A simple model, with two commodities, is constructed, in which the stability of the classical long-term equilibrium is shown (under certain conditions). This first model is developed to include the treatments of gravitation, rationing, deficiency in demand, choice of the technology, and three commodities. Copyright 1987 by Oxford University Press.

Suggested Citation

  • Dumenil, Gerard & Levy, Dominique, 1987. "The Dynamics of Competition: A Restoration of the Classical Analysis," Cambridge Journal of Economics, Oxford University Press, vol. 11(2), pages 133-164, June.
  • Handle: RePEc:oup:cambje:v:11:y:1987:i:2:p:133-64
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    References listed on IDEAS

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    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters,in: This Time Is Different: Eight Centuries of Financial Folly Princeton University Press.
    2. Peck, Jamie, 2012. "Constructions of Neoliberal Reason," OUP Catalogue, Oxford University Press, number 9780199662081.
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    4. Reinhart, Karmen & Rogoff, Kenneth, 2009. ""This time is different": panorama of eight centuries of financial crises," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 77-114, March.
    5. Donald Brean & Lawrence Kryzanowski & Gordon Roberts, 2011. "Canada and the United States: Different roots, different routes to financial sector regulation," Business History, Taylor & Francis Journals, vol. 53(2), pages 249-269.
    6. La Porta, Rafael & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. " Legal Determinants of External Finance," Journal of Finance, American Finance Association, vol. 52(3), pages 1131-1150, July.
    7. Steve Keen, 2009. "Household Debt: The Final Stage in an Artificially Extended Ponzi Bubble," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 42(3), pages 347-357.
    8. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    9. Quiggin, John, 1998. "Social Democracy and Market Reform in Australia and New Zealand," Oxford Review of Economic Policy, Oxford University Press, vol. 14(1), pages 76-95, Spring.
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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. 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.
    3. Pereira, Luiz C. Bresser & Lima, Gilberto Tadeu, 1996. "The relative autonomy of macroeconomics: a methodological approach," Textos para discussão 49, FGV/EESP - Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
    4. Dumenil, Gerald & Levy, Dominique, 1995. "Structural change and prices of production," Structural Change and Economic Dynamics, Elsevier, vol. 6(4), pages 397-434, December.
    5. Stefania Tescari & Andrea Vaona, 2014. "Regulating Rates of Return Do Gravitate in US Manufacturing!," Metroeconomica, Wiley Blackwell, vol. 65(3), pages 377-396, July.
    6. Neri Salvadori & Rodolfo Signorino, 2013. "The Classical Notion of Competition Revisited," History of Political Economy, Duke University Press, vol. 45(1), pages 149-175, Spring.
    7. Tsoulfidis, Lefteris & Tsaliki, Persefoni, 2011. "Classical competition and regulating capital: theory and empirical evidence," MPRA Paper 51334, University Library of Munich, Germany, revised 2013.
    8. Tsoulfidis, Lefteris, 2011. "Classical vs. Neoclassical Conceptions of Competition," MPRA Paper 43999, University Library of Munich, Germany, revised Oct 2012.
    9. Pascal Seppecher, 2012. "Jamel, a Java Agent-based MacroEconomic Laboratory," Working Papers halshs-00697225, HAL.
    10. Alain Hersovici, 2005. "O modelo de instabilidade de Harrod: uma abordagem em termos de não linearidade," Working Papers 0020, Universidade Federal do Paraná, Department of Economics.
    11. Andrea Vaona, 2011. "Further econometric evidence on the gravitation and convergence of industrial rates of return on regulating capital," Working Papers 08/2011, University of Verona, Department of Economics.

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