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On the Classical Theory of Competition

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  • Harris, Donald J

Abstract

This paper identifies some important theoretical issues remaining unresolved in the wake of Piero Sraffa's seminal work. A central problem concerns the process of gravitation towards uniform profit rates and production prices. Stringent requirements for convergence and stability are discussed, the issue of path dependence being regar ded as most basic. Other issues concern inter- and intraindustry mechanisms of competition, choice of technique and technical change, and mechanisms of wage/profit rate determination. Prospects for advancing a theory of differentiated profit rates that would be consistent with classical theory are examined. Against this background, it is suggested that Sraffa's contribution encompasses two theoretically distinct research programs. Copyright 1988 by Oxford University Press.

Suggested Citation

  • Harris, Donald J, 1988. "On the Classical Theory of Competition," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 12(1), pages 139-167, March.
    • Handle: RePEc:oup:cambje:v:12:y:1988:i:1:p:139-67
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    Cited by:

    1. Antonio D’Agata, 2018. "Freeing long‐period prices from the uniform profit rate hypothesis: A general model of long‐period positions," Metroeconomica, Wiley Blackwell, vol. 69(4), pages 847-861, November.
    2. Luca Zamparelli, 2009. "Average cost and marginal cost pricing in Marshall: Textual analysis and interpretation," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 16(4), pages 665-694.
    3. Alejandro Sancho, 1997. "Excedente, valor y distribución en las teorías clásica y marxista del crecimiento," Apuntes. Revista de ciencias sociales, Fondo Editorial, Universidad del Pacífico, vol. 24(41), pages 105-128.
    4. Antonio D'Agata & Kenji Mori, 2017. "An Analytical Foundation of the Classical View of Long-Period Prices with Differential Profit Rates," Metroeconomica, Wiley Blackwell, vol. 68(1), pages 22-46, 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. Gontijo, Cláudio, 2000. "On the Criticism to the Classical Method," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 54(1), January.

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