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Sraffian Interdependence and Partial Equilibrium Analysis

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  • Steedman, Ian

Abstract

The conventional partial equilibrium analysis of input demands star ts from the cost-minimization condition and then supposes that only one input price changes. But if initial prices make price equal to unit cost in every industry, changing only one price means violating the price equals unit cost conditions. Here, by contrast, price-cost equality is maintained throughout. Primary input price-quality relations now need not be negative when there is input complementarit y, and produced input price-quality relations now need not be negative even when all inputs are substitutes. This is so even with a constant , zero rate of interest. Copyright 1988 by Oxford University Press.

Suggested Citation

  • Steedman, Ian, 1988. "Sraffian Interdependence and Partial Equilibrium Analysis," Cambridge Journal of Economics, Oxford University Press, vol. 12(1), pages 85-95, March.
  • Handle: RePEc:oup:cambje:v:12:y:1988:i:1:p:85-95
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    Cited by:

    1. A. Ozanne, 1993. "The Importance Of Produced Means Of Production In Uk Agriculture," Journal of Agricultural Economics, Wiley Blackwell, vol. 44(2), pages 205-217.
    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. Zaman, Asad & Saglam, Ismail, 2010. "The conflict between general equilibrium and the Marshallian cross," MPRA Paper 33256, University Library of Munich, Germany.
    4. Arrigo Opocher, 2003. "'Interrelated prices' and Sraffa's critique of partial equilibrium," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 10(3), pages 479-496.
    5. Giuseppe Freni, 2001. "Sraffa's early contribution to competitive price theory," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 8(3), pages 363-390.
    6. Lavoie, Marc, 1992. "Éléments d’analyse d’une synthèse post-classique," L'Actualité Economique, Société Canadienne de Science Economique, vol. 68(4), pages 607-631, décembre.

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