On the Limits to the Long-Period Method in Classical Economics: A note
On a first reading of Theory of Production, Kurz & Salvadori (1995) appear to confine the empirical domain of the long-period models of the classical theory of value and distribution to stationary economies with non-constant returns to scale and to growing economies with constant returns to scale. Such a reading is shown to be untenable since it merges the two levels of exploring the extension of a model and of testing a theoretical hypothesis. Conversely, the way Kurz & Salvadori tackle the problems of price dynamics and returns to scale in growing economies is shown to be compatible with what appears to be Sraffa's (implicit) strategy of research.
Volume (Year): 13 (2001)
Issue (Month): 2 ()
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- Kurz,Heinz D. & Salvadori,Neri, 1995.
"Theory of Production,"
Cambridge University Press, number 9780521443258.
- Musgrave, Alan, 1981. "'Unreal Assumptions' in Economic Theory: The F-Twist Untwisted," Kyklos, Wiley Blackwell, vol. 34(3), pages 377-87.
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