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Full Industry Equilibrium

Author

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  • Opocher,Arrigo
  • Steedman,Ian

Abstract

This highly original book develops a systematic zero-net-profit comparative statics theory of the firm that challenges many widely held views in microeconomics. It builds a bridge between the marginalist long-run theory of the firm and Sraffian theory to create a unified theoretical framework that explains how firms react to exogenous shocks resulting in new equilibrium positions of the whole economy. The central message of the book is that too often economists expect more from the microeconomic laws of input demand and output supply than they can really give. The authors show that the zero-net-profit condition requires a more articulated analysis that sometimes yields qualitative results contrary to those of familiar economic laws. Written for academic researchers and graduate students, the book will be of particular interest to those working on the microeconomics of industry equilibrium, comparative statics and Sraffian economics.

Suggested Citation

  • Opocher,Arrigo & Steedman,Ian, 2015. "Full Industry Equilibrium," Cambridge Books, Cambridge University Press, number 9781107097797.
    • Handle: RePEc:cup:cbooks:9781107097797
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    Citations

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    Cited by:

    1. Naoki Yoshihara, 2017. "Comments on "Full Industry Equilibrium: A Theory of the Industrial Long Run" by Arrigo Opocher and Ian Steedman (2015)," Working Papers SDES-2017-13, Kochi University of Technology, School of Economics and Management, revised Aug 2017.
    2. Heinz D. Kurz, 2012. "Pierangelo Garegnani (1930--2011)," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 19(2), pages 303-311, April.
    3. Sergio Parrinello, 2022. "Numéraire problems and market adjustments," Metroeconomica, Wiley Blackwell, vol. 73(1), pages 126-143, February.
    4. Heinz D. Kurz & Neri Salvadori, 2019. "Alla ricerca di una migliore teoria macroeconomica (Looking for a better macroeconomic theory)," Moneta e Credito, Economia civile, vol. 72(287), pages 229-247.
    5. Heinz D. Kurz, 2017. "Is there a “Ricardian Vice”? And what is its relationship with economic policy ad“vice”?," Journal of Evolutionary Economics, Springer, vol. 27(1), pages 91-114, January.
    6. Nicholas Tsounis & Ian Steedman, 2021. "A New Method for Measuring Total Factor Productivity Growth Based on the Full Industry Equilibrium Approach: The Case of the Greek Economy," Economies, MDPI, vol. 9(3), pages 1-21, August.
    7. Vienneau, Robert L., 2019. "Structural economic dynamics, markups, real Wicksell effects, and the reverse substitution of labor," Structural Change and Economic Dynamics, Elsevier, vol. 50(C), pages 216-226.
    8. Tony Aspromourgos & Kenji Mori & Masashi Morioka & Arrigo Opocher & J. Barkley Rosser & Yoshinori Shiozawa & Kazuhisa Taniguchi & Heinz D. Kurz & Neri Salvadori, 2022. "Symposium on Yoshinori Shiozawa, Masashi Morioka and Kazuhisa Taniguchi (2019), Microfoundations of evolutionary economics, Tokyo: Springer Japan," Metroeconomica, Wiley Blackwell, vol. 73(1), pages 2-48, February.

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