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A Short Guide to Long-Run Time-Phased Systems of Production


  • Hernando Matallana



The paper discusses briefly several long-run systems of production vis-à- vis alternative theories of value and distribution stated by Marx, classical- neoricardian, post-Leontief-neoclassical, and post-Keynes-Sra¤a authors during the last hundred and fifty years. All the systems of production considered in the paper have in common the circular production of commodities by means of commodities. A distinctive characteristic of these systems is the standard of value in terms of which the wage rate and the prices of commodities are expressed. In particular, the logical structure of the systems of prices of production implies that diferent standards of value imply diferent theories of value and distribution both real and monetary in character. Methodological pluralism suggests that distinct theories of value and distribution refect diferent scientific/normative economic paradigms. It appears that dialectics is needed in order to trascendinter-paradigmatic debate.

Suggested Citation

  • Hernando Matallana, 2008. "A Short Guide to Long-Run Time-Phased Systems of Production," DOCUMENTOS CEDE 005101, UNIVERSIDAD DE LOS ANDES-CEDE.
  • Handle: RePEc:col:000089:005101

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    References listed on IDEAS

    1. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720, April.
    2. Hahn, Frank, 1982. "The Neo-Ricardians," Cambridge Journal of Economics, Oxford University Press, vol. 6(4), pages 353-374, December.
    3. Weintraub, E Roy, 1983. "On the Existence of a Competitive Equilibrium: 1930-1954," Journal of Economic Literature, American Economic Association, vol. 21(1), pages 1-39, March.
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    Cited by:

    1. Hernando Matallana, 2009. "The Struggle Over the Real Wage In the Monetary Production Economy," DOCUMENTOS CEDE 005271, UNIVERSIDAD DE LOS ANDES-CEDE.

    More about this item


    capital theory; distribution theory; economic paradigms; moneywage; prices of production; standard of value; Standard system; systems of pro-duction;

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian

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