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Prices, Reproduction, Scarcity

Author

Listed:
  • Christian Bidard

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

A contemporary study on the theory of production prices. That construction theory finds its roots in the Classical theory (mainly, Ricardo and Marx) updated by Sraffa (1960). It is a long-run theory based on the hypothesis of a uniform rate of profit across industries. At variance with the labour theory of value, relative prices depend on distribution. After a study of single-product systems (nonsubstitution and wage-maximisation properties), the stress is on the problems set by multiple-product systems, including those of the choice of techniques, fixed capital and rent. The treatment of exhaustible resources, for which the Hotelling rule implies a change in intertemporal relative prices, provides the opportunity of a comparison with the theory of general equilibrium.

Suggested Citation

  • Christian Bidard, 2004. "Prices, Reproduction, Scarcity," Post-Print hal-03094334, HAL.
    • Handle: RePEc:hal:journl:hal-03094334
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