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The Cambridge Critique and Professor Schefold: Some Clarifications on the Remaining Disagreements

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  • Fabio Petri

Abstract

This is a rejoinder to professor Schefold’s 2022 reply to my 2021–2022 criticism of his views on what is left of the Cambridge critique of neoclassical capital theory. I concentrate on the main disagreements. I find Schefold’s reply unconvincing on the usefulness of aggregate production functions, and also on the empirical evidence of a rarity of reswitching. I clarify better than in 2022 my reasons for rejecting his a priori approach to the probability of double switching. I insist that the impossibility to determine the endowment of capital destroys the neoclassical labour demand curve and the neoclassical investment function, leaving real wages and employment in need of a different theory, which renders a turn to a classical-Keynesian approach inevitable.

Suggested Citation

  • Fabio Petri, 2025. "The Cambridge Critique and Professor Schefold: Some Clarifications on the Remaining Disagreements," Centro Sraffa Working Papers CSWP75, Centro di Ricerche e Documentazione 'Piero Sraffa'.
    • Handle: RePEc:ris:sraffa:022047
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    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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