Normal prices, technical change, and accumulation

Resource Information

The work Normal prices, technical change, and accumulation represents a distinct intellectual or artistic creation found in University of Liverpool. This resource is a combination of several types including: Work, Language Material, Books.

Label

Normal prices, technical change, and accumulation

Statement of responsibility

Bertram Schefold

Creator

• Schefold, Bertram, 1943-
• Schefold, Bertram, 1943-

Subject

• Equilibrium (Economics)
• Prices
• Production (Economic theory)
• Saving and investment
• Technological innovations
• Economics, Mathematical
• Economics: philosophy, theory and method | Monetary economics | Political economy

Language

eng

Member of

• Online access with purchase: Palgrave Connect (Economics & Finance Collection)

Cataloging source

UK-WkNB

Dewey number

338.52

Index

no index present

Intended audience

Undergraduate

Literary form

non fiction

Summary expansion

There has been a marked revival of classical economic theory since the 1960s. This was associated partly with Sraffa's contribution, partly also with the development of post-Keynesian economics. It has given rise to a series of ongoing controversies. This collection of essays, some previously published, some new, starts with a survey of the present state of the debate. Several papers are concerned with the new classical solution to the problem of value and choice of technique in the presence of joint production. Fixed capital allows formalization of different kinds of technical progress which differ also in their macroeconomic effects. A novel contribution is made to capital theory: it is shown how intertemporal equilibria are affected by technologies which exhibit reswitching through changed stability conditions. Further essays deal with the composition of output and effective demand and the relation between Keynesian and classical theories and environmental economics

Target audience

specialized