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EnglishModern long-period literature defines long-period prices as prices yielding a uniform profit rate. This definition relies on the assumption of free competition, which is not essential in defining long-period prices, the reproducibility of the economic system being the essential condition. A definition of long-period prices based only on reproducibility is then proposed and a model developed. The existence of long-period price vectors is obtained in a variety of situations yielding differential or uniform profits rates. Our analysis shows that the long-period approach is “robust” with respect to the elimination of the significant but problematic assumption of uniform profit rates. Our model provides also a formalization of Smith’s view of domestic and international division of labour.
| Titolo: | Freeing long-period prices from the uniform profit rate assumption: A general model of long-period positions |
| Autori interni: | D'AGATA, Antonio (Corresponding) |
| Data di pubblicazione: | 2018 |
| Rivista: | |
| Handle: | http://hdl.handle.net/20.500.11769/374623 |
| Appare nelle tipologie: | 1.1 Articolo in rivista |
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