Normal Prices, Technical Change and Accumulation

This book presents the most significant theoretical articles by Bertram Schefold to illuminate the development and the present state of modern classical theory. It assembles twenty heavily discussed papers on joint production and fixed capital, choice of technique and technical progress, composition of output and the relation between classical, neoclassical and keynesian economics. There is a broad new introduction. The chapter on the critique of intertemporal general equilibrium is novel and represents an original theoretical advance.

Autorentext

BERTRAM SCHEFOLD is Professor of Economics at the Johan Wolfgang Goethe University in Frankfurt am Main. He has held numerous visiting appointments. His publications include books and articles in German, English, French and Italian, primarily on economic theory, economics of energy and of the environment, and on the history of economic thought.

Inhalt
Preface - Introduction: Sraff's Theory Today - PART 1: GENERAL PROPERTIES OF SINGLE AND JOINT PRODUCTION SYSTEMS - Multiple Product Techniques With Properties of Single Product Systems - Relative Prices as a Function of the Rate of Profit: A Mathematical Note - The Standard Commodity as a Tool of Economic Analysis - PART 2: THE DOMINANT TECHNIQUE - On Counting Equations - Von Neumann and Sraffa: Mathematical Equivalence and Conceptual Difference - The Dominant Technique in Joint Production Systems - Joint Production: A Further Assessment - PART 3: FIXED CAPITAL AND TECHNICAL PROGRESS - Fixed Capital as a Joint Product - Reduction to Dated Quantities of Labour, Roundabout Processes, and Switches of Technique in Fixed Capital Systems - Different Forms of Technical Progress - Capital, Growth, and Definitions of Technical Progress - PART 4: THE COMPOSITION OF OUTPUT - Sraffa and Applied Economics: Joint Production - On Changes in the Composition of Output - PART 5: RELATIONS BETWEEN CLASSICAL, NEOCLASSICAL AND KEYNESIAN THEORIES - Joint Production, Intertemporal Preferences and Long-Period Equilibrium - The Market and the Classical Theory of Prices - On the Classical and Marshallian Foundation of Keynesian and Post-Keynesian Economics - Classical Theory and Intertemporal Equilibrium - Schumpeter as a Walrasian Austrian and Keynes as a Classical Marshallian - Ecological Problems as a Challenge to Classical and Keynesian Economics - Notes - Bibliography - Index