Prices, Reproduction, Scarcity

The English edition of a 1991 French text revives the accents of classical theory to look at the theory of long-run competitive prices.

Christian Bidard (Author)

9780521180191, Cambridge University Press

Paperback, published 17 February 2011

372 pages
22.9 x 15.2 x 2 cm, 0.5 kg

Originally published as a French edition in 1991, and first translated into English for this Cambridge edition in 2004, in this exhaustive study Christian Bidard develops a theory of prices of production. This theory breaks down the symmetry between producers and consumers and gives more importance to reproduction rather than scarcity. In his analysis of multiple-product systems, Bidard focuses on the notion of an all-engaging system which elucidates the link with von Neumann's theory; examines the notions of sector and vertical integration which make possible an elegant treatment of fixed capital; clarifies the status of the internal rate of return; proposes a general theory of rent. In the discussion of capital theory and marginal equalities or, more specifically, the treatment of exhaustible resources, Bidard compares different readings of Sraffa's work and revisits the question of relationships between classical theory (Smith, Ricardo, Marx) and the general equilibrium theory (Walras, Arrow, Debreu).

Part I. Single Production: 1. Principles
2. The corn model
3. A two-commodity economy
4. A basic multisector economy
5. Non-basic economies
6. Relative prices
7. Ricardo's theory of value
8. The labor value
9. Choice of technique
Part II. Joint Production: 10. Joint production: a theoretical object
11. Paradoxes and tools
12. Engaging systems
13. From von Neumann to Sraffa
14. The notion of a sector
15. Austrian and one-machine models
16. Fixed capital theory
17. Rent theory
Part III. Questions of Method: 18. An agenda
19. A Sraffian theory of choice of technique
20. The structure of general equilibrium
21. The marginal equalities
22. Intertemporal models and prices of production
23. Long-term prices and exhaustible resources
24. An overview
Mathematical Appendix: elements of combinatorial geometry.

Subject Areas: Mathematics [PB], Economic theory & philosophy [KCA]