Will the classical-type approach survive Sraffian theory?

摘要

This paper has two goals. First, it seeks to show a logical inconsistency in Sraffian theory. The theory, it is argued, is conceived as a long-period approach but is unable to identify a long-period position. Second, the paper tries to show that even if we drop some of the building blocks of Sraffian theory, it is still possible to build a coherent alternative to neoclassical theory using (some of) the ideas of the classical economists. It suggests that we put the indefensible long-period method to one side, and build short-period equilibrium models with probabilistic prices.