| Titre | Équilibre intertemporel et longue période | |
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| Auteur | Bertram Schefold | |
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Revue | Cahiers d'économie politique |
| Numéro | no 22, printemps 1993 Actualité et spécificité de la pensée classique | |
| Page | 25-44 | |
| Résumé anglais |
It has often been argued that Sraffa's criticism of neoclassical theory did not affect the models of intertemporal equilibrium. But it is now known that intertemporal equilibria converge to long period positions, characterized by a uniform rate of profit in the classical sense, provided certain conditions are met. These appear to be related to the well-known effects of capital theory which undermine the marginal productivity theory. To analyse this problem, the profitability of processes in an intertemporal equilibrium is measured using the prices ruling at the beginning of each period ; it turns out that the rate of profit so defined is equal to the own-rate of interest of the numéraire commodity minus the rate of change of prices of the goods produced as outputs of the process. The rates of profit in this sense are unequal for different processes as long as production has not yet adapted to the long-run conditions of demand. On this basis, intertemporal equilibria are interpreted as processes of gravitation towards long-period positions and it is argued that, therefore, the arguments which apply against a neoclassical determination of distribution and employment in the long-period positions are also relevant for the analysis of intertemporal equilibria. Source : Éditeur (via Persée) |
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| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/cep_0154-8344_1993_num_22_1_1142 |
