Production is a Circular Process. The Reasons for an Alternative Approach to Economic Theory

newdigital Production is a Circular Process.
The Reasons for an Alternative Approach to Economic Theory

Article

Magazine

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI

Fascicle

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI - 2023 - 1. A special issue in honor of Gerd Weinrich

Title

Production is a Circular Process. The Reasons for an Alternative Approach to Economic Theory

Author

Enrico Bellino

Publisher

Vita e Pensiero

Format

Article |

Pdf

Online from

05-2023

Doi

10.26350/000518_000108

Issn

0035-676X (print) | 1827-7918 (digital)

€ 6.00

Ebook format Pdf readable on these devices:

Computer
with Software:
- Adobe PDF Reader
Android
iPhone/Ipad
with App:
- Adobe PDF Reader
E-Book Reader
Ibs Tolino
Kobo

Description

This paper reviews the main logical difficulties of the neoclassical analysis of production and income distribution when ‘capital’ is introduced. Both the version of the theory that considers capital as a single magnitude and the one where it is constituted by a set of capital goods are presented in a unified analytical framework. The same framework is then used to provide an alternative approach to production and distribution which reconnects with the modern classical approach.

keywords

General equilibrium with capitalistic production, capital, capital critique, Walras, Wicksell, Hicks, neo-Walrasian approach, modern classical approach

Author biography

Faculty of Economics and Law, Department of Economics and Social Sciences - Università Cattolica del Sacro Cuore - via Emilia Parmense, 84, 29122, Piacenza, Italy. Email: enrico.bellino@unicatt.it