Recurrence: A Neglected Aspect of the Sraffian Critique of Marginalism

13 Pages Posted: 3 Jun 2016

See all articles by Arrigo Opocher

Arrigo Opocher

Universita degli Studi di Padova

Ian Steedman

Manchester Metropolitan University - Department of Economics

Date Written: July 2016

Abstract

The significance of ‘reswitching’ - that great symbolic issue of the Cambridge capital debates - has sometimes been denied on the ground of a low probability. This article investigates the industry‐level return, in different equilibria, of the use of one or more (or all) inputs. Such phenomena, which we call ‘recurrence’, are generically far more probable than the return of a whole economy‐level technique and can be triggered, not only by a change in the interest rate, but also by a change in relative primary input prices. Since recurrence alone, without reswitching, is damaging to standard marginalist conceptions, one should not attribute too much importance to any low ‘probability of reswitching’.

Suggested Citation

Opocher, Arrigo and Steedman, Ian, Recurrence: A Neglected Aspect of the Sraffian Critique of Marginalism (July 2016). Metroeconomica, Vol. 67, Issue 3, pp. 500-512, 2016, Available at SSRN: https://ssrn.com/abstract=2789225 or http://dx.doi.org/10.1111/meca.12094

Arrigo Opocher (Contact Author)

Universita degli Studi di Padova ( email )

Via 8 Febbraio, 2
Padova, Vicenza 35122
Italy

Ian Steedman

Manchester Metropolitan University - Department of Economics ( email )

Mabel Tylecote Building
Cavendish Street
Manchester, M15 6BG
United Kingdom

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