Prices, Reproduction, Scarcity

In this definitive and exhaustive study, Christian Bidard develops a theory of prices of production. This theory, of classical inspiration, 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 and contrasts 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).

Author Biography

Christian Bidard is Professor of Economics at the University of Paris X-Nanterre. He is the editor or the author of several books on Sraffa’s theory: Prix, Reproduction, Rarete (1991, La Rente (1987), La Production Jointe (1984), and its relationship with Keynesian theory. He is the author of over seventy papers in economic journals and books largely devoted to the theory of long-term competitive prices.