Wednesday, February 18, 2015

Lazzarini on the second phase of the Cambridge-Cambridge capital theory controversies

A new paper by Andrés Lazzarini on the second phase of the capital debates, from 1971 to 1976, when the intertemporal Walrasian model had become the norm within the mainstream. From the abstract:
The aim of this paper is to clear up some issues in a second phase of the Cambridge-Cambridge capital theory controversies, when the neoclassical argument was chiefly conducted in terms of the Walrasian specification of capital in intertemporal and temporary general equilibrium models. It is held that the response by the neoclassical side in that phase has not been as satisfactory to rebut the implications of reswitchingand capital reversing as some neoclassical scholars have argued. The reason for this can be traced in the overlooking of the implications of the redefinition of equilibrium implied in those models.
Read full paper here (subscription required). I think this might be an earlier version here

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