Originally published as a French edition in 1991, and first translated into English for this Cambridge edition in 2004, in this exhaustive study Christian Bidard develops a theory of prices of production. This theory 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 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).
• Provides analysis of the relationships between classical and neoclassical theories • Progressive and comprehensive overview from the simplest (corn model) to more recent models (joint production, land, exhaustible resources) • Offers definitive constructions on sectors, fixed capital and choice of technique
Part I. Single Production: 1. Principles; 2. The corn model; 3. A two-commodity economy; 4. A basic multisector economy; 5. Non-basic economies; 6. Relative prices; 7. Ricardo's theory of value; 8. The labor value; 9. Choice of technique; Part II. Joint Production: 10. Joint production: a theoretical object; 11. Paradoxes and tools; 12. Engaging systems; 13. From von Neumann to Sraffa; 14. The notion of a sector; 15. Austrian and one-machine models; 16. Fixed capital theory; 17. Rent theory; Part III. Questions of Method: 18. An agenda; 19. A Sraffian theory of choice of technique; 20. The structure of general equilibrium; 21. The marginal equalities; 22. Intertemporal models and prices of production; 23. Long-term prices and exhaustible resources; 24. An overview; Mathematical Appendix: elements of combinatorial geometry.