Skip to content
Register Sign in Wishlist

Full Industry Equilibrium
A Theory of the Industrial Long Run

$119.00 (C)

  • Date Published: May 2015
  • availability: Available
  • format: Hardback
  • isbn: 9781107097797

$ 119.00 (C)

Add to cart Add to wishlist

Other available formats:

Looking for an examination copy?

If you are interested in the title for your course we can consider offering an examination copy. To register your interest please contact providing details of the course you are teaching.

Product filter button
About the Authors
  • This highly original book develops a systematic zero-net-profit comparative statics theory of the firm that challenges many widely held views in microeconomics. It builds a bridge between the marginalist long-run theory of the firm and Sraffian theory to create a unified theoretical framework that explains how firms react to exogenous shocks resulting in new equilibrium positions of the whole economy. The central message of the book is that too often economists expect more from the microeconomic laws of input demand and output supply than they can really give. The authors show that the zero-net-profit condition requires a more articulated analysis that sometimes yields qualitative results contrary to those of familiar economic laws. Written for academic researchers and graduate students, the book will be of particular interest to those working on the microeconomics of industry equilibrium, comparative statics and Sraffian economics.

    • A highly original book that develops a systematic zero-net-profit comparative statics theory and provides new theoretical background for industry-level applications
    • Analyses the firm and the industry under economy-wide free competition, and will appeal to those who are uncomfortable with over-partial analyses of an individual industry
    • Develops some topics of the 'Sraffian School' from the standpoint of an individual industry, and makes more transparent the microeconomic roots of some unconventional properties of industry equilibrium
    Read more

    Reviews & endorsements

    "Required reading for any economist with an interest in the long-run equilibria properties of firms and industries. Many startling new results challenge conventional beliefs and provide a path-breaking generalization of Sraffa’s work. Highly recommended."
    Edwin Burmeister, Commonwealth Professor of Economics Emeritus, University of Virginia and Research Professor of Economics Emeritus, Duke University

    "Great economists have always been keen to analyse the systemic effects of a freely competitive environment in a capitalist economy which contained a tendency to establishing a uniform rate of profit in all industries. Different developments within different approaches examined aspects of this overall insight but tended to ignore one another. Arrigo Opocher and Ian Steedman have now made a large step forward by integrating with great skill and technical virtuosity two major alternative approaches in their theory of the industrial long run, so substituting harmony and good sense for previous conflict and incoherence."
    G. C. Harcourt, Emeritus Reader in the History of Economic Theory, University of Cambridge; Professor Emeritus, University of Adelaide; Visiting Professorial Fellow, University of New South Wales

    "The book breaks new ground in an area, microeconomics, where widespread opinion has it that the theory of the subject is complete. Far from it! The authors show that the results derived within a coherent long-period framework, in which the attention focuses on ‘full industry equilibrium', differ markedly from those based on the usual ceteris paribus assumption. The latter may not only be ‘quantitatively’ misleading, but even point qualitatively in the wrong direction. The profession is well advised to take on board the important findings of this fascinating book."
    Heinz D. Kurz, Director of the Graz Schumpeter Centre, University of Graz

    "A new wave of debates of high theory related to long-period industry equilibrium analysis that takes seriously the inter-industry connections is coming. The trigger is this fascinating book by Arrigo Opocher and Ian Steedman. The authors have a deep knowledge of the debates in the 1960s and 1970s, but in this book they go far beyond. It will be an essential reading for all microeconomists and industrial economists in the decades to come."
    Neri Salvadori, University of Pisa

    See more reviews

    Customer reviews

    Not yet reviewed

    Be the first to review

    Review was not posted due to profanity


    , create a review

    (If you're not , sign out)

    Please enter the right captcha value
    Please enter a star rating.
    Your review must be a minimum of 12 words.

    How do you rate this item?


    Product details

    • Date Published: May 2015
    • format: Hardback
    • isbn: 9781107097797
    • length: 232 pages
    • dimensions: 236 x 157 x 20 mm
    • weight: 0.5kg
    • contains: 26 b/w illus. 12 tables
    • availability: Available
  • Table of Contents

    1. Taking seriously the tendency to zero net profits
    2. An isolated industry
    3. Multiproduct firms
    4. Interdependent industries
    5. Industry-level input use. Some aftershocks from capital theory
    6. The 'autonomous' components of input prices
    7. The effects of taxation
    8. Productivity increase
    9. Full industry equilibrium in retrospect
    10. Conclusion

  • Authors

    Arrigo Opocher, Università degli Studi di Padova, Italy
    Arrigo Opocher is Full Professor of Economics at the University of Padua. He has published in leading economics journals on the topics of economic theory and its history and has written books on long-run growth and trade theory. He is co-editor of the journal Metroeconomica.

    Ian Steedman, Manchester Metropolitan University
    Ian Steedman is Emeritus Professor of Economics at Manchester Metropolitan University. He is the author or editor of fourteen books and over 140 articles. He has also undertaken editorial work for the Cambridge Journal of Economics, the European Journal of the History of Economic Thought and Metroeconomica.

Sign In

Please sign in to access your account


Not already registered? Create an account now. ×

Sorry, this resource is locked

Please register or sign in to request access. If you are having problems accessing these resources please email

Register Sign in
Please note that this file is password protected. You will be asked to input your password on the next screen.

» Proceed

You are now leaving the Cambridge University Press website. Your eBook purchase and download will be completed by our partner Please see the permission section of the catalogue page for details of the print & copy limits on our eBooks.

Continue ×

Continue ×

Continue ×

Find content that relates to you

Join us online

This site uses cookies to improve your experience. Read more Close

Are you sure you want to delete your account?

This cannot be undone.


Thank you for your feedback which will help us improve our service.

If you requested a response, we will make sure to get back to you shortly.

Please fill in the required fields in your feedback submission.