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| Author: | Cesaratto, S. |
| Title: | Long-period method and analysis of technological change: is there any inconsistency? |
| Journal: | Review of Political Economy
1995 : VOL. 7:3, p. 249-278 |
| Index terms: | ECONOMIC ANALYSIS TECHNOLOGICAL CHANGE COMPETITION |
| Language: | eng |
| Abstract: | A recurrent theme in economic analysis is the criticism of the traditional method based on the investigation of "normal" or long-period positions (LPP) considered as centres of gravitation for the actual positions of the economy. The paper discusses this criticism with particular reference to the consistency of the long-period method (LPM) with the analysis of technological change and competition. It is argued that the role of the tendency towards the LPP was seen by traditional economists as part of the process of selection from among competing technologies. This process was regarded as leading to the emergence of dominant techniques determining normal prices and profitability. |
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