The fact that a competitive agent faces 'given' input prices does not necessarily mean that these prices can be completely arbitrary, especially in the long run. An obvious case, but not the only one, is when there are input--output relations among industries. But as soon as long-run input price...

The conventional partial equilibrium analysis of input demands star ts from the cost-minimization condition and then supposes that only one input price changes. But if initial prices make price equal to unit cost in every industry, changing only one price means violating the price equals unit...

It has often been found useful to measure in some way the extent to which (with-profit) prices diverge from (zero-profit) values. But it is not satisfactory to employ a measure which varies with the choice of numeraire, for this element of arbitrariness has nothing to do with the central idea of...

'Perverse' behavior in capital theory results stems from the changes in relative prices provoked by a change in distribution, even in the presence of unchanged methods of production. But it does not follow that perverse results cannot arise in a 'one commodity' model; they can arise if there is...