The authors present a survey of the work inspired by Piero Sraffa's analysis of joint production. The "squaren ess" of production systems is discussed, as is the role of "require ments for use." Choice of technique is considered, compared to the s ingle-products case, and related to J. von...

Consumers base market choices on beliefs about the properties of commodities. Invoking Lancaster's characteristics approach, we explore the implications for consumer well-being of such beliefs being incorrect. Following an examination of the welfare cost of inaccurate beliefs, we address the...

A Kaleckian mark-up theory of pricing implies a trade-off frontier between mark-ups and wages, with the result that mark-ups and wages cannot all be independently determined-by whatever processes. Wages in different industries are just as much in conflict as are wages and mark-ups. The way in...

The present paper seeks to provide some new insights into the precise nature and the analytical foundations (or lack of them) of the familiar industry supply curve. We reconsider some fundamental phases of its historical evolution. Two different traditions are distinguished: one consists of the...

Contrary to what is often suggested, values do follow a very simple rule as the rate of profit r varies, provided only that the system is square. None of single production, semi-positive vertically integrated input coefficients, or regularity a la Schefold needs to be assumed. Furthermore, that...

Whilst input-output analysts often treat the value-added vector as a fairly simple, straightforward component of input-output studies, modern 'classical' economics tells us that it is far from simple. This will be developed, both for a closed economy and for an economy using foreign produced inputs.

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...