A Short Guide to Long-Run Time-Phased Systems of Production

The paper discusses briefly several long-run systems of production vis-à- vis alternative theories of value and distribution stated by Marx, classical- neoricardian, post-Leontief-neoclassical, and post-Keynes-Sra¤a authors during the last hundred and fifty years. All the systems of production considered in the paper have in common the circular production of commodities by means of commodities. A distinctive characteristic of these systems is the standard of value in terms of which the wage rate and the prices of commodities are expressed. In particular, the logical structure of the systems of prices of production implies that diferent standards of value imply diferent theories of value and distribution both real and monetary in character. Methodological pluralism suggests that distinct theories of value and distribution refect diferent scientific/normative economic paradigms. It appears that dialectics is needed in order to trascendinter-paradigmatic debate.