The theory of value has been based ever since Adam Smith on the idea that the market prices of commodities, those at which actual trade takes place, gravitate around a central position known as natural prices. This paper seeks to develop a statistical idea of the process in question and suggests...

The aim of this paper is to study the relationship between reverse capital deepening and instability of the equilibrium between investments and savings. It is shown for a model with n commodities, infinitely many linear technique of production, and overlapping generation that a badly-behaved...

This critique of Malinvaud’s article of 2003 on Wicksell’s legacy to capital theory focuses in particular on three points raised there. The first regards the given amount of existing capital that appears in Wicksell’s theory and its connection with his alleged “missing equation”, the...

The classical economists usually regarded rent in their analyses as a share of the gross product obtained from the use of land or a mine, which was indeed the way in which rent was treated in bargaining between landowner and tenant. The paper revives this view of rent, proceeding from its...

The paper addresses the ambiguity that surrounds the conception of capital and its role in neoclassical price-and-distribution theory. The difficulties encountered in the various attempts to define the marginal product either of capital or of a capital good are recalled and the conclusion is...

Malinvaud took up the concept of the average period of production introduced by Hicks in <italic>Value and Capital</italic> and then <italic>Capital and Time</italic>, in an article of 2003 celebrating Wicksell's contribution to the theory of capital, where he observed that once techniques are ranked according to the average...