Economic systems with a positive, uniform, and constant interest rate have been widely studied. It is shown that, in such systems, the presence of produced inputs undermines some standard results concerning the revenue function. The partial derivative, with respect to a product price, is not...

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...

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...

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...