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S raffian Thoughts in Full Marginalist Dress
Author(s) -
Steedman Ian
Publication year - 2013
Publication title -
metroeconomica
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.256
H-Index - 29
eISSN - 1467-999X
pISSN - 0026-1386
DOI - 10.1111/meca.12022
Subject(s) - elasticity of substitution , economics , elasticity (physics) , constant (computer programming) , substitution (logic) , perspective (graphical) , microeconomics , thermodynamics , mathematics , physics , production (economics) , computer science , geometry , programming language
In the single‐products economy considered here, every industry has a constant‐elasticity‐of‐substitution unit cost function; moreover that constant‐elasticity‐of‐substitution is the same for each industry (0 < σ < 1). When this strongly ‘marginalist’ system is looked at from a S raffian perspective, it is found that some significant properties of the system are not in line with normal marginalist expectations.