This highly original book develops a systematic zero-net-profit
comparative statics theory of the firm that challenges many widely
held views in microeconomics. It builds a bridge between the
marginalist long-run theory of the firm and Sraffian theory to
create a unified theoretical framework that explains how firms
react to exogenous shocks resulting in new equilibrium positions of
the whole economy. The central message of the book is that too
often economists expect more from the microeconomic laws of input
demand and output supply than they can really give. The authors
show that the zero-net-profit condition requires a more articulated
analysis that sometimes yields qualitative results contrary to
those of familiar economic laws. Written for academic researchers
and graduate students, the book will be of particular interest to
those working on the microeconomics of industry equilibrium,
comparative statics and Sraffian economics.
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