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9781107483835

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'Required reading for any economist with an interest in the long-run equilibria properties of firms and industries. Many startling new results challenge conventional beliefs and provide a path-breaking generalization of Sraffa's work. Highly recommended.' Edwin Burmeister, Commonwealth Professor of Economics Emeritus, University of Virginia and Research Professor of Economics Emeritus, Duke University 'Great economists have always been keen to analyse the systemic effects of a freely competitive environment in a capitalist economy which contained a tendency to establishing a uniform rate of profit in all industries. Different developments within different approaches examined aspects of this overall insight but tended to ignore one another. Arrigo Opocher and Ian Steedman have now made a large step forward by integrating with great skill and technical virtuosity two major alternative approaches in their theory of the industrial long run, so substituting harmony and good sense for previous conflict and incoherence.' G. C. Harcourt, Emeritus Reader in the History of Economic Theory, University of Cambridge; Professor Emeritus, University of Adelaide; Visiting Professorial Fellow, University of New South Wales 'The book breaks new ground in an area, microeconomics, where widespread opinion has it that the theory of the subject is complete. Far from it! The authors show that the results derived within a coherent long-period framework, in which the attention focuses on 'full industry equilibrium', differ markedly from those based on the usual ceteris paribus assumption. The latter may not only be 'quantitatively' misleading, but even point qualitatively in the wrong direction. The profession is well advised to take on board the important findings of this fascinating book.' Heinz D. Kurz, Director of the Graz Schumpeter Centre, University of Graz 'A new wave of debates of high theory related to long-period industry equilibrium analysis that takes seriously the inter-industry connections is coming. The trigger is this fascinating book by Arrigo Opocher and Ian Steedman. The authors have a deep knowledge of the debates in the 1960s and 1970s, but in this book they go far beyond. It will be an essential reading for all microeconomists and industrial economists in the decades to come.' Neri Salvadori, University of Pisa Required reading for any economist with an interest in the long-run equilibria properties of firms and industries. Many startling new results challenge conventional beliefs and provide a path-breaking generalization of Sraffa's work. Highly recommended. Edwin Burmeister, Commonwealth Professor of Economics Emeritus, University of Virginia and Research Professor of Economics Emeritus, Duke University Great economists have always been keen to analyse the systemic effects of a freely competitive environment in a capitalist economy which contained a tendency to establishing a uniform rate of profit in all industries. Different developments within different approaches examined aspects of this overall insight but tended to ignore one another. Arrigo Opocher and Ian Steedman have now made a large step forward by integrating with great skill and technical virtuosity two major alternative approaches in their theory of the industrial long run, so substituting harmony and good sense for previous conflict and incoherence. G. C. Harcourt, Emeritus Reader in the History of Economic Theory, University of Cambridge; Professor Emeritus, University of Adelaide; Visiting Professorial Fellow, University of New South Wales The book breaks new ground in an area, microeconomics, where widespread opinion has it that the theory of the subject is complete. Far from it! The authors show that the results derived within a coherent long-period framework, in which the attention focuses on `full industry equilibrium', differ markedly from those based on the usual ceteris paribus assumption. The latter may not only be `quantitatively' misleading, but even point qualitatively in the wrong direction. The profession is well advised to take on board the important findings of this fascinating book. Heinz D. Kurz, Director of the Graz Schumpeter Centre, University of Graz A new wave of debates of high theory related to long-period industry equilibrium analysis that takes seriously the inter-industry connections is coming. The trigger is this fascinating book by Arrigo Opocher and Ian Steedman. The authors have a deep knowledge of the debates in the 1960s and 1970s, but in this book they go far beyond. It will be an essential reading for all microeconomists and industrial economists in the decades to come. Neri Salvadori, University of Pisa

'Required reading for any economist with an interest in the long-run equilibria properties of firms and industries. Many startling new results challenge conventional beliefs and provide a path-breaking generalization of Sraffa's work. Highly recommended.' Edwin Burmeister, Commonwealth Professor of Economics Emeritus, University of Virginia and Research Professor of Economics Emeritus, Duke University 'Great economists have always been keen to analyse the systemic effects of a freely competitive environment in a capitalist economy which contained a tendency to establishing a uniform rate of profit in all industries. Different developments within different approaches examined aspects of this overall insight but tended to ignore one another. Arrigo Opocher and Ian Steedman have now made a large step forward by integrating with great skill and technical virtuosity two major alternative approaches in their theory of the industrial long run, so substituting harmony and good sense for previous conflict and incoherence.' G. C. Harcourt, Emeritus Reader in the History of Economic Theory, University of Cambridge; Professor Emeritus, University of Adelaide; Visiting Professorial Fellow, University of New South Wales 'The book breaks new ground in an area, microeconomics, where widespread opinion has it that the theory of the subject is complete. Far from it! The authors show that the results derived within a coherent long-period framework, in which the attention focuses on 'full industry equilibrium', differ markedly from those based on the usual ceteris paribus assumption. The latter may not only be 'quantitatively' misleading, but even point qualitatively in the wrong direction. The profession is well advised to take on board the important findings of this fascinating book.' Heinz D. Kurz, Director of the Graz Schumpeter Centre, University of Graz 'A new wave of debates of high theory related to long-period industry equilibrium analysis that takes seriously the inter-industry connections is coming. The trigger is this fascinating book by Arrigo Opocher and Ian Steedman. The authors have a deep knowledge of the debates in the 1960s and 1970s, but in this book they go far beyond. It will be an essential reading for all microeconomists and industrial economists in the decades to come.' Neri Salvadori, University of Pisa

Author Information

Arrigo Opocher is Full Professor of Economics at the University of Padua. He has published in leading economics journals on the topics of economic theory and its history and has written books on long-run growth and trade theory. He is co-editor of the journal Metroeconomica. Ian Steedman is Emeritus Professor of Economics at Manchester Metropolitan University. He is the author or editor of fourteen books and over 140 articles. He has also undertaken editorial work for the Cambridge Journal of Economics, the European Journal of the History of Economic Thought and Metroeconomica.

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