Enrico Bellino

Full-cost pricing in the classical competitive process: A model of convergence to long-run equilibrium

In the last 10–15 years a lot of attempts has been devoted to study the calssical process of convergence of “market prices” toward “natural prices.” The two forces that one has thought could achieve this target were capital mobility, that determines the dynamics of output, and demand-supply forces, that determine the dynamics of prices. In this article a model of classical competition is proposed in which a full-cost pricing mechanism is adopted in the rule of evolution of market prices. An asymptotical stability result of long-run equilibrium is proved for a two-commodity model with and without a final demand.

Book Reviews on Production of Commodities by Means of Commodities

The publication of Sraffa’s Production of Commodities triggered a wide-ranging and complex literature in various fields of theoretical research. Aside from this stream, which constitutes a consolidated corpus, it may be interesting to focus upon the reactions to the book on the part of those scholars who first encountered its contents.

Symposium on Arrigo Opocher and Ian Steedman (

After an editorial that motivates the symposium on the book by Arrigo Opocher and Ian Steedman, there are comments by five scholars (in alphabetical order). These deal with capital theoretic issues (Bellino), the labour demand curve (Bidard), the zero‐excess‐profit position in alternative theories of value (Fratini), the role of intermediate as opposed to final products in the setting of prices (Harcourt) and the role of time in the analysis (Yoshihara). Then follows a response by Opocher and Steedman.