Equilíbrio neoclássico de mercado de fatores: um ponto de vista sraffiano

Resumo

This paper presents a Sraffian criticism of Kenneth Arrow's defence
of the empirical relevance of neoclassica! general equilibrium theory. The
neoclassical explanation would only make empirical sense if market
clearing really happens in the markets for factors of production. This in
turn depends on two things: (a) nominal and real "flexibility" of factor
prices; and (b) on the (direct and indirect) substitution effects being the
dominant effect of factor price changes. However: 1. nominal factor price
flexibility is both empirically implausible and anyway tends to be
destabilizing (and cause a lack of real flexibility) 2. Sraffa's capital critique
shows that in any case the substitution effect may break down completely
in the real-world case of heterogeneous capital. An alternative (and more
consistent) Sraffa-based explanation of the facts is also briefly sketched.