This compelling book contains a comprehensive analytical treatment of the theory of production in a long-period framework. Although the authors take a 'Classical' approach to their subject, the scope of investigation and methods employed should interest all economic theorists. Professors Kurz and Salvadori explore economic systems that are characterised by a particular kind of primary input in the production process, such as different kinds of labour and natural resources. These systems and the corresponding prices can be understood to reflect characteristic features of a capitalist market economy in an ideal way: they express the pure logic of the relationship between value and distribution in an economic system. Specific chapters deal with prices and income distribution, economic growth, joint production, fixed capital, scarce natural resources (both renewable and exhaustible), and heterogeneous labour. The historical origins of the concepts used are also discussed in considerable detail.
Industry Reviews
"...a pleasure to read. By placing inherently technical subjects in historical perspective, Kurz and Salvadori have brought life to subject matter that can be tedious. This work will interest scholars in economic theory, the history of economic thought, and many other fields." Journal of Economic Literature "...Kurz and Salvadori have provided theorists and historians of economic thought with a rigorous, up-to-date treatment of the classical long-period theory of value which links 'the inseparable problems of production and distribution.' A rare beld of economic thought, formal argument, and challenges to the problem solver, this book should rapidly become a standard reference for students and a base-camp for researchers pursuing answers to the difficult problems posed by modern classical theory." Eastern Economic Journal "The Kurz-Salvadori Theory of Production is a tour de force that provides a needed authoritative survey of modern competitive theory on technology and prices. It seems a golden mean between mathematical complexities, policy alternatives, and historical geneses. I expect to wear out a copy every two years from extensive use." Paul A. Samuelson, MIT "An authoritative survey of modern competitive theory on technology and price." Business Horizons "Theory of Production is a balanced, thorough and deep book, a model of careful scholarship; it is destined to be essential reading for the profession for decades to come." G. C. Harcourt, University of Cambridge "Theory of Production is a remarkably clear and precise statement of linear economic theory post-Sraffa. And it tackles the issues of land, exhaustible and renewable sources, and heterogeneous labour--issues often avoided in such a framework. The sound analytical work is complemented by substantial Historical notes in most chapters and the work is a pleasure to read." Ian Steedman, University of Manchester "This book provides a thoroughly up-to-date and mathematically rigorous treatment of the equilibrium properties of Piero Sraffa's model of production, distribution and price determination. The work is well written, the subject matter carefully arranged and a great deal of effort has gone into the selection of exercises." Lynn Mainwaring, University of Wales, Swansea "This book will be of interest to a wide range of economists, not just Neo-Ricardians. It will be important because it strives to present a complete account of the formal properties of the models of production while refraining from linking the analysis too closely with a specific interpretation of the classical theory of value, the dynamics of accumulation, and the problem of effective demand." Bertram Schefold, Johann Wolfgang Goethe-Universitat, Frankfurt am Main "In this impressive book, Heinz, Kurz & Neri Salvadori provide a comprehensive and sophisticated account of the modern thoery of production...No brief review can do justice to the richness of this book. Perhaps its most valuable contribution is in showing that there exists a robust alternative to the neoclassical theory of value and distribution...This book offers the most complete available account of those theoretical issues that underlie every important problem in economics. It is a remarkable achievement." Gary Mongiovi, Review of Political Economy
