A proposal of a general classic equilibrium of prices with circulating capital subject to offer different qualities

Authors

  • Ivan Alonso Montoya Restrepo Departamento de Ingeniería de la Organización, Facultad de Minas, Universidad nacional de Colombia -
  • Luz Alexandra Montoya Restrepo Departamento de Ingeniería de la Organización, Facultad de Minas, Universidad nacional de Colombia -

Keywords:

classical economics, circulating capital, price formation

Abstract

This paper seeks to suggest a contribution to propose a classical general equilibrium system of prices with circulating capital to be expected to offer different qualities, by including probabilities for the inputs can come effectively to the development of products. Its background contributions came from Sraffa´s contribution (1960), Cuevas (2001), Montoya and Montoya (2005), and Montoya and Montoya (2007). The paper resumes the main contributions leading to a system like the one proposed, then seeks to introduce in the analysis the problem of considering the qualities, inspired by Von Neumann- Morgenstern´s utility function used in information economics, and finally insinuates a proposal and sets out briefly the main implications of the same.

Author Biographies

Ivan Alonso Montoya Restrepo, Departamento de Ingeniería de la Organización, Facultad de Minas, Universidad nacional de Colombia -

Profesor Asociado en Dedicación Exclusiva. PhD en Ciencias Económicas, Magister en Administracion, Administrador de empresas, Universidad nacional de Colombia. Premio Portafolio a la excelencia Académica. Ex Decano facultad de Agronomía.

Luz Alexandra Montoya Restrepo, Departamento de Ingeniería de la Organización, Facultad de Minas, Universidad nacional de Colombia -

Profesora Asociada en Dedicación Exclusiva. PhD en Ciencias Económicas, Magister en Administracion, Administradora de empresas, Universidad nacional de Colombia. Premio Portafolio a la excelencia Académica.

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Published

2015-05-28

Issue

No. 15: JAN-JUN 2015

Section

Original reflection article

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