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espace at MMU > Faculties > Faculty of Humanities, Languages and Social Science > Discussion Papers in Economics > Long run input use-input price relations and the cost function Hessian

Please use this identifier to cite or link to this item: http://hdl.handle.net/2173/14719
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Title: Long run input use-input price relations and the cost function Hessian
Authors: Steedman, Ian
Publisher: Manchester Metropolitan University
Issue Date: Apr-2005
URI: http://hdl.handle.net/2173/14719
Abstract: By definition, to compare alternative long run equilibria is to compare alternative points on the real input price frontier. It follows at once that one can never move between long run equilibria by changing just one input price; one must change at least two. And in some cases, indeed, such as the Wicksellian one, to change one price is ipso facto to change all the others in a determinate manner. Hence the Hessian of the cost function can – quite obviously – never represent the long run comparative statics of input price-input quantity relations with accuracy. More detailed investigation in fact shows the Hessian to be a hopeless guide to [dli/dwj], both qualitatively and quantitatively.
Type: Working Paper
Language: en
Series/Report no.: Discussion Papers in Economics
Appears in Collections: Discussion Papers in Economics
Department of Economics

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