From the Perspective of a Technologically Dynamic Market Economy, Both the English Neo-Ricardian and the American Neoclassical Approaches Appear to be Largely Irrelevant

The debate between the Cambridges in the 1950s, 1960s, and 1970s featured the English neo-Ricardians against the American neoclassicals. Taking the production function approach to be definitive of production economics, the neo-Ricardians relentlessly picked at its logical limits in an effort to discredit it and seem to have been largely successful in this. But what they gained in logical consistency, they arguably lost in relevance. Both the Cambridges implicitly assumed a Ricardian equilibrium world in which the “rate of profit” was uniformly equal to the rate of interest. From the perspective of a technologically dynamic market economy, both approaches would appear to be largely irrelevant.

--Peter Lewin, introduction and outline to Capital in Disequilibrium: The Role of Capital in a Changing World, 2nd ed. (Auburn, AL: Ludwig von Mises Institute, 2011), 10.