By Peter M Lichtenstein
Peter M. Lichtenstein believes that any social-economic thought of capitalism needs to commence with a thought of price and value. pushing aside the neoclassical college, he turns to post-Keynesian and Marxian economics with their coherent and constant theories of price and cost in response to concrete goal situations. the advance of those theories within the author’s objective simply because he believes that this procedure comes a lot nearer than neoclassical concept to taking pictures the essence of a capitalism economic system.
This ebook, first released in 1983, is addressed to economics scholars, particularly to these learning microeconomics or the background of monetary notion, and to economists looking an summary of those issues.
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Extra info for An Introduction to Post-Keynesian and Marxian Theories of Value and Price
In many important respects, therefore, Marx's labor theory of value is an expression of a social philosophy and not merely a tool with which to determine prices. Many people have been led astray in their treatments of Marx because they have failed to recognize this broader, philosophical aspect of his theory of value. 8 Essentially, the social philosophy of Marx rests on the following points. First, the essence of human society is its creative ability to transform its environment through production.
15 bushels per hour, the labor embodied remains at 300 and the labor command rises to 667. Since labor embodied is invariable, it would also appear to be a more suitable measure of value. 2 Labor-Commanded vs. 15 Total Wages (bushels) Surplus profits (bushels) 75 100 45 25 0 55 Labor Labor Embodied Commanded (hours) (hours) 300 300 300 400 300 667 Before we move on to Marx and the modern views of value, it is important to point out that Ricardo introduced another consideration into his labor theory of value.
By viable is meant the ability of an economic system to maintain itself over time. ' Second, because the neoclassical general equilibrium analysis begins with a given endowment of resources, nothing systematic can be said about where these resources carne from and how they are produced. Once again Walsh and Gram observe that [i]n a model of neoclassical allocation theory it is of no importance to distinguish inputs on the basis of the process by which they came into being ... Indeed, the only historical fact that has any bearing on the analysis is that a given quantity of resources has come into existence and is now available at a point in time to be used in ways that may or may not have been anticipated when these resources were produced.
An Introduction to Post-Keynesian and Marxian Theories of Value and Price by Peter M Lichtenstein