By Peter M Lichtenstein
Peter M. Lichtenstein believes that any social-economic thought of capitalism needs to start with a concept of price and value. disregarding the neoclassical tuition, he turns to post-Keynesian and Marxian economics with their coherent and constant theories of worth and cost in keeping with concrete goal conditions. the advance of those theories within the author’s objective simply because he believes that this strategy comes a lot nearer than neoclassical concept to taking pictures the essence of a capitalism economic system.
This booklet, first released in 1983, is addressed to economics scholars, specially to these learning microeconomics or the historical past of financial idea, and to economists looking an outline of those issues.
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Extra info for An Introduction to Post-Keynesian and Marxian Theories of Value and Price
This attribute of people is well recognized and highly esteemed by society. Our readiness to express appreciation for workmanship and artistic accomplishment gives evidence to this view. Secondly, a capitalist economy is characterized by the existence of a large working class who owns none ofthe means of production and who must therefore work for someone else in order to earn a wage. In fact, the existence of such a class of people who must sell their labor as a commodity is the primary attribute of capitalism.
Plant and equipment). Moreover, the durability of the fixed capital used in different industries may also be expected to vary significantly. If the price of one hour of labor changes, then prices of outputs may change disproportionately, even if total labor time stays the same. A change in wages only affects current labor, not the labor already used in the past to produce the fixed capital. Hence, variations in the durability of capital goods among industries, and variations in capital-labor ratios among industries, result in prices that do not correspond to labor-time values.
In so doing, social problems such as poverty, unemployment, inflation, and imperialism are not seen as endemic to our economy but as aberrant and curable. 3A General overview It has already been suggested that the post-Keynesian and Marxian paradigms have their roots in the classical school of political economy. We are posing both of these paradigms as a single alternative to the 18 COMPETING TRADITIONS neoclassical orthodoxy. The reason for this association between postKeyesian and Marxian theories is that they each share a common concern for the kinds of problems and issues which the classical econo·· mists were also concerned with, and which the neoclassical school generally pays little attention to.