By Peter M Lichtenstein
Peter M. Lichtenstein believes that any social-economic concept of capitalism needs to start with a thought of worth and value. disregarding the neoclassical university, he turns to post-Keynesian and Marxian economics with their coherent and constant theories of price and cost according to concrete goal situations. the improvement of those theories within the author’s target simply because he believes that this strategy comes a lot nearer than neoclassical conception to taking pictures the essence of a capitalism economic system.
This publication, first released in 1983, is addressed to economics scholars, in particular to these learning microeconomics or the heritage of financial proposal, and to economists looking an outline of those issues.
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Extra resources for An Introduction to Post-Keynesian and Marxian Theories of Value and Price
The variables of the equations will be the equilibrium prices of all outputs, the equilibrium prices of all factor inputs, the quantities of output purchased, and the quantities of each factor input allocated to each of the productive activities. Solution of these equations gives us a set of equilibrium market prices which will equilibrate supply and demand in all markets. In other words, if all exchanges take place at these equilibrium prices then supply will equal demand, and all markets will clear.
This paradigm also has a multidisciplinary approach since it includes concepts traditionally belonging to sociology and political science. 3C Key theoretical elements ofpost-Keynesian/Marxian economics The post-Keynesian/Marxian paradigm rests firmly on a theoretical foundation which consists of (1) a theory of value and price; (2) a theory of distribution; and (3) a theory of capital accumulation, or investment. 3C(l) Value and price. In neoclassical economics the value of commodities is determined in the minds of individual market participants.
2: The right-hand box represents all firms. The left-hand triangle represents the THE POST-KEYNESIAN/MARXIAN ALTERNATIVES 19 social pyramid. This pyramid includes unemployed workers at the very bottom, the working class in the center, and the capitalist owning class at the top. Some upward and downward mobility is shown by the vertical arrows within the triangle. Wage income accrues to the working class; profit income accrues to the capitalist class. The financial markets gather the accumulated savings from the capitalist class and distribute these savings to industry for expansion.