By Peter M Lichtenstein
Peter M. Lichtenstein believes that any social-economic thought of capitalism needs to commence with a conception of worth and cost. pushing aside the neoclassical institution, he turns to post-Keynesian and Marxian economics with their coherent and constant theories of worth and value in line with concrete target situations. the advance of those theories within the author’s goal simply because he believes that this process comes a lot nearer than neoclassical concept to taking pictures the essence of a capitalism financial system.
This e-book, first released in 1983, is addressed to economics scholars, particularly to these learning microeconomics or the historical past of monetary suggestion, and to economists looking an summary of those issues.
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Additional resources for An Introduction to Post-Keynesian and Marxian Theories of Value and Price
Market exchange is always mutually advantageous to all participants, so that any society organized by a market system is harmonious and benefits all concerned. The neoclassical vision therefore rests on the perceived freedom and harmony of the marketplace. Consumers are free to choose how to dispose of their incomes; businesses are free to decide what to produce and how to produce; workers are free to choose for whom to work and what occupation to pursue. The free market therefore allows economic freedom to be exercised and, because free exchange is always mutually advantageous, everyone benefits.
It was the center of gravity around which market prices fluctuated. This natural price was, therefore, different from the market price. The market price of a commodity was determined by given supply and demand conditions at a certain moment in time, and in the short run could be expected to differ from the natural level. In the long run, however, the marketplace would tend toward its natural level in a freely competitive market. One way of showing how such a mechanism works is to assume that at a given point in time the market price and natural price for a commodity are equal.
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.
An Introduction to Post-Keynesian and Marxian Theories of Value and Price by Peter M Lichtenstein