By Peter M Lichtenstein
Peter M. Lichtenstein believes that any social-economic conception of capitalism needs to commence with a thought of worth and cost. brushing aside the neoclassical institution, he turns to post-Keynesian and Marxian economics with their coherent and constant theories of worth and cost in response to concrete aim situations. the advance of those theories within the author’s target simply because he believes that this method comes a lot nearer than neoclassical idea to shooting 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 heritage of financial suggestion, 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
Market supply increases, and the market price will then return to its original natural level. The opposite will occur if market demand were to initially falJ. In this way the market supply and demand always tend to drive market prices toward their natural levels. The distinction between these two kinds of price was indicative of Smith's concern with the harmful effects of monopoly power and of government intervention in society's productive activity. These are re- 32 TWO 1:4LUETRADITIONS garded as unnatural, or artificial, obstacles to the smooth functioning of the economy, and they result in prices that remain well above or below their natural levels.
4B David Ricardo's theory of value David Ricardo continued the effort to develop an objective theory of value. Like Adam Smith, he attempted to explain and measure value by focusing on the actual conditions of production. It was therefore the expenditure of human labor in the process of production which, to Ricardo, conferred value on commodities. Unlike Smith, however, Ricardo developed a labor-embodied theory of value and rejected the labor-commanded version. The amount of society's labor time allocated to the production of a commodity was the true source of value and also the best (although imperfect) measure of value.
The relevant transactions occur in output markets for these commodities. Revenues from these sales return to business and industry for continued production and accumulation. 2 clearly differs from, and goes beyond, the exchange orientation of neoclassical economics. 2 Post-Keynesian/Marxian Circular Flow Firms 20 COMPETING TRADITIONS that resource allocation is only one of several concerns regarded as important. Other concerns include class structure, class conflicts over the production and distribution of society's surplus output, etc.