By Peter M Lichtenstein
Peter M. Lichtenstein believes that any social-economic conception of capitalism needs to start with a thought of price and value. brushing aside the neoclassical institution, he turns to post-Keynesian and Marxian economics with their coherent and constant theories of worth and value in keeping with concrete target situations. the advance of those theories within the author’s target simply because he believes that this procedure comes a lot nearer than neoclassical conception to shooting the essence of a capitalism economic climate.
This booklet, first released in 1983, is addressed to economics scholars, specifically to these learning microeconomics or the background of monetary idea, and to economists looking an outline of those issues.
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Additional info for An Introduction to Post-Keynesian and Marxian Theories of Value and Price
The answer to this question, as we shall see, depends entirely on one's approach to the value question. 2 Post-Keynesian/Marxian and neoclassical value theory The post-Keynesian/Marxian and neoclassical schools of thought differ markedly in their approach to value theory. So different are these approaches that they lead to entirely different opinions about the proper scope of economics. The currently dominant neoclassical theory of value asserts that the exchange value of commodities is subjectively determined and revealed in the marketplace, or the sphere of exchange.
However, identifying the social forces which ultimately determine the exchange value of goods, and hence the allocation of society's working activity, is no simple task. The single most important feature of a competitive market economy is the fact that no single individual or group is directly responsible for deciding exchange values. It appears as if an "invisible hand" makes these decisions and guides production in a certain direction. If these social forces, then, are hidden from view, how are we to identify them?
Each group relates to the other by way of market exchange. All economic agents are both buyers and sellers in this scheme and meet each other on an equal footing in the product and factor markets. In the factor market households exchange factors of production (land, labor, and capital) for income. Thus, the firms' input costs are equal to the households' income. The terms at which these factors of production are sold to business firms are established by the interaction of supply and demand in the market for these inputs.