By Peter M Lichtenstein
Peter M. Lichtenstein believes that any social-economic idea of capitalism needs to commence with a idea of worth and cost. disregarding the neoclassical tuition, he turns to post-Keynesian and Marxian economics with their coherent and constant theories of worth and value in accordance with concrete target conditions. the advance of those theories within the author’s objective simply because he believes that this procedure comes a lot nearer than neoclassical conception to taking pictures the essence of a capitalism financial system.
This booklet, first released in 1983, is addressed to economics scholars, specifically to these learning microeconomics or the heritage of monetary notion, 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
2 Labor-Commanded vs. 15 Total Wages (bushels) Surplus profits (bushels) 75 100 45 25 0 55 Labor Labor Embodied Commanded (hours) (hours) 300 300 300 400 300 667 Before we move on to Marx and the modern views of value, it is important to point out that Ricardo introduced another consideration into his labor theory of value. This consideration entailed the effect on value of a change in wages. , plant and equipment). Moreover, the durability of the fixed capital used in different industries may also be expected to vary significantly.
Note well that according to this view workers are assumed to spend all their income, saving nothing. Capitalists are the only savers in this model. The workers' income is spent on necessities (broadly defined) and the portion of the capitalists' income that is not saved is spent on necessities and luxuries. 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.
The capitalists and landlords did not actually contribute directly to production. The amount so accumulated could then put more workers to work. The labor command theory of value, then, was an indirect measure of this accumulation process, since the capitalists' fund would over time be able to command increasing amounts of labor. Now that Smith had located what he believed to be the best measure of value, he proceeded to ask what it is that regulates its level at any point in time. That is, what determines the amount of labor which a commodity's natural price can command?
An Introduction to Post-Keynesian and Marxian Theories of Value and Price by Peter M Lichtenstein