By Peter M Lichtenstein
Peter M. Lichtenstein believes that any social-economic concept of capitalism needs to start with a conception of price and cost. disregarding the neoclassical college, he turns to post-Keynesian and Marxian economics with their coherent and constant theories of price and cost in line with concrete target situations. the advance of those theories within the author’s objective simply because he believes that this process comes a lot nearer than neoclassical idea to taking pictures the essence of a capitalism financial system.
This publication, first released in 1983, is addressed to economics scholars, in particular to these learning microeconomics or the background of monetary suggestion, 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
I. We assume a factory produces a certain kind of output, commodity A, with three inputs: machine X, raw materials, and labor. As before, the machine contains 360,000 hours of labor and lasts for 10 years; the labor content of the raw materials is 50 hours; and 50 hours of current labor are used to produce 20 units of output per day. The daily output then contains 100 hours of machine time, 50 hours of raw materials, and 50 hours of current labor. A single unit of output then contains 10 hours of labor.
Those who do not own the means of production are the workers and are obliged to work for the capitalist class. This approach is also premised on the assumption that a capitalist economy produces a surplus of output above and beyond the customary needs of the population. This surplus is the source of profit income. It is a residual which accrues to the capitalist class who owns the means of production. The existence of this surplus is an important source of conflict between social classes. The view that capitalism is best understood as a system of conflicting social relationships is in contrast to the neoclassical view that harmony among economic agents is the primary attribute of the capitalist system.
3C(2) Distribution theory. Income distribution in capitalism is determined by the interaction of social classes instead of by the private, individual decisions made by factor owners and firms. Because the class structure of capitalism is rooted in the social division between workers and capitalists, it is appropriate to speak of the distribution of income between these two classes. 2. Apart from the nature and history of class relations, the distribution of income between wages and profits is determined by savings and investment decisions.
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