Property and Prices

Property and Prices

by Andre Burgstaller
     
 

ISBN-10: 0521419034

ISBN-13: 9780521419031

Pub. Date: 10/06/1994

Publisher: Cambridge University Press

Property and Prices shows arbitrage and speculation in the stockmarket to be a capitalist economy's most fundamental mechanism of price determination and resource allocation. Once a stockmarket is incorporated into general-equilibrium theory, the classical analysis of value (a la Ricardo, Marx and Sraffa) and the neoclassical theory of price (descending from Walras,…  See more details below

Overview

Property and Prices shows arbitrage and speculation in the stockmarket to be a capitalist economy's most fundamental mechanism of price determination and resource allocation. Once a stockmarket is incorporated into general-equilibrium theory, the classical analysis of value (a la Ricardo, Marx and Sraffa) and the neoclassical theory of price (descending from Walras, Hicks and Arrow-Debreu) can be seen to possess the same mathematical structure. The modern theory of arbitrage pricing in financial markets thus is capable of bringing together the two great rival schools of economic thought.

Product Details

ISBN-13:
9780521419031
Publisher:
Cambridge University Press
Publication date:
10/06/1994
Pages:
254
Product dimensions:
5.98(w) x 8.98(h) x 0.75(d)

Table of Contents

Introduction; Part I. Reproducible Resources: 1. Von Neumann I: A basics-only economy; 2. Stockmarket arbitrage, intertemporal price coordination, and the Arrow-Debreu model: some theoretical issues; 3. Other Von Neumann models: basics and nonbasics; 4. Marx-Sraffa: labor and the struggle over the surplus; Part II. Primary Resources: 5. Ricardo: basics, nonbasics and land; 6. Ramsey-Slow-Uwaza: basics, nonbasics and primary labor; 7. Walras and capital: basics-only economies with multiple primary resources; 8. Walras and exchange: nonbasics only economies with multiple primary resources; Appendices.

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