The Theory of Value, Capital and Interest: A New Approach

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Overview

In The Theory of Value, Capital and Interest, Branko Horvat puts forward a new economic theory, relevant to real-world economics. This radical and innovative book deals with the economy as a system which includes producers, consumers and a social regulating agency, rather than simply as an aggregate of individuals. Beginning with an essay on economic methodology which analyses the underpinnings of neoclassical economics, the author presents a two-sector canonical model which is used to establish equilibrium ...
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Overview

In The Theory of Value, Capital and Interest, Branko Horvat puts forward a new economic theory, relevant to real-world economics. This radical and innovative book deals with the economy as a system which includes producers, consumers and a social regulating agency, rather than simply as an aggregate of individuals. Beginning with an essay on economic methodology which analyses the underpinnings of neoclassical economics, the author presents a two-sector canonical model which is used to establish equilibrium prices and quantities in a stationary and growing economy. This thesis distinguishes two sources of growthexpansion of the labour force and technological progress - and also discusses criteria for investment. Later chapters extend Professor Horvat's model to include joint production and rent, and present a general case which allows for many consumer and producer goods. By introducing a new economic paradigm - and in so doing offering a solution to the long-standing labour theory of value controversy - this book makes a series of important innovations and will be welcomed as a major contribution by neo-Ricardians, Marxists, post-Keynesians and critical neoclassicals.
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Product Details

  • ISBN-13: 9781858980553
  • Publisher: Elgar, Edward Publishing, Inc.
  • Publication date: 1/1/1995
  • Pages: 281
  • Product dimensions: 6.44 (w) x 9.24 (h) x 1.07 (d)

Table of Contents

List of figures
Preface
List of symbols
Pt. I Introduction
1 Methodological considerations 3
2 The model 33
3 Stationary economy 41
Pt. II Changing Economy I: Growth or Decrease of Labour Force
4 Two dynamic effects 49
5 Quantity and price equations 59
Pt. III Changing Economy II: Technological Progress
6 Once-and-for-all technological change 73
7 Continuous unembodied technological progress 84
8 Embodied technological progress 92
9 Evaluation of investment projects 102
Pt. IV The Choice of Techniques
10 Price-quantity duality 113
11 Technological frontier 146
Pt. V Extensions
12 Joint production 171
13 Rent 185
Pt. VI Generalizations
14 Many consumer goods 203
15 Many capital goods 213
16 The general case: many consumer and producer goods 228
Notes
References
Name index
Subject index
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