Understanding 'Classical' Economics: Studies in Long Period Theory

by Heinz D. Kurz, Neri Salvadori

Overview

The 'classical' approach to economic problems, which can be traced back to Adam Smith and David Ricardo, has seen a remarkable revival in recent years. The essays in this collection argue that this approach holds the key to an explanation of important present day economic phenomena. Focusing on the analytical potentialities of classical economics, the contributors illustrate how an important element of understanding its approach consists of developing and using its explanatory power.

Product Details

ISBN-13:	9780415757102
Publisher:	Taylor & Francis
Publication date:	02/27/2014
Series:	Routledge Studies in the History of Economics
Pages:	296
Product dimensions:	6.12(w) x 9.25(h) x (d)

About the Author

Heinz D Kurz (University of Graz, Austria Karl-Franzens-University Graz, Austria), Neri Salvadori (Universita degli Studi, Pisa)

Table of Contents

1 UNDERSTANDING ‘CLASSICAL’ ECONOMICS An introduction, Part I ‘Classical’ economics and modern theory 2 VON NEUMANN’S GROWTH MODEL AND THE ‘CLASSICAL’ TRADITION 3 ADAM SMITH ON FOREIGN TRADE A note on the ‘vent for surplus’ argument 4 ‘ENDOGENOUS’ GROWTH MODELS AND THE ‘CLASSICAL’ TRADITION 5 THE NON-SUBSTITUTION THEOREM Making good a lacuna Part II On Sraffa’s contribution 6 SRAFFA, MARSHALL AND THE PROBLEM OF RETURNS 7 THE ‘STANDARD COMMODITY’ AND RICARDO’S SEARCH FOR AN ‘INVARIABLE MEASURE OF VALUE’ 8 MORISHIMA ON RICARDO 9 PEACH ON RICARDO Part III On the labour theory of value 10 KARL MARX ON PHYSIOCRACY 11 NO RESWITCHING? NO SWITCHING! Part IV On the critique of neoclassical theory 12 ON CRITICS AND PROTECTIVE BELTS 13 ‘PRODUCTIVITY CURVES’ IN THE ACCUMULATION OF CAPITAL

Editorial Reviews

Essays in this collection argue that the classical approach to economic problems holds the key to an explanation of present-day economic phenomena. Focusing on analytical potentialities of classical economics, contributors illustrate the importance of the classical approach's explanatory power and discuss classical economics and modern theory, Sraffa's contribution, the labor theory of value, and the critique of neoclassical theory. Annotation c. by Book News, Inc., Portland, Or.

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