Description
Book SynopsisIn
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 growth - expansion 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.
Trade Review'The book offers a solution to the long-standing labour theory of value controversy and will provoke much discussion.' -- Aslib Book Guide'. . . this book represents a step toward a better understanding of economic phenomena.'– Mario Amendola, Journal of Evolutionary Economics
Table of ContentsContents: Preface Part I: Introduction Part II: Changing Economy: The Growth or Decline of Labour Force Part III: Changing Economy: Technological Progress Part IV: The Choice of Techniques Part V: Extensions Part VI: Generalizations Notes References Indexes
