Classical Political Economics and Modern Capitalism
Theories of Value, Competition, Trade and Long Cycles
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Beschreibung
This book promotes an in-depth understanding of the key mechanisms that govern the functioning of capitalist economies, pursuing a Classical Political Economics approach to do so. It explores central theoretical issues addressed by the classical economists Smith and Ricardo, as well as Marx, while also operationalizing more recent theoretical developments inspired by the works of Sraffa and other modern classical economists, using actual data from major economies.
On the basis of this approach, the book subsequently provides alternative explanations for various microeconomic issues such as the determination of equilibrium prices and their movement induced by changes in income distribution; the dynamics of competition of firms within and between industries; the law of tendential equalization of interindustry profit rates; and international exchanges and transfers of value; as well as macroeconomic issues concerning capital accumulation and cyclical economic growth.
Given its scope, the book will benefit all researchers, students, and policymakers seeking new explanations for observed phenomena and interested in the mechanisms that give rise to surface economic categories, such as prices, profits, the unemployment rate, interest rates, and long economic cycles.
This book promotes an in-depth understanding of the key mechanisms that govern the functioning of capitalist economies, pursuing a Classical Political Economics approach to do so. It explores central theoretical issues addressed by the classical economists Smith and Ricardo, as well as Marx, while also operationalizing more recent theoretical developments inspired by the works of Sraffa and other modern classical economists, using actual data from major economies.
On the basis of this approach, the book subsequently provides alternative explanations for various microeconomic issues such as the determination of equilibrium prices and their movement induced by changes in income distribution; the dynamics of competition of firms within and between industries; the law of tendential equalization of interindustry profit rates; and international exchanges and transfers of value; as well as macroeconomic issues concerning capital accumulation and cyclical economic growth.
Given its scope, the book will benefit all researchers, students, and policymakers seeking new explanations for observed phenomena and interested in the mechanisms that give rise to surface economic categories, such as prices, profits, the unemployment rate, interest rates, and long economic cycles.
Innovatively combines a political economics approach with empirical analysis Offers an alternative approach to important topics such as theory of price and international trade Provides mathematical and empirical evidence to support the views expressed
Autor*in
Lefteris Tsoulfidis
Themen in »Classical Political Economics and Modern Capitalism«
Equilibrium price Input-output economics Eigenvalue Labour theory of value Rate of profit Simple and expanded reproduction Growth and cycles Economic crisis Competition dynamic Transformation problem
Stimmen zu »Classical Political Economics and Modern Capitalism«
“The text has been used in lecture courses. … this is a thought-provoking and serious book, to be recommended for students as an introduction to CPE and for all economists interested in the theory of value and accumulation.” (Bertram Schefold, OEconomia, Vol. 11 (2), 2021)
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