First published in 1977, David Levine's Econom ic Studies offers a critique and reconstruction of the theoretical conception of economic life. The premise of the study is that only an investigation of the system of elementary economic relations - value, capital, production - can overcome the confusion and misdirection which baffles progress in all areas of economic theory, and lay the foundation for further development of economic science.
Levine discusses both the origins of economic science and the character of contemporary economic thought. He presents a critique of the ideas of classical political economy and of the notion of a 'labor theory of value' which excludes the possibility of a science of economic relations.
Part 1: The Origins of Economic Science 1. The Science of Wealth 2. Adam Smith: Division of Labour, Capital, and Exchange 3. David Ricardo: Value and Capital 4. The World of Capital 5. The Specificity of Classical Political Economy Part 2. The Character of Contemporary Economic Thought 6. The Allocation of Resources 7. Problems in the Theory of Production 8. Foundations of Macroeconomics 9. Economy and Society