The essays in this volume, first published in 1989, seek to re-examine an important area of economic theory: value and distribution. In a sustained and analytical critique, two principle methodological approaches are compared and distinguished: the Classical or ‘surplus-based’ theories and the demand-and-supply-based equilibrium (DSE) theories. Although the essays are primarily concerned with value and distribution, the critique necessarily extends to the theory of output and employment, and in general, to the theory of trade and accumulation. The book will be an invaluable reader for students of economic thought, capital theory and Marxian political economy.
Table of Contents
Acknowledgements; 1. Introduction 2. Adam Smith’s Political Economy 3. Ricardian Theory and Ricardianism 4. On a Controversy over Ricardo’s Theory of Distribution 5. Sraffa’s Ricardo 6. The Subversion of Classical Analysis: Alfred Marshall’s Early Writing on Value 7. Marshall on Pigou’s Wealth and Welfare 8. Maurice Dobb’s Critique of Theories of Value of Distribution 9. On Certain Theoretical Issues in Classical Political Economy 10. Sraffa’s Return to Classical Theory 11. On the Maximum Number of Switches between Two Production Systems 12. On Effective Demand: Certain Recent Critiques 13. Piero Sraffa: The Man and the Scholar – A Tribute; Index