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.
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