By Mark Blaug
ISBN-10: 0521571537
ISBN-13: 9780521571531
This can be a background of financial proposal from Adam Smith to John Maynard Keynes--but it's a heritage with a distinction. first of all, it's heritage of financial idea, no longer of financial doctrines. Secondly, it comprises unique Reader's courses to 9 of the key texts of economics within the attempt to motivate scholars to turn into familiar first and foremost hand with the writings of the entire nice economists. This 5th version provides new Reader's publications to Walras' parts of natural Economics and Keynes' common idea of Employment, curiosity and cash in addition to significant additions to the chapters on marginal productiveness thought, basic equilibrium thought and welfare economics.
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Example text
Actually, it can never be unsatisfied. ) This may also help to explain why it has also been so difficult, and in any case artificial, to insert Keynes' contributions on effective demand into the Walrasian model. Actually, the importance of Keynes' theory of effective demand can be truly understood and properly evaluated only if it is explicitly considered within a production model. A pure labour production economy 25 capital goods are necessary. 5); that is, the entire economic system is inter-related, and truly forms a 'system', because of the effects of overall effective demand.
We may notice that there is a complete separation of the physical quantity system and the price system. These two systems of equations can be solved independently of each other - a characteristic that should be further investigated. 7), concerning the price system, one sees that prices turn out to be proportional to labour coefficients: quantities of labour are multiplied by the wage rate. One can immediately feel here an unmistakable classical flavour; a result after all quite obvious. In a system in which the only factor of production is labour, prices cannot but be proportional to quantities of labour.
The natural wage rate thus expresses a synthesis of the characteristics of technology and of the characteristics of consumption choices of the economic system considered as a whole. 7. 6 It is useful to note that, in the present theoretical scheme, all technical inter-industry relations have been left aside ex-hypothesi. No inter-industry relation is considered, no intermediate commodity is supposed to exist, no 6 Incidentally, it will be noted that this macro-economic condition does not emerge from any of the neo-classical models used to represent an economic system.
Economic Theory in Retrospect by Mark Blaug
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