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The Theory of Value, Capital and Interest : A New Approach - Branko Horvat

The Theory of Value, Capital and Interest : A New Approach

Hardcover Published: January 1995
ISBN: 9781858980553
Number Of Pages: 296

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In The Theory of Value, Capital and Interest, Branko Horvat puts forward a new economic theory, relevant to real-world economics. This radical and innovative book deals with the economy as a system which includes producers, consumers and a social regulating agency, rather than simply as an aggregate of individuals.
Beginning with an essay on economic methodology which analyses the underpinnings of neoclassical economics, the author presents a two-sector canonical model which is used to establish equilibrium prices and quantities in a stationary and growing economy. This thesis distinguishes two sources of growthexpansion of the labour force and technological progress - and also discusses criteria for investment. Later chapters extend Professor Horvat's model to include joint production and rent, and present a general case which allows for many consumer and producer goods.
By introducing a new economic paradigm - and in so doing offering a solution to the long-standing labour theory of value controversy - this book makes a series of important innovations and will be welcomed as a major contribution by neo-Ricardians, Marxists, post-Keynesians and critical neoclassicals.

List of figures
List of symbols
Methodological considerationsp. 3
The modelp. 33
Stationary economyp. 41
Changing Economy I: Growth or Decrease of Labour Force
Two dynamic effectsp. 49
Quantity and price equationsp. 59
Changing Economy II: Technological Progress
Once-and-for-all technological changep. 73
Continuous unembodied technological progressp. 84
Embodied technological progressp. 92
Evaluation of investment projectsp. 102
The Choice of Techniques
Price-quantity dualityp. 113
Technological frontierp. 146
Joint productionp. 171
Rentp. 185
Many consumer goodsp. 203
Many capital goodsp. 213
The general case: many consumer and producer goodsp. 228
Name index
Subject index
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9781858980553
ISBN-10: 1858980550
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 296
Published: January 1995
Publisher: Edward Elgar Publishing Ltd
Country of Publication: GB
Dimensions (cm): 24.77 x 16.51  x 2.54
Weight (kg): 0.66

Earn 493 Qantas Points
on this Book