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Economic Theory and Economic Thought
This collection contains wide ranging contributions from distinguished authorities in economics, reflecting on Ian Steedman's work on time, international trade, capital theory and prices and growth and distribution.
Wrestling with Time
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The Value Controversy
One of the fruits of the revival of socialist economic theory over the past decade has been a wide-ranging debate about the validity of Marx’s labour theory of value. At the heart of the discussion stands the theoretical work of Piero Sraffa and the conclusions drawn from it by such economists as Ian Steedman. Initially confined to a relatively narrow circle of specialists, the controversy about value theory has since spread to wider circles of the left. But although general awareness that the stakes of the dispute are of concern to all socialists is now extensive, understanding of the issues involved has remained more restricted than need be. This volume presents, for the first time, a comprehensive yet accessible overview of the discussion. The essays discuss not only the value debate itself, but also its relevance to such issues as capitalist crisis, the theory of exploitation, and historical materialism. Comprehensible to the non-specialist, but without sacrificing rigour or oversimplifying the issues, the articles assembled here offer a definitive summary of the current state of one of the crucial aspects of Marxist thought.
Consumption Takes Time
Standard economic theory of consumer behaviour considers consumers' preferences, their incomes and commodity prices to be the determinants of consumption. However, consumption takes time and no consumer has more - or less - than 168 hours per week. This simple fact is almost invisible in standard theory, and takes the centre stage in this book.
Sraffian Economics
In 1960, Piero Sraffa's Production of Commodities by Means of Commodities considered the fundamental issues that had been ignored in some existing theories of capital, value and distribution, and by doing so he laid the foundations for a critique of the marginal theory of value and distribution. The papers in these volumes both introduce the reader to the central themes of Sraffa's book and provide the detailed critique for which Sraffa paved the way.
Full Industry Equilibrium
This original book develops a systematic zero-net-profit comparative statics theory to shed new light on the microeconomics of industry equilibrium.
From Exploitation To Altruism
"Ricardo, Marx, Jevons and Wicksteed all feature prominently in the following twelve essays - and, indeed, a number of other economists of the past, from Cantillon onwards, will be found to play a role. Nevertheless, these essays do not, for the most part, constitute history of thought for the genuine historian of thought; they are, rather, attempts to broach more general issues via a tolerably close study of particular texts. The first six essays concern issues in classical political economy, particularly - though not exclusively - that of Ricardo and Marx. The previously unpublished essay 7 provides a bridge to the second half of the volume, discussing Wicksteed's first work in political e...
