IDEAS home Printed from https://ideas.repec.org/a/vep/journl/y2014v122i2p179-194.html
   My bibliography  Save this article

Necessary prices and necessary income distribution in classical political economy. A bridge with the notions ‘just’ prices and ‘just’ wage

Author

Listed:
  • Enrico Bellino

    (Istituto di teoria economica e metodi quantitativi, Università Cattolica del Sacro Cuore, Largo Gemelli 1, 20123 Milano, Italy)

Abstract

Production prices are those exchange-values which, if adopted, put each industry in the conditions to repeat its production process. In this sense they appear as necessary prices. This notion is here compared with that of ‘just’ price, studied by the older moral philosophers (more so than by economists). Production prices appear thus as that concept that comes closer to the notion of just price. On similar grounds, some recent results, which have emerged within the classical and post-Keynesian approaches, have been employed here to envisage the elements that characterize a ‘necessary’ income distribution configuration and a ‘necessary’ level of the rate of interest.

Suggested Citation

  • Enrico Bellino, 2014. "Necessary prices and necessary income distribution in classical political economy. A bridge with the notions ‘just’ prices and ‘just’ wage," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 122(2), pages 179-194.
    • Handle: RePEc:vep:journl:y:2014:v:122:i:2:p:179-194
    as

    Download full text from publisher

    File URL: http://riss.vitaepensiero.it/scheda-articolo_digital/enrico-bellino/necessary-prices-and-necessary-income-distribution-in-classical-political-economy-a-bridge-with-the-notions-just-prices-and-just-wage-000518_2014_0002_0179-234842.html
    Download Restriction: Yes
    ---><---

    More about this item

    Keywords

    Production prices; Necessary prices; Just price; Modern classical approach; Normative analysis; Necessary income distribution; Necessary rate of interest;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vep:journl:y:2014:v:122:i:2:p:179-194. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Vep - Vita e Pensiero (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.