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Neoclassical and Marxian Conceptions of Production

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  • Green, Francis

Abstract

Incorporating information deficiencies into the neoclassical paradigm has introduced some broad similarities with the Marxian analysis of the labor process. Both approaches predict the existence of a variety of contractual regimes and that workers with equal productivities can be adjudged unequal in the market place. And, while the Marxian approach sees unemployment as inevitable, the new neoclassical models also allow for equilibrium unemployment. These similarities, and areas of divergence, in the assessment of productive efficiency and welfare are explored. A crucial difference arises from the individualism of the neoclassical model, as opposed to the class approach in the Marxian model. Copyright 1988 by Oxford University Press.

Suggested Citation

  • Green, Francis, 1988. "Neoclassical and Marxian Conceptions of Production," Cambridge Journal of Economics, Oxford University Press, vol. 12(3), pages 299-312, September.
  • Handle: RePEc:oup:cambje:v:12:y:1988:i:3:p:299-312
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    Cited by:

    1. Marc Lavoie & Gabriel Rodriguez & Mario Seccareccia, 2004. "Similitudes and Discrepancies in Post-Keynesian and Marxist Theories of Investment: A Theoretical and Empirical Investigation," International Review of Applied Economics, Taylor & Francis Journals, vol. 18(2), pages 127-149.
    2. Harilaos Mertzanis, 2009. "Efficiency Wages, Inflation And Growth," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 34(2), pages 131-151, December.
    3. David Spencer, 2002. "Shirking the Issue? Efficiency wages, work discipline and full employment," Review of Political Economy, Taylor & Francis Journals, vol. 14(3), pages 313-327.
    4. Therese Jefferson & John King, 2001. ""Never Intended to be a Theory Of Everything": Domestic Labor in Neoclassical and Marxian Economics," Feminist Economics, Taylor & Francis Journals, vol. 7(3), pages 71-101.
    5. Andrew Trigg, 2002. "Using Micro Data to Test the Divergence between Prices and Labour Values," International Review of Applied Economics, Taylor & Francis Journals, vol. 16(2), pages 169-186.
    6. Elson, Diane, 1995. "Gender Awareness in Modeling Structural Adjustment," World Development, Elsevier, vol. 23(11), pages 1851-1868, November.

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