Openness versus Closedness in Classical and Neoclassical Economics
In contrast to Neoclassical general equilibrium theory, the Classical theory of value is open with respect to both the distribution of income and the composition of output. For this reason, a Sen-inspired theory of capabilities, insofar as it can be used to explain or determine income distribution and output composition, finds a natural home within the Classical theory of value.
Volume (Year): 15 (2003)
Issue (Month): 3 ()
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