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Openness versus Closedness in Classical and Neoclassical Economics

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  • Harvey Gram

Abstract

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.

Suggested Citation

  • Harvey Gram, 2003. "Openness versus Closedness in Classical and Neoclassical Economics," Review of Political Economy, Taylor & Francis Journals, vol. 15(3), pages 419-425.
  • Handle: RePEc:taf:revpoe:v:15:y:2003:i:3:p:419-425 DOI: 10.1080/09538250308433
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    References listed on IDEAS

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    1. Keen, Steve, 1993. "Use-Value, Exchange Value, and the Demise of Marx's Labor Theory of Value," Journal of the History of Economic Thought, Cambridge University Press, pages 107-121.
    2. Cartelier, Jean, 1991. "Marx's Theory of Value, Exchange and Surplus Value: A Suggested Reformulation," Cambridge Journal of Economics, Oxford University Press, vol. 15(3), pages 257-269, September.
    3. Samuelson, Paul A, 1971. "Understanding the Marxian Notion of Exploitation: A Summary of the So-Called Transformation Problem Between Marxian Values and Competitive Prices," Journal of Economic Literature, American Economic Association, pages 399-431.
    4. Lipietz, Alain, 1982. "The so-called "transformation problem" revisited," Journal of Economic Theory, Elsevier, vol. 26(1), pages 59-88, February.
    5. Samuelson, Paul, 2012. "Understanding the Marxian Notion of Exploitation: A Summary of the So-CalledTransformation Problem Between Marxian Values and Competitive Prices," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, pages 182-202, August.
    6. Samuelson, Paul A, 1974. "Insight and Detour in the Theory of Exploitation: A Reply to Baumol," Journal of Economic Literature, American Economic Association, pages 62-70.
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