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Openness versus Closedness in Classical and Neoclassical Economics


  • Harvey Gram


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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