During the last fifteen years certain very fundamental aspects of economic theory have been very actively debated. The debate has often been called the Cambridge controversy, since the main parti cipants in the debate come from Cambridge, USA and Cambridge, Eng land. In this debate certain important foundations of economic theory have been criticized which are specifically important for understand ing price formation and income distribution. An important starting point has been Sraffa's extensions of Ricardo's theory and one has therefore sometimes called those neo-Ricardians, who have based...
During the last fifteen years certain very fundamental aspects of economic theory have been very actively debated. The debate has often been called th...
The basic idea behind this book is that in a market economy there is endless variety, people die and are born, new products and processes emerge and old ones disappear etc. Some firms grow others decline. Some people get high salaries others get unemployed. Opportunities, disasters and capabilities are to a large extent random. An economy has a certain amount of resources to divide among its members. These resources may vary over time but the rate of change is fairly small. The number of persons in society may also vary but the rate of change is limited. For a society such as the one...
The basic idea behind this book is that in a market economy there is endless variety, people die and are born, new products and processes emerge and o...
