By Peter Kriesler, Claudio Sardoni
Peter Kriesler, Claudio Sardoni (eds.)
Geoff Harcourt has had a huge impression at the box of Post-Keynesian economics, not just in his learn but additionally in his educating. lots of Harcourts scholars have long past directly to make beneficial contributions during this box. This quantity brings jointly contributions from thirty such former scholars, now confirmed in educational associations around the globe. Their contributions specialize in issues very important to Harcourts paintings, touching upon:
· historical past of political financial system
· fiscal conception
· utilized research This paintings is a helpful addition to the literature of political economic system and a becoming tribute to a number one economist.
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Additional info for Keynes, Post-Keynesianism and Political Economy: Essays in Honour of Geoff Harcourt (Volume 3) (Routledge Frontiers of Political Economy)
De Marchi, N. Milgate and P. Newman (eds) The New Palgrave: A Dictionary of Economics, vol. 3, London: Macmillan. De Quincey, T. (1897) The Collected Writings of Thomas De Quincey, vol. IX, edited by David Masson, Soho: Black. De Vivo, G. (1981) ‘John Stuart Mill on value’, Cambridge Journal of Economics, 5 (1): 67 – 9. ——(1984) Ricardo and His Critics: A Study of Classical Theories of Value and Distribution, Studi e Ricerche dell’Istituto Economico, no. 23, Facoltà di Economia e Commercio, Università degli Studi di Modena.
They stop the prices of material goods from dropping towards, or falling below their costs of production. The crucial issue is the same as the saving and investment approach—the determination of the price level and rate of profit. Since landlords have a much higher propensity to consume services than do capitalists, the optimal ratio of productive to unproductive labour can be regarded as merely a transformation of the ratio of profits to rents which yields the highest profit rate in Equation (10).
4) so that the marginal product dY/dE and equilibrium rent Req are: (5) (6) If output and employment are taken as given then rent is technologically given and our problem is only how to divide the product net of rent between wages and THE RICARDO-MALTHUS DEBATE 27 profit. This is done by setting saving equal to investment where we substitute for π according to:5 (7) so we have: (8) or (9) Saving propensities and technology determine the distribution of output and its rate of growth, since the profit rate determines the rate of investment.
Keynes, Post-Keynesianism and Political Economy: Essays in Honour of Geoff Harcourt (Volume 3) (Routledge Frontiers of Political Economy) by Peter Kriesler, Claudio Sardoni