Labor theory of value
About: Labor theory of value is a research topic. Over the lifetime, 757 publications have been published within this topic receiving 13902 citations. The topic is also known as: LTV.
Papers published on a yearly basis
•01 Jan 1968
TL;DR: A history of economic thought from Adam Smith to John Maynard Keynes is presented in the fifth edition of the Reader's Guide to Economics as discussed by the authors, which includes new Reader's Guides to Walras's Elements of Pure Economics and Keynes' General Theory.
Abstract: This is a history of economic thought from Adam Smith to John Maynard Keynes - but it is a history with a difference. Firstly, it is a history of economic theory, not of economic doctrines, that is, it is consistently focused on theoretical analysis, undiluted by entertaining historical digressions or biological colouring. Secondly, it includes detailed Reader's Guides to nine of the major texts of economics, namely the works of Smith, Ricardo, Mill, Marx, Marshall, Wickstead, Wicksell, Walras and Keynes, in the effort to encourage students to become acquainted at first hand with the writings of all the great economists. This fifth edition, first published in 1997, adds new Reader's Guides to Walras's Elements of Pure Economics (1871–74) and Keynes' General Theory to the previous seven Reader's Guides of other great books in economics. There are significant and major additions to six chapters.
01 Jan 1951
TL;DR: In the early 1970s, Sraffa as discussed by the authors published an 11-volume set of all of David Ricardo's published and unpublished writings and provided great insight into the early era of political economics by chronicling Ricardo's significant contributions to modern economics.
Abstract: David Ricardo was born in London in 1772. His father, a successful stockbroker, introduced him to the Stock Exchange at the formative age of fourteen. During his career in finance, he amassed a personal fortune, which allowed him to retire at the age of forty-two. Thereafter, he pursued a political career and further developed his economic ideas and policy proposals. A man of very little formal education, Ricardo arguably became, with the exception of Adam Smith, the most influential political economist of all time. Ricardo was the first economist to make extensive use of deductive reasoning and arithmetical models to illustrate the anticipated reactions to juxtaposed market forces and responsive human action. His modes of analysis have become identified with economics as an academic discipline. Like Smith, Ricardo believed that minimal government intervention best served an economy. His contributions to economics are numerous and include the theory of 'hard money' to hedge inflation, the law of diminishing returns, developed along with his close friend the classical economist T R Malthus, and the labour theory of value. One of Ricardo's most significant contributions to economics is the law of comparative advantage as applied to international commerce, which grew out of Adam Smith's division of labour and has become the central argument for free trade and open markets. It implies that countries best serve themselves when they trade with other countries abiding by their respective scales of efficiency. Besides being the most efficient method of international commerce, the comparative-advantage mode of trade also encourages international stability through multilateral business interests and global interdependencies. As Frederic Bastiat, the French journalist and politician, wrote, "If goods do not cross borders, armies will.". Throughout the years, several economists have elaborated on fundamental Ricardo themes and developed compelling theorems. Using Ricardo's assertions about the interrelationships among capital, labor, output, and investment, the Nobel laureate F A Hayek posed the Ricardo effect, a retort to John Maynard Keynes's accelerator principle. Robert Barro of Harvard University used Ricardo's equivalence theorem to argue that the distinction between government taxing its citizens or deficit spending on credit is inconsequential to the long-term aggregate economy. Gordon Tullock, one of the founders of the public choice school, built upon Ricardo's rent theory to explain his "rent-seeking" phenomenon, which illuminates the inequitable and monopolistic distribution of excessive gains derived through discriminate government subsidies. This 11-volume set contains all of Ricardo's published and unpublished writings, and provides great insight into the early era of political economics by chronicling Ricardo's significant contributions to modern economics. The edition has been widely acclaimed as the best example, prior to the Glasgow edition of Adam Smith's writings, of scholarly editing applied to the work of an economist. It contains a general index and includes four volumes dedicated to his personal correspondence with such economic luminaries as Malthus, Jean-Baptiste Say, and James Mill, the father of John Stuart Mill. Complete sets of the edition have not been available for many years. This publication is an affordable paperback version of the hardcover edition prepared under the auspices of the Royal Economic Society by Piero Sraffa and printed by Cambridge University Press in 1951-1973.
29 Jun 1973
Abstract: 1. Introductory: on ideology 2. Adam Smith 3. David Ricardo 4. The reaction against Ricardo 5. John Stuart Mill 6. Karl Marx 7. 'The 'Jevonian Revolution' 8. Rekindling of debate 9. A decade of high criticism Note to chapter 9 Index.
TL;DR: In this paper, an alternative approach to accounting based on ideas from political economy is explored using evidence from an empirical study of a multinational enterprise, and it is shown that accounting relies on marginalism for its theoretical foundations and that those foundations are fallacious.
Abstract: For over a century economics has been dominated by two theoretical positions: classical political economy and the neo-classical economics of marginalism. From these two paradigms have come the major theories of value: the labor theory and the marginalists theory of value. Until recently marginalism has held the center of the stage, however since the Cambridge Controversies and Piero Sraffa's critique of marginalism there has been a revival of interest in classical political economy. One outcome is clear from the Cambridge debates: in so far as accounting relies on marginalism for its theoretical foundations then those foundations are fallacious. This paper reviews some of the controversies and illustrates how accounting ideas are affected by the critique of marginalism. An alternative approach to accounting (based on ideas from political economy) is then explored using evidence from an empirical study of a multinational enterprise.
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