Theoretical Basis to Embed the Real into the Financial: Production-Consumption Compromise vs Supply-Demand Paradigm

Volodymyr Ryaboshlyk

Chapter 6 in Crisis and Embodied Innovations, 2014, pp 71-126 from Palgrave Macmillan

Abstract: Abstract The “criterion of observability” that Kurz and Salvadori (2000) ascribe to Leontief spearheads the argument against the neoclassical theory relying on the non-observable utilities and preferences. We would lessen this strictness in the sense that if there is no way to go on without the non-observables, they should be introduced at least in a logically consistent manner. This will even improve a little their practical applicability.

Keywords: Marginal Producer; Relative Price; Demand Curve; Marginal Rate; Production Frontier (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-47707-1_6

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DOI: 10.1057/9781137477071_6

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