Necessary prices and necessary income distribution in classical political economy. A bridge with the notions ‘just’ prices and ‘just’ wage

Enrico Bellino ()
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Enrico Bellino: Istituto di teoria economica e metodi quantitativi, Università Cattolica del Sacro Cuore, Largo Gemelli 1, 20123 Milano, Italy

Rivista Internazionale di Scienze Sociali, 2014, vol. 122, issue 2, 179-194

Abstract: Production prices are those exchange-values which, if adopted, put each industry in the conditions to repeat its production process. In this sense they appear as necessary prices. This notion is here compared with that of ‘just’ price, studied by the older moral philosophers (more so than by economists). Production prices appear thus as that concept that comes closer to the notion of just price. On similar grounds, some recent results, which have emerged within the classical and post-Keynesian approaches, have been employed here to envisage the elements that characterize a ‘necessary’ income distribution configuration and a ‘necessary’ level of the rate of interest.

Keywords: Production prices; Necessary prices; Just price; Modern classical approach; Normative analysis; Necessary income distribution; Necessary rate of interest (search for similar items in EconPapers)
JEL-codes: B12 B24 B51 D33 D46 E11 E25 E4 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:vep:journl:y:2014:v:122:i:2:p:179-194

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