Openness versus Closedness in Classical and Neoclassical Economics

Harvey Gram

Review of Political Economy, 2003, vol. 15, issue 3, 419-425

Abstract: In contrast to Neoclassical general equilibrium theory, the Classical theory of value is open with respect to both the distribution of income and the composition of output. For this reason, a Sen-inspired theory of capabilities, insofar as it can be used to explain or determine income distribution and output composition, finds a natural home within the Classical theory of value.

Date: 2003
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DOI: 10.1080/09538250308433

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