The background

.

Chapter 3 in Classical Economic Theory and the Modern Economy, 2020, pp 45-55 from Edward Elgar Publishing

Abstract: The chapter outlines the shifts in economic theory that have occurred since classical times, with an emphasis on the disappearance of the classical theory of value through the introduction of marginal analysis, along with the disappearance of the classical theory of the cycle and its replacement with Keynesian macro. Modern macro focuses on aggregate demand, while micro is a highly mathematized discussion of marginal utility, marginal revenue and marginal cost. Classical theory focused on the theory of the cycle as an entirely supply-side issue, while in relation to the theory of value classical theory based its understanding on the role of relative prices, with the focus on production costs in relation to the level of demand.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.elgaronline.com/view/9781786433565.00006.xml (application/pdf)
Our link check indicates that this URL is bad, the error code is: 503 Service Temporarily Unavailable

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:17468_3

Ordering information: This item can be ordered from
http://www.e-elgar.com

Access Statistics for this chapter

More chapters in Chapters from Edward Elgar Publishing
Bibliographic data for series maintained by Darrel McCalla ().