Production Prices and Proportions Revisited

Ernő Zalai

Chapter 17 in Prices, Growth and Cycles, 1997, pp 280-301 from Palgrave Macmillan

Abstract: Abstract Despite all ideological debates and disagreements economists tend to agree that the economic analysis and theories of Marx are very much in line with the mainstream of contemporary economic theories based on economic equilibrium analysis. As is well known, the controversial but quite powerful theoretical framework of equilibrium analysis has been introduced into economics and gradually modified during the last centuries under the strong influence of the general scientific revolution. The early contributors used it as a colorful metaphor to describe the emerging commercial society as a system of ‘natural freedom’, which fully recognizes the rights of individuals to pursue their self-interest and in which free competition (the invisible hand) reconciles these potentially conflicting interests to the best of the society.

Keywords: Wage Rate; Real Wage; Production Price; Dominant Eigenvalue; Labour Power (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-25275-6_17

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DOI: 10.1007/978-1-349-25275-6_17

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