Property and Prices
Cambridge University Press, 10/6/1994
EAN 9780521419031, ISBN10: 0521419034
Hardcover, 256 pages, 22.9 x 15.2 x 1.6 cm
Language: English
This book provides the missing theoretical link between Sraffa's Production of Commodities by Means of Commodities and Debreu's Theory of Value. Its thesis is that both classical and neoclassical value theory operate through arbitrage and speculation in the financial markets. Key among those markets is the bourse or stock market. Once a stock market is incorporated into general-equilibrium theory, the classical analysis of value (àla Ricardo, Marx and Sraffa) and the neoclassical theory of price (descending from Walras, Hicks and Arrow-Debreu) can be seen to possess the same mathematical structure. Thus the theory of arbitrage pricing in financial markets is capable of bringing together the two great rival schools of economic thought.
Introduction
Part I. Reproducible Resources
1. Von Neumann I
A basics-only economy
2. Stockmarket arbitrage, intertemporal price coordination, and the Arrow-Debreu model
some theoretical issues
3. Other Von Neumann models
basics and nonbasics
4. Marx-Sraffa
labor and the struggle over the surplus
Part II. Primary Resources
5. Ricardo
basics, nonbasics and land
6. Ramsey-Slow-Uwaza
basics, nonbasics and primary labor
7. Walras and capital
basics-only economies with multiple primary resources
8. Walras and exchange
nonbasics only economies with multiple primary resources
Appendices.