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Two perspectives on the price system are examined, as a method of valuation represented by Walrasian equilibrium and as a means of appropriation represented by “perfectly competitive equilibrium.” The stronger requirements of perfectly competitive equilibrium emphasize that valuation is...
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We survey axiomatic results concerning the Shapley value (Shapley (1953)). This marginalist allocation rule results from an axiomatic study of the class of coalitional games. Shapley (1953) specifies a list of desirable properties of solutions for this class of games, and he shows that the...
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The present essay is the second in a series of three papers which examine alternative approaches to inflation. Here we identify some of the principal criticisms expressed against neoclassical views on price behaviour and business behaviour. These challenges grew from the early discovery of...
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The thesis offers a new framework for inflation as a process of restructuring. Contrary to existing theories of inflation, which tend to take structure and institutions as given for the purpose of analysis, we argue that inflation could be understood only in terms of ongoing structural and...
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economists have followed his lead, and embraced neo-classical economics or marginalism and 'forgot' its forerunner: Classical … Economic Theory (sometimes called the Labour Theory of Value). Until recently marginalism has held centre-stage. Things changed … however with the Cambridge Controversies and Sraffa's 1960 critique of marginalism. This 1960 intellectual knockout languished …
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marginalism. Far from exhibiting any substantive originality, the analysis owed a good deal to texts such as J. R. McCulloch …
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