The Theory of Value, Capital, and Interest: A New Approach
In The Theory of Value, Capital and Interest, Branko Horvat puts forward a new economic theory, relevant to real-world economics. This radical and innovative book deals with the economy as a system which includes producers, consumers and a social regulating agency, rather than simply as an aggregate of individuals. Beginning with an essay on economic methodology which analyses the underpinnings of neoclassical economics, the author presents a two-sector canonical model which is used to establish equilibrium prices and quantities in a stationary and growing economy. This thesis distinguishes two sources of growthexpansion of the labour force and technological progress - and also discusses criteria for investment. Later chapters extend Professor Horvat's model to include joint production and rent, and present a general case which allows for many consumer and producer goods.
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analysis assumed capital coefficients capital intensity capital stock commodity composition of resources Consequently consumer consumption decrease demand depends depreciation determined distribution curve dual curve effect efficiency embodied labour empirical equal equilibrium evaluated factor factors of production final output full employment given gross investment implies income increasing function intensive margin interest rate labour coefficients labour force labour input labour prices labour productivity labour theory labour value land linear living labour machine industry macroeconomic marginal product matrix maximize neoclassical neoclassical economics number of machines number of workers numeraire organic composition output capacity output of machines plants possible price equations profit rate quantity equations rate of growth rate of profit real wage reduced relative prices remain unchanged remains constant rent rental rate replacement represents reswitching sector social Sraffian stationary economy switch points technical coefficients technological progress technology frontier terms of baskets unembodied value balances vintage wage curves zero