The Theory of Value, Capital, and Interest: A New Approach

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Edward Elgar, 1995 - Political Science - 281 pages
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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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Methodological considerations
The model

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About the author (1995)

Horvat is Director of The Institute for Advanced Studies in Zagreb, Croatia.

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