This chapter argues that modern readers can benefit from studying the classics today, because the classical approach to studying an economic system in motion under a cumulative process of division of labour offers a superior starting point for analysing salient properties of capitalist market...

Cover -- Half Title -- Title Page -- Copyright Page -- Dedication -- Table of Contents -- List of Figures -- List of Tables -- List of Information Boxes -- Preface -- 1. Distributive Justice -- 2. Right-Liberalism/Hayek -- 3. Left-Liberalism/Rawls -- 4. Libertarianism/Nozick -- 5. Socialism/G.A....

We treat an extension of the Metcalfe and Steedman model of growth and distribution in a small open economy with government activity. We show, simultaneously, that certain kinds of taxation and government expenditures will not affect the essential nature of the “Cambridge Equation.” This is...