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This article challenges the notion that the modern general equilibrium theory of Arrow-Debreu is a rigorous formulation of neoclassical economics and that, by contrast, Sraffian and Marxian economics are not compatible with it. It shows that the standard Arrow-Debreu assumptions regarding the...
Persistent link: https://www.econbiz.de/10004968709
This article presents a critique of the solution of the Temporal Single System Marxism (TSS) for the problem of transforming values into prices, which establishes that values and prices are simultaneously determined in a sucession of periods of production and circulation; the value transferred...
Persistent link: https://www.econbiz.de/10004968743
This article shows that the law of value is axiomatic and constitutes the necessary foundation of the system of prices of production, explaining the double character of the commodities, which cost capital for capitalists and labor for workers and the society as a whole. It sustains that...
Persistent link: https://www.econbiz.de/10005029959