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The Theory of Value and Distribution in Economics

Discussions between Pierangelo Garegnani and Paul Samuelson

By Pierangelo Garegnani, Paul Samuelson

Edited by Heinz D. Kurz

Routledge – 2012 – 146 pages

Series: Routledge Studies in the History of Economics

Purchasing Options:

  • Add to CartHardback: $145.00
    978-0-415-51959-5
    July 19th 2012

Description

This new volume explores two alternative economic theories – the classical theory and the marginalist or neoclassical theory- through a discussion between two eminent economists, Pierangelo Garegnani and Paul Samuelson.

The key themes of the volume are the difference in approaches to the explanation of the distribution of income and relative prices, and therefore different approaches to all other economic problems, in particular capital accumulation and economic growth. The book discusses whether there is a ‘classical’ approach to the theory of value and distribution at the core of economic theory that is fundamentally different from the later marginalist or neoclassical theory. In the volume, the late Pierangelo Garegnani argues for the validity of Piero Sraffa’s position on this issue, whilst the late noble laureate Paul Samuelson vehemently contests it.

At a time of economic crisis, the future of the discipline is far from certain, and so it is extremely important to bring these debates back into the light, by reproducing them together for the first time. A comprehensive introduction by Heinz Kurz sets the debate in this context, and provides crucial background to the arguments.

Contents

I. Introduction Heinz Kurz 2. Sraffa's Hits and Misses P.A. Samuelson 3. Professor Samuelson on Sraffa and the Classical Economists P. Garegnani 4. Classical and Neoclassical Harmonies and Dissonances P.A. Samuelson. 5.Samuelson's Misses; A Rejoinder P. Garegnani 6. Index

Author Bio

Heinz D. Kurz is Professor of Economics at the University of Graz, Austria

Name: The Theory of Value and Distribution in Economics: Discussions between Pierangelo Garegnani and Paul Samuelson (Hardback)Routledge 
Description: By Pierangelo Garegnani, Paul SamuelsonEdited by Heinz D. Kurz. This new volume explores two alternative economic theories – the classical theory and the marginalist or neoclassical theory- through a discussion between two eminent economists, Pierangelo Garegnani and Paul Samuelson. The key themes of the...
Categories: Economic Theory & Philosophy, History of Economic Thought, Political Economy, Economics