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Classical Political Economics and Modern Capitalism

Theories of Value, Competition, Trade and Long Cycles

Lefteris Tsoulfidis author Persefoni Tsaliki author

Format:Hardback

Publisher:Springer Nature Switzerland AG

Published:20th Sep '19

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Classical Political Economics and Modern Capitalism cover

This book promotes an in-depth understanding of the key mechanisms that govern the functioning of capitalist economies, pursuing a Classical Political Economics approach to do so. It explores central theoretical issues addressed by the classical economists Smith and Ricardo, as well as Marx, while also operationalizing more recent theoretical developments inspired by the works of Sraffa and other modern classical economists, using actual data from major economies.

On the basis of this approach, the book subsequently provides alternative explanations for various microeconomic issues such as the determination of equilibrium prices and their movement induced by changes in income distribution; the dynamics of competition of firms within and between industries; the law of tendential equalization of interindustry profit rates; and international exchanges and transfers of value; as well as macroeconomic issues concerning capital accumulation and cyclical economic growth.

Given its scope, the book will benefit all researchers, students, and policymakers seeking new explanations for observed phenomena and interested in the mechanisms that give rise to surface economic categories, such as prices, profits, the unemployment rate, interest rates, and long economic cycles.

“The text has been used in lecture courses. … this is a thought-provoking and serious book, to be recommended for students as an introduction to CPE and for all economists interested in the theory of value and accumulation.” (Bertram Schefold, OEconomia, Vol. 11 (2), 2021)

ISBN: 9783030179663

Dimensions: unknown

Weight: unknown

456 pages

1st ed. 2019