Download Keynes and the Classics: A Study in Language, Epistemology by Michel Verdon PDF

By Michel Verdon

Is there a language that is sufficient to explain our personal economic climate? during this quantity, Michel Verdon undertakes a path-breaking research of the 3 significant paradigms in economics: Marxian economics, neo-classical economics and Keynesian economics. each one of those, he argues, has an inherent cosmology, and in relation to either Marxian and neo-classical economics those restrict the improvement of a language which may correctly describe and examine an economic system.

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Additional resources for Keynes and the Classics: A Study in Language, Epistemology and Mistaken Identities (Routledge Studies in the History of Economics, 7)

Example text

The supply price, or ‘the price required to call forth the exertion necessary for producing any given amount of a commodity’ (1938:142) is a measure of an anticipated utility strong enough to conquer man’s natural resistance to labour or, to put it in marginalist terms, to surmount labour’s disutility, the latter being conceived in the real, psychological terms of human efforts (Lackman 1977:571; Shove 1942:141). But if the consumer’s demand price is ‘the price required to attract purchases for any given amount of a commodity’ (p.

Yes, in the framework of opportunity costs.

Let us temporarily leave aside all of them but exchange, which figures prominently in the very definition of economics’ object of study, namely ‘monetary exchange within a capitalist economy’. As an activity, what is exchange? It is a transaction whereby the holder of a given commodity obtains a commodity he does not have and wishes to acquire, by giving for it a commodity he possesses and which is desired by the holder of the commodity he himself covets. We have already found it to be a dyadic activity; of equal importance is the fact that it is, by definition, a bilateral activity, an instance of simultaneous reciprocal effective supply and demand.

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