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Book synopsis

This book presents an in-depth, novel, and mathematically rigorous treatment of the modern classical theory of structure and dynamics of prices and income distribution. That treatment is based on the spectral analysis of the price profit wage rate system. Furthermore, the book subjects that theory to empirical testing to show its logical consistency and explanatory content with respect to observed phenomena and to reveal its relevance to some economic policy issues. In this context, there is an examination of the trajectories of relative prices when the distributive variables change, both theoretically and empirically, using actual input output data from a number of quite diverse economies. It is suggested that the actual economies do not behave like the parable of a one-commodity world of the old, neoclassical capital theory or, with some exceptions, of the new (endogenous) growth literature, both of which theorize the relative scarcities of commodities as the fundamental determinants of relative prices and their movement.

Book details

Book category Books in English Economics, finance, business & management Economics Economic theory & philosophy

• Full title: Modern Classical Economics and Reality
• Subtitle: A Spectral Analysis of the Theory of Value and Distribution
• Author: Theodore Mariolis, Lefteris Tsoulfidis
• Language: English
• Binding: Hardback
• Number of pages: 242
• EAN: 9784431550037
• ISBN: 4431550038
• ID: 02582732
• Publisher: Springer Verlag, Japan
• Weight: 553 g
• Dimensions: 166 × 244 × 20 mm
• Date of publishing: 14. January 2016

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