Overview

This book presents a comprehensive account of more than 230 years of theoretical controversy on the classical theory of value since the publication of the Wealth of Nations. It is a close reading of the four classics--Adam Smith's Wealth of Nations, Ricardo's Principles, Marx's Capital and Sraffa's Production of Commodities. While introducing new, controversial interpretations of the theories of value found in the four classics, the book simultaneously shows new light on some old questions such as: Does demand (the subjectivity of the human agent or the human psychology) play any role in the determination of value in classical theory? Do classical economists determine the distribution of income within the context of prices and resource allocation? The book is somewhat unique in its organization as it first presents the author's reading of the four classics and then critically engages with the major alternative interpretations and criticisms of the theories discussed in these throughout the history.

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9780415563208

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Ajit Sinha is an economist based in France.

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