Marxian economics and classical general equilibrium theory

Author: Wang Lu
Publisher:
Publish Date: 2006-05-01
Features: The subject of research in this book is a purely theoretical issue. By reviewing the history of economic thought and elaborating on and analyzing the debates among various schools of thought—such as pre-classical scholars, the classical school, Marxist economics, neoclassicism, and the Cambridge school (including neo-Ricardo school)—on the fundamental theories of economics, including value and distribution theory, the core argument of this book is to demonstrate that the microfoundations of modern macroeconomics lie in the Marxian and classical general equilibrium theories, which are based on the study of real capitalist economic relations, rather than the neoclassical marginal productivity theory and its neoclassical general equilibrium models, which, as revealed by the "Cambridge capital controversy," present a series of logical paradoxes yet hold a dominant position in mainstream economics today.