Production, Value and Income Distribution: A Classical-Keynesian Approach

This book investigates the relationship between wages, profits, values, and labor employment from a classical-Keynesian perspective, integrating Sraffa's reformulation of classical political economy with Keynesian theory of employment. It offers a unifying framework to describe the basic forces operating in capitalistic economies and identifies the main objectives to pursue in production economies to fully exploit their potential. It is a valuable resource for master-level economics courses and readers interested in developing a critical view of economics, political economy, and history of economic thought.

Format: Paperback / softback
Length: 256 pages
Publication date: 25 September 2023
Publisher: Taylor & Francis Ltd

This comprehensive book delves into the intricate relationship between wages, profits, values, and labor employment, drawing from a classical-Keynesian perspective. It begins with a foundational exploration of classical political economy, particularly the works of Smith, Ricardo, and Marx, which are skillfully reinterpreted in modern terms by Sraffa. This integration is then complemented with Keynesian theory of employment, offering a more suitable framework for understanding the complexities of contemporary economies.

In contrast to the mainstream "marginalist or 'neoclassical school," which dominates economic analysis, this approach aims to provide a deeper understanding of economic systems. It recognizes the need for critical assessments of the current state of economic research, stemming from its inability to effectively engage with and guide the workings of real-world economic systems. This work presents a potential unifying framework rooted in a rich tradition of economic thought, with the primary objective of describing the fundamental forces at play in capitalistic economies and identifying the key goals to pursue in production economies to maximize their potential.

One of the key insights of this classical-Keynesian analysis is its focus on the production of goods and services. It demonstrates how various factors characteristic of contemporary (post-)industrial societies can be comprehended in ways that traditional economic theory has struggled to explain. By expanding the scope of analysis beyond mere exchange, the book offers a fresh perspective on these societal dynamics.

This book is an essential resource for scholars, researchers, and policymakers seeking to gain a deeper understanding of the complex interplay between wages, profits, values, and labor employment. It provides a comprehensive and interdisciplinary approach, drawing upon insights from classical political economy, Keynesian theory, and other relevant fields. By offering a unifying framework for analyzing these interrelated factors, the book contributes to the ongoing dialogue about economic development and policy.

Weight: 434g
Dimension: 156 x 234 x 18 (mm)
ISBN-13: 9781032170671