Product Description
Property and Prices
Property and Prices provides the missing theoretical link between Sraffa's Production of Commodities and Debreu's Theory of Value.
Andre Burgstaller (Author)
9780521419031, Cambridge University Press
Hardback, published 6 October 1994
256 pages
22.9 x 15.2 x 1.6 cm, 0.51 kg
This book provides the missing theoretical link between Sraffa's Production of Commodities by Means of Commodities and Debreu's Theory of Value. Its thesis is that both classical and neoclassical value theory operate through arbitrage and speculation in the financial markets. Key among those markets is the bourse or stock market. Once a stock market is incorporated into general-equilibrium theory, the classical analysis of value (\u00E0 la Ricardo, Marx and Sraffa) and the neoclassical theory of price (descending from Walras, Hicks and Arrow-Debreu) can be seen to possess the same mathematical structure. Thus the theory of arbitrage pricing in financial markets is capable of ]
Property and Prices Burgstaller Hardback Cambridge University Press
Property and Prices
Property and Prices provides the missing theoretical link between Sraffa's Production of Commodities and Debreu's Theory of Value.
Andre Burgstaller (Author)
9780521419031, Cambridge University Press
Hardback, published 6 October 1994
256 pages
22.9 x 15.2 x 1.6 cm, 0.51 kg
This book provides the missing theoretical link between Sraffa's Production of Commodities by Means of Commodities and Debreu's Theory of Value. Its thesis is that both classical and neoclassical value theory operate through arbitrage and speculation in the financial markets. Key among those markets is the bourse or stock market. Once a stock market is incorporated into general-equilibrium theory, the classical analysis of value (\u00E0 la Ricardo, Marx and Sraffa) and the neoclassical theory of price (descending from Walras, Hicks and Arrow-Debreu) can be seen to possess the same mathematical structure. Thus the theory of arbitrage pricing in financial markets is capable of ]
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