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Property and Prices

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  • Burgstaller,Andre

Abstract

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 (à 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 bringing together the two great rival schools of economic thought.

Suggested Citation

  • Burgstaller,Andre, 1994. "Property and Prices," Cambridge Books, Cambridge University Press, number 9780521419031.
    • Handle: RePEc:cup:cbooks:9780521419031
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    Citations

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    Cited by:

    1. Geoff Willis, 2011. "Pricing, liquidity and the control of dynamic systems in finance and economics," Papers 1105.5503, arXiv.org.
    2. Foley, Duncan K., 1997. "Theory of production: A long-period analysis : Heinz D. Kurz and Neri Salvadori, (Cambridge University Press, Cambridge, 1995) pp xx+571, 59.95," Journal of Economic Behavior & Organization, Elsevier, vol. 32(2), pages 321-324, February.
    3. Kurz, Heinz D., 2008. "Innovations and profits: Schumpeter and the classical heritage," Journal of Economic Behavior & Organization, Elsevier, vol. 67(1), pages 263-278, July.
    4. Geoff Willis, 2011. "Why Money Trickles Up - Wealth & Income Distributions," Papers 1105.2122, arXiv.org, revised May 2011.
    5. Harvey Gram, 2003. "Joan Robinson: classical revivalist or neoclassical critic?," Review of Political Economy, Taylor & Francis Journals, vol. 15(4), pages 493-508.
    6. Foley, Duncan K., 2003. "Endogenous technical change with externalities in a classical growth model," Journal of Economic Behavior & Organization, Elsevier, vol. 52(2), pages 167-189, October.
    7. Ottmar Edenhofer & Linus Mattauch & Jan Siegmeier, 2013. "Hypergeorgism: When is Rent Taxation as a Remedy for Insufficient Capital Accumulation Socially Optimal?," CESifo Working Paper Series 4144, CESifo.
    8. A. J. Julius, 2005. "The wage-wage-...-wage-profit relation in a multisector bargaining economy," GE, Growth, Math methods 0501003, University Library of Munich, Germany.
    9. Alejandro Sancho, 1997. "Excedente, valor y distribución en las teorías clásica y marxista del crecimiento," Apuntes. Revista de ciencias sociales, Fondo Editorial, Universidad del Pacífico, vol. 24(41), pages 105-128.
    10. Linus Mattauch & Jan Siegmeier & Ottmar Edenhofer & Felix Creutzig, 2013. "Financing Public Capital through Land Rent Taxation: A Macroeconomic Henry George Theorem," CESifo Working Paper Series 4280, CESifo.

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