- A Personal View of the Origin of Post-Keynesian Ideas in the History of Economics
- Sraffa, Keynes, and Post-Keynesianism
- Sraffa, Keynes, and Post-Keynesians Suggestions for a Synthesis in the Making
- On the Notion of Equilibrium or the Center of Gravitation in Economic Theory
- Keynesian Foundations of Post-Keynesian Economics
- Post-Keynesian Theories of Money and Credit Conflicts and (some) Resolutions
- The Scientific Illusion of New Keynesian Monetary Theory
- Single-Period Analysis and Continuation Analysis of Endogenous Money A Revisitation of the Debate between Horizontalists and Structuralists
- Post-Keynesian Monetary Economics, Godley-Like
- Hyman Minsky and the Financial Instability Hypothesis
- Endogenous Growth A Kaldorian Approach
- Structural Economic Dynamics and the Cambridge Tradition
- The Cambridge Post-Keynesian School of Income and Wealth Distribution
- Reinventing Macroeconomics What are the Questions?
- Long-Run Growth in Open Economies Export-led Cumulative Causation or a Balance-of-payments Constraint?
- Postkeynesian Precepts for Nonlinear, Endogenous, Nonstochastic, Business Cycle Theories
- Post-Keynesian Approaches to Industrial Pricing A Survey and Critique
- Post-Keynesian Price Theory From Pricing to Market Governance to the Economy as a Whole
- Kaleckian Economics
- Wages Policy
- Discrimination in the Labor Market
- Post-Keynesian Perspectives on Economic Development and Growth
- Keynes and Economic Development
- Post-Keynesian Economics and the Role of Aggregate Demand in Less-Developed Countries
Abstract and Keywords
The notion of equilibrium has played a critical role in economic theory since Adam Smith. It is in the theories of value that the notion of equilibrium has played a crucial role, and to the extent that a theory of value is fundamental to any economic theory of the capitalist market economy, it has remained critical to economic theorizing in general. In the classical tradition, the theory of value is concerned only with the commodities that are produced and the supplies of which can be increased or decreased by changing the labor and materials allocated to their production. In the neoclassical tradition, however, the theory of prices is built on the paradigm of pure exchange, and, therefore, it can determine prices without invoking the condition of the uniformity of the rate of profits. This chapter examines the notion of a “center of gravitation” in the classical tradition, which includes Piero Sraffa.
Ajit Sinha is a chercheur honoraire, PHARE, University of Paris 1 Panthéon-Sorbonne. Is currently working on a book on Sraffa fully funded by the Institute of New Economic Thinking and CIGI.
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