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Milton Friedman, Price Theory. George Stigler, Theory of Price. Simon Clarke, Marx, marginalism, and modern sociology: from Adam Smith to Max Weber (London: The Macmillan Press, Ltd, 1982). Makoto Itoh & Costas Lapavitsas, Political Economy of Money and Finance. Pierre Vilar, A history of gold and money. William Barber, A History of Economic ...
Price theory was a significant aspect of his legacy as a teacher, and he taught the subject from 1946 to 1964 and again from 1972 to 1976. Notable economists who took Friedman's price theory course include James M. Buchanan , Gary Becker , and Robert Lucas Jr. , all of whom later became Nobel laureates.
At the heart of the argument is the labour theory of value and the related premise that profit represents surplus value created by labour working above and beyond the amount needed to reproduce itself, as represented by wages and the buying power of wages viz. the price of commodities (particularly necessities). In other words, profit is what ...
According to the labor theory of value, product-values in an open market are regulated by the average socially necessary labour time required to produce them, and price relativities of products are ultimately governed by the law of value. [12]
Economists associated with the school, including Carl Menger, Eugen Böhm von Bawerk, Friedrich von Wieser, Friedrich Hayek, and Ludwig von Mises, have been responsible for many notable contributions to economic theory, including the subjective theory of value, marginalism in price theory, Friedrich von Wieser's theories on opportunity cost ...
The Theory of Price is a book written by George Stigler. The book was first published in 1946, as a revision and expansion of The Theory of Competitive Price (1942), and has since been revised and reprinted several times (1942, 1946, 1952, 1966, and 1987). The book covers a range of topics related to microeconomics.
A sociological theory is a supposition that intends to consider, analyze, and/or explain objects of social reality from a sociological perspective, [1]: 14 drawing connections between individual concepts in order to organize and substantiate sociological knowledge.
Simply put, the price-form is a mediator of trade that is separate and distinct from the forms of value that products have. [111] Prices express exchange-value in units of money. [112] A price is a "sign" that conveys information about either a possible or a realized transaction (or both at the same time).