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This book promotes an in-depth understanding of the key mechanisms
that govern the functioning of capitalist economies, pursuing a
Classical Political Economics approach to do so. It explores
central theoretical issues addressed by the classical economists
Smith and Ricardo, as well as Marx, while also operationalizing
more recent theoretical developments inspired by the works of
Sraffa and other modern classical economists, using actual data
from major economies. On the basis of this approach, the book
subsequently provides alternative explanations for various
microeconomic issues such as the determination of equilibrium
prices and their movement induced by changes in income
distribution; the dynamics of competition of firms within and
between industries; the law of tendential equalization of
interindustry profit rates; and international exchanges and
transfers of value; as well as macroeconomic issues concerning
capital accumulation and cyclical economic growth. Given its scope,
the book will benefit all researchers, students, and policymakers
seeking new explanations for observed phenomena and interested in
the mechanisms that give rise to surface economic categories, such
as prices, profits, the unemployment rate, interest rates, and long
economic cycles.
This book promotes an in-depth understanding of the key mechanisms
that govern the functioning of capitalist economies, pursuing a
Classical Political Economics approach to do so. It explores
central theoretical issues addressed by the classical economists
Smith and Ricardo, as well as Marx, while also operationalizing
more recent theoretical developments inspired by the works of
Sraffa and other modern classical economists, using actual data
from major economies. On the basis of this approach, the book
subsequently provides alternative explanations for various
microeconomic issues such as the determination of equilibrium
prices and their movement induced by changes in income
distribution; the dynamics of competition of firms within and
between industries; the law of tendential equalization of
interindustry profit rates; and international exchanges and
transfers of value; as well as macroeconomic issues concerning
capital accumulation and cyclical economic growth. Given its scope,
the book will benefit all researchers, students, and policymakers
seeking new explanations for observed phenomena and interested in
the mechanisms that give rise to surface economic categories, such
as prices, profits, the unemployment rate, interest rates, and long
economic cycles.
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