Abstract/Details

Rethinking demand: A critique and reformulation of Marxian theories of price


1999 1999

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Abstract (summary)

For over one hundred years Marxian and non-Marxian theorists have wrestled with how demand conditions ought to be specified in the Marxian theory of value and price. Most often demand at best plays a secondary role to the conditions of supply. In other words, both proponents and critics have conceived Marxian theory as specifying a model in which production conditions ultimately—in the long run—govern values and prices.

This dissertation presents a criticism of this tradition and develops a new way to conceive of the role of demand in a Marxian theory of value and price. It breaks with orthodox Marxian theory by showing, in sharp contrast to that approach, how both supply and demand conditions directly values and prices. The approach also differs from modern neoclassical theory in its use of the notion of labor time rather than utility to define the value of commodities. However, it is a notion of labor time which is not immune from changes in demand conditions.

A model is developed that incorporates both intra- and inter-industry competition to show exactly how changes in demand affect all values and prices. The results suggest a completely new way to specify disequilibrium models in order to theorize the adjustment process of prices out of equilibrium. As a result it provides a basis for further research into questions which require analysis of disequilibria including economic crises, inflation/deflation, and even international fluctuations in exchange rates. Future research will explore these areas.

Indexing (details)


Subject
Economic theory
Classification
0511: Economic theory
Identifier / keyword
Social sciences, Demand, Marxian, Price
Title
Rethinking demand: A critique and reformulation of Marxian theories of price
Author
Kristjanson, David Leo
Number of pages
270
Publication year
1999
Degree date
1999
School code
0118
Source
DAI-A 60/05, Dissertation Abstracts International
Place of publication
Ann Arbor
Country of publication
United States
ISBN
9780599328976, 0599328975
Advisor
Resnick, Steven
University/institution
University of Massachusetts Amherst
University location
United States -- Massachusetts
Degree
Ph.D.
Source type
Dissertations & Theses
Language
English
Document type
Dissertation/Thesis
Dissertation/thesis number
9932324
ProQuest document ID
304516255
Copyright
Database copyright ProQuest LLC; ProQuest does not claim copyright in the individual underlying works.
Document URL
http://search.proquest.com/docview/304516255
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