Necessary prices and necessary income distribution in classical political economy. A bridge with the notions ‘just’ prices and ‘just’ wage

Name: Necessary prices and necessary income distribution in classical political economy. A bridge with the notions ‘just’ prices and ‘just’ wage
Brand: Vita e Pensiero
Price: 6.00 EUR
Availability: OnlineOnly

digital

Article

Magazine

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI

Issue

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI - 2014 - 2

Title

Necessary prices and necessary income distribution in classical political economy. A bridge with the notions ‘just’ prices and ‘just’ wage

Author

Enrico Bellino

Publisher

Vita e Pensiero

Format

Article |

Pdf

Pages

Online from

10-2014

Issn

0035-676X (print) | 1827-7918 (digital)

€ 6.00

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Description

Production prices are those exchange-values which, if adopted, put each industry in the conditions to repeat its production process. In this sense they appear as necessary prices. This notion is here compared with that of ‘just’ price, studied by the older moral philosophers (more so than by economists). Production prices appear thus as that concept that comes closer to the notion of just price. On similar grounds, some recent results, which have emerged within the classical and post-Keynesian approaches, have been employed here to envisage the elements that characterize a ‘necessary’ income distribution configuration and a ‘necessary’ level of the rate of interest.

Keywords: Production prices, Necessary prices, Just price, Modern classical approach, Normative analysis, ‘Necessary’ income distribution, ‘Necessary’ rate of interest.