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Economics in PerspectiveA Critical History$
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John Kenneth Galbraith

Print publication date: 2017

Print ISBN-13: 9780691171647

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691171647.001.0001

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The Great Classical Tradition, 2

The Great Classical Tradition, 2

The Mainstream

(p.113) Chapter 9 The Great Classical Tradition, 2
Economics in Perspective

John Kenneth Galbraith

Princeton University Press

This chapter examines the classical tradition in economics at the apogee of high capitalism. Throughout the nineteenth century and virtually everywhere in the world, the primary concern of economics was how prices, wages, interest and profits are determined, as well as the character of money and the role of banking. The chapter first considers the development of ideas on price and the distribution of its proceeds, the effort to improve and refine the elements of cost, and the return to capital and labor. It then discusses Adam Smith's unresolved question of value in use and value in exchange and how economists in the latter part of the nineteenth century tried to deal with it, including Auguste Walras, William Stanley Jevons, Karl Menger, and John Bates Clark. It also describes the concept of marginal utility.

Keywords:   classical tradition, capitalism, prices, cost, capital, Adam Smith, value, Auguste Walras, marginal utility, Karl Menger

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