Property and Prices [Paperback]

Property and Prices provides the missing theoretical link between Sraffa's Production of Commodities and Debreu's Theory of Value.Property and Prices provides the missing theoretical link between Sraffas Production of Commodities and Debreus Theory of Value. It does so by placing arbitrage and speculation in the stock market at the centre of the theory of value and capital.Property and Prices provides the missing theoretical link between Sraffas Production of Commodities and Debreus Theory of Value. It does so by placing arbitrage and speculation in the stock market at the centre of the theory of value and capital.Property and Prices shows arbitrage and speculation in the stockmarket to be a capitalist economy's most fundamental mechanism of price determination and resource allocation. Once a stockmarket is incorporated into general-equilibrium theory, the classical analysis of value (a la Ricardo, Marx and Sraffa) and the neoclassical theory of price (descending from Walras, Hicks and Arrow-Debreu) can be seen to possess the same mathematical structure. The modern theory of arbitrage pricing in financial markets thus is capable of bringing together the two great rival schools of economic thought.Introduction; Part I. Reproducible Resources: 1. Von Neumann I: A basics-only economy; 2. Stockmarket arbitrage, intertemporal price coordination, and the Arrow-Debreu model: some theoretical issues; 3. Other Von Neumann models: basics and nonbasics; 4. Marx-Sraffa: labor and the struggle over the surplus; Part II. Primary Resources: 5. Ricardo: basics, nonbasics and land; 6. Ramsey-Slow-Uwaza: basics, nonbasics and primary labor; 7. Walras and capital: basics-only economies with multiple primary resources; 8. Walras and exchange: nonbasics only economies with multiple primary resources; Appendices.