ABSTRACT

The 'classical' approach to economic problems, which can be traced back to Adam Smith and David Ricardo, has seen a remarkable revival in recent years. The essays in this collection argue that this approach holds the key to an explanation of important present day economic phenomena. Focusing on the analytical potentialities of classical economics, the contributors illustrate how an important element of understanding its approach consists of developing and using its explanatory power.

chapter 1|22 pages

UNDERSTANDING ‘CLASSICAL’ ECONOMICS

An introduction

part |2 pages

Part I ‘CLASSICAL’ ECONOMICS AND MODERN THEORY

chapter 3|9 pages

ADAM SMITH ON FOREIGN TRADE

A note on the ‘vent for surplus’ argument

chapter 5|11 pages

THE NON-SUBSTITUTION THEOREM

Making good a lacuna

part |2 pages

Part II ON SRAFFA’S CONTRIBUTION

part |2 pages

Part III ON THE LABOUR THEORY OF VALUE

part |2 pages

Part IV ON THE CRITIQUE OF NEOCLASSICAL THEORY