Peter M. Lichtenstein believes that any social-economic theory of capitalism must begin with a theory of value and price. Dismissing the neoclassical school, he turns to post-Keynesian and Marxian economics with their coherent and consistent theories of value and price based on concrete objective circumstances. The development of these theories in the author’s aim because he believes that this approach comes much closer than neoclassical theory to capturing the essence of a capitalism economy.

This book, first published in 1983, is addressed to economics students, especially to those studying microeconomics or the history of economic thought, and to economists seeking an overview of these issues.

part |2 pages

Part I: Competing traditions

chapter 1|8 pages

/ A methodological introduction

chapter 2|14 pages

/ The post-Keynesian/Marxian alternatives

part |2 pages

Part II: Two value traditions

chapter 3|16 pages

/ The objective theory of value

chapter 4|14 pages

/ The subjective theory of value

part |2 pages

Part III: An organizing principle: the economic surplus

chapter 6|10 pages

/ Contemporary surplus concepts

part |2 pages

Part IV: Post-Keynesian theories of value and price

part |2 pages

Part V: Marxian theories of value and price

chapter 12|14 pages

/ From values to prices

part |2 pages

Part VI: An overview and comparison