The neoclassical fallacy

Article Abstract:

This article discusses Paul Samuelson's attempts to examine the issue of capital from various economic perspectives, considering his treatment of 'fallacy.' The author asserts that Samuelson's approach is general and sheds light on the difficulties of the concepts of capital and machinery's effect; Samuelson had attempted to establish the fallacious beliefs that fixed capitals are prejudicial to the demand for labor and wages; and that circulating capitals are favorable to the demand for labor and real wage rate.

Wages, Wages and salaries, Capital, Fallacies (Logic)

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Money and price theory

Article Abstract:

This article examines the failure of modern price theory in determining market prices and in the integration of exchange activity at equilibrium prices. The authors assert that the absence of a market mechanism is the common origin for these two problems; market mechanisms determine prices directly as monetary prices, from which relative prices are derived, and by which value theories and money are integrated.

Economic aspects, Money, Microeconomics

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The classical neo-classical fallacy: the search for the absolute in the theory of value

Article Abstract:

This article attempts to explicate deficiencies in traditional economic theories of value, which are expressed in the metaphysical search for the absolute value in neoclassical economics and classical political theory. The author asserts that modern theories of value do not explain actual changes in values, and suggests an alternative approach in the form of social theory of value.

Analysis, Value (Economics), Absolute, The, Absolute (Philosophy)

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