For some heterodox economics schools, values are distinguished from prices, whereas others regard such distinction as metaphysical. This difference is predicated on different opinions on what function(s) the price system takes on in a capitalist economy. By discussing these different functions (allocative, distributive, and informative), this chapter shows that price and value theory holds analytical centrality in all economic paradigms, both heterodox and mainstream, to the point of defining contemporary heterodox (and thus orthodox) economics.
THEORIES OF PRICES AND ALTERNATIVE ECONOMIC PARADIGMS / D'Ippoliti, C.. - (2025), pp. 184-198. [10.4324/9781003687078].
THEORIES OF PRICES AND ALTERNATIVE ECONOMIC PARADIGMS
C. D'Ippoliti
2025
Abstract
For some heterodox economics schools, values are distinguished from prices, whereas others regard such distinction as metaphysical. This difference is predicated on different opinions on what function(s) the price system takes on in a capitalist economy. By discussing these different functions (allocative, distributive, and informative), this chapter shows that price and value theory holds analytical centrality in all economic paradigms, both heterodox and mainstream, to the point of defining contemporary heterodox (and thus orthodox) economics.| File | Dimensione | Formato | |
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