The Theory Of Value, Capital And Interest

A New Approach

The late Branko Horvat, formerly Head of the Zagreb Institute of Economics, President of the Social-Democratic Union of Croatia and Life President of the International Association for the Economics of Self-management, Croatia

1995 296 pp Hardback 978 1 85898 055 3

Hardback £87.00 on-line price £78.30

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Description
‘The book offers a solution to the long-standing labour theory of value controversy and will provoke much discussion.’
– Aslib Book Guide

‘. . . this book represents a step toward a better understanding of economic phenomena.’
– Mario Amendola, Journal of Evolutionary Economics

In The Theory of Value, Capital and Interest, Branko Horvat puts forward a new economic theory, relevant to real-world economics. This radical and innovative book deals with the economy as a system which includes producers, consumers and a social regulating agency, rather than simply as an aggregate of individuals.

Contents
Contents: Preface Part I: Introduction Part II: Changing Economy: The Growth or Decline of Labour Force Part III: Changing Economy: Technological Progress Part IV: The Choice of Techniques Part V: Extensions Part VI: Generalizations Notes References Indexes

Further information

‘The book offers a solution to the long-standing labour theory of value controversy and will provoke much discussion.’
– Aslib Book Guide

‘. . . this book represents a step toward a better understanding of economic phenomena.’
– Mario Amendola, Journal of Evolutionary Economics

In The Theory of Value, Capital and Interest Branko Horvat puts forward a new economic theory, relevant to real-world economics. This radical and innovative book deals with the economy as a system which includes producers, consumers and a social regulating agency, rather than simply as an aggregate of individuals.

Beginning with an essay on economic methodology which analyses the underpinnings of neoclassical economics, the author presents a two-sector canonical model which is used to establish equilibrium prices and quantities in a stationary and growing economy. This thesis distinguishes two sources of growth – expansion of the labour force and technological progress – and also discusses criteria for investment. Later chapters extend Professor Horvat’s model to include joint production and rent, and present a general case which allows for many consumer and producer goods.

By introducing a new economic paradigm – and in so doing offering a solution to the long-standing labour theory of value controversy – this book makes a series of important innovations and will be welcomed as a major contribution by neo-Ricardians, Marxists, post Keynesians and critical neoclassicals.

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