The Place of Interest in the Theory of Production - Book Report/Review Example

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The Place of Interest in the Theory of Production

It ceased to be subscribed by many scholars however, as they opted for the Paretian model (http://cruel.org). This has been resurrected by the works of Gustav Cassel, to be later known as the Walras-Cassel model. This work “yields a completely neoclassical subjective theory of value based on scarcity, rather than a Classical objective theory” (http://cepa.newschool.edu). Generally, we can see that the Walras-Cassel model is a system of simultaneous equation so that there is no direct determination of one variable to another. The equilibrium prices and equilibrium quantity have no causal effect to each other because they are determined jointly by the model. With exogenous data of preferences of households, endowments and technology, the model does not directly say that “prices determine the cost of production or cost of production determines prices” (http://cepa.newschool.edu). The Walras-Cassel model also suggests that market demand is equals to supply in both the factors and goods markets (Ahn). Before we delve into the contents of the study, it is necessary to provide the fundamental concepts used by Lange. Among these things, some of the important ones are the basics that surround the production theory. These are the basics that will put the discussion of the topic into a definite perspective.In his paper, Lange has tried to make a clarification of the foundation of the existing interest theory. He actually has tried to restate some fundamental propositions of the existing theory of interest. ...Show more

Summary

In the paper “The Place of Interest in the Theory of Production” the author will look at one of his famous and noteworthy accomplishments, the paper “The Place of Interest in the Theory of Production”, which was published in the year 1936, and can be deemed a successor of the classical economic thoughts.

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