Necessary prices and necessary income distribution in classical political economy. A bridge with the notions 'just' prices and 'just' wage

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Abstract

Production prices are those exchange-values which, if adopted, put each industry in the conditions to repeat its production process. In this sense they appear as necessary prices. This notion is here compared with that of 'just' price, studied by the older moral philosophers (more so than by economists). Production prices appear thus as that concept that comes closer to the notion of just price. On similar grounds, some recent results, which have emerged within the classical and post-Keynesian approaches, have been employed here to envisage the elements that characterize a 'necessary' income distribution configuration and a 'necessary' level of the rate of interest.
Original languageEnglish
Pages (from-to)179-194
Number of pages16
JournalRivista Internazionale di Scienze Sociali
Publication statusPublished - 2014

Keywords

  • 'Necessary' income distribution
  • 'Necessary' rate of interest
  • Just price
  • Modern classical approach
  • Necessary prices
  • Normative analysis
  • Production prices

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