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- W119010137 abstract "The distinction made by the classical economists between the study of value and the study of forces governing distribution goes together with a separation between the study of value and that of the levels of output. The classical theory of value takes as data the physical specification of the technology, the structure and level of output, and the manner in which the surplus is distributed to determine the natural prices of commodities associated with the general rate of profit under long-period conditions. The strength of this analytical structure of classical economics is reflected by the fact that it is possible to accept or to reject either of the above theories of distribution without having any effect upon the explanation of value. Marginalist theory takes as data the technology of production, the preferences of individuals, and the endowments of the system. It determines the relative prices of commodities and the factors of production and their levels of output and utilization through a process of substitution among endowments in accordance with the maximizing behavior of the individual agents in the system." @default.
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- W119010137 date "1982-01-01" @default.
- W119010137 modified "2023-09-26" @default.
- W119010137 title "THEORETICAL SYSTEMS AND THE LONG-PERIOD METHOD" @default.
- W119010137 doi "https://doi.org/10.1016/b978-0-12-496250-7.50009-9" @default.
- W119010137 hasPublicationYear "1982" @default.
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