Index
Note: page numbers followed by n or nn refer to information in the end-of-chapter notes and those in italics refer to figures.
adjustment process 224–246, 227, 228, 231, 233n6
aggregate budget constraints 123, 125, 126
aggregate capital 57, 58n1, 59n5, 60n10, 86, 88, 106, 119, 171
aggregate investment 23, 79–80, 86, 89, 180, 188, 189–190, 191–192, 194, 196, 197n2
aggregate neoclassical theory of distribution 206–221
aggregate production function 209
aggregate savings 23, 79–80, 86, 89, 180, 188, 189–190, 191–192, 194, 196, 197n2
agricultural rate of profits 246–259; see also corn-ratio theory of profits
Ahmad, Syed 226
Alternative interpretation of classical wage theory 349, 351–355, 357
arbitrage 45–46, 51, 61n19, 68n56, 70n15, 86, 112, 184; non-arbitrage conditions 110, 119, 120–121, 123, 125, 128, 129, 131, 132, 150, 193, 195
Arrow, Kenneth 203
Arrow-Debreu 5, 118–122, 152n2, 157, 169, 178, 199–200, 202, 453, 454, 457, 458–459, 460, 463
auctioneer 66n43, 75, 76–77, 174, 175, 193, 194, 195, 201
Baigent, Nicholas 454
bargaining, wages 328, 352–353, 356, 357, 362, 364, 365, 369, 370, 373, 376nn9, 10, 378n19, 380n37
Bellofiore, Riccardo 9
Bhaduri, Amit 7
Blaug, Mark 281n4
Bliss, Christopher 55–56, 58n1, 59n5, 64n34, 67n54, 72n14, 199, 203, 462
Böhm-Bawerk, Eugen von 80, 202, 210, 214–215
Bonifati, Giovanni 7
bons 64n35, 156, 160, 161, 162
Bortis, Heinrich 7
Bronfenbrenner, Martin 286, 287, 298, 310
budget constraints, aggregate 123, 125, 126
budget equations 18, 21, 35, 82
Cannan, Edwin 298, 313n17, 361, 386, 390, 393, 397, 410, 416
capital: aggregate 57, 58n1, 59n5, 60n10, 86, 88, 106, 119, 171; demand for 60n10, 210; diminution of 249; meaning of 201; pure capital 214, 215; quantity of 13, 14, 15, 35, 38–40, 50, 51, 57, 68n57, 201, 207, 210, 219n4; subsistence fund 210; supply of 60n10; true capital 214; value of 210–214
capital endowment 209–210; physical composition of 50, 51, 52, 54, 57, 58, 59n2, 99, 102–103
capital formation in general equilibrium 3, 92, 92n4, 106, 107–122, 134, 150; Tosato’s model 122–129
capital goods: demand for 39–40, 108, 123; price of 109, 112, 115–118, 121; relative values of 34–35; substitutability of 89; supply of 47; uniform effective rate of return onsupply prices 49, 50–53, 58n2, 99, 102, 103, 157–158, 159–160, 161, 162, 166n7, 183, 185; uniform rate of return on demand prices 50–51, 55, 84, 157–158; uniform rate of return on109–110, 111, 112, 119–121, 155–157, 184–185
capital reversal 3, 37–38, 149, 150, 170, 186n9, 210, 212, 214, 215, 215–216, 217–218, 219
Casarosa, Carlo 349, 350, 351, 377n13
Cassel’s general equilibrium model 135, 136
Cesaratto, Sergio 8
classical ‘surplus’ theory 302–305
classical theory: enriched 458–460; and rationality 454–458; stability in 227–231; uniqueness in 232–233; of wages 349–358
classical value theory 298–302
Clower, Robert W. 180; dual decision hypothesis 81, 82, 178; semi-equilibrium (CSE) 83, 85, 86
Coase, Ronald 202
combinations 328, 358n7, 362, 364, 365, 369–371, 373, 376n11, 378n22
competition: horizontal 364, 379n26; vertical 364
competition in labour market 361, 367–369; institutional framework 369–372; J.S. Mill on 365–369; Smithand Ricardo on 362–365
competition-of-capitals theory 248
consumer behaviour (in Tosato’s model) 122–127
consumption: contemporary consumption 13, 38; intertemporal consumption 13, 37–38; substitutability in 215–217
consumption baskets 212, 326–327
consumption goods, demand for 23–24, 39; outputs 58
contemporary prices 47; relative prices 25, 26, 43–45, 48, 147
corn: Mandler’s models 136–144; price of 39, 240–246; see also corn-ratio theory of profits
corn economies 206, 207, 218; standard ofvalue 446–449
corn-ratio theory of profits: Porta’s comment on 269–273; Ricardo 4, 239–273; Smith 240, 241–246, 246–247, 253–256, 259nn5, 6, 260nn8, 10, 263n29, 270, 274–275; Vianello’s reply to Porta 274–282, see also agricultural rate of profits
counterfactuals 457
cross-dual models 231
De Vivo, Giancarlo 417
Debreu, Gerard 457, 460, 462, see also Arrow-Debreu; SMD theory
deferred consumption effect 76, 77
demand: excess 35–36, 82, 149, 165–166, 173–174, 189–190, 192–193, 194, 195, 196, 223, 225–227, 228, 234n8; patterns 326–327
demand feedbacks 234n12
demand-supply analysis 292–298, 314n21, 319, 320, 329, 335–356, 339–343, 457
interdependence with distribution 322–327
determinacy of equilibrium 135–144
Diewert, Walter Erwin 115–118, 152n14
diminishing returns 292, 298–299, 301
disequilibrium 80–81, 177–178, 179, 196
distribution 6–7, 38, 67n54, 326–327
distribution, aggregate neoclassical theory of 206–221
Dmitriev, Vladimir Karpovich 455
D’Orlando, Fabio 6
Eden, Sir Frederick Morton 243
Edgeworth, Francis Ysidro 459, 460
empirical propositions 200
employment see unemployment
England: productivity 443
equilibrium: determinacy of 135–144; existence of 3, 200, 223–224; extreme 28–29; instability of 22, 76, 77, 79, 99, 212; stability of 24–25, 150–151, 180–182, 188–190, 200; temporary equilibrium 2–3, 6, 113, 115–118, 156, 163, 202, see also general equilibrium theory; intertemporal equilibrium
Euler equations 99
European Monetary Union 8
excess demand 35–36, 82, 149, 165–166, 173–174, 189–190, 192–193, 194, 195, 196, 223, 225–227, 228, 234n8
excess supply 29, 30, 35, 62n20, 118, 129, 145, 224, 336, 361, 366, 370
existence, of equilibria 200
expected utility theory 460, 461–462
factor supplies, inelastic 135–136
factors of production; substitutability of 56–57
Fix Wage interpretation of classical wage theory 4, 349, 350–351
Fodor, Giorgio 8
funny shaped excess demand 227
game theory 5, 460–463, 462, 463, 464
Garegnani, Pierangelo 2–3, 13–74, 110–112, 228–232, 264n29; 267n45, 311n2, 387; comment by Gram 3, 94–102; comment by Schefold 2–3, 74–88; critique by Harcourt 199, 200–201; Garegnani’s semi-equilibrium 83; Hahn-Garegnani intertemporal model 171–173, 174–176, 188–190, 193, 197; out-of-equilibrium behaviour 21, 29–30, 148–150, 153n23, 171, 173–174; Petri’s comment on Tosato 155–163, 165–166; reply to Gram 3, 102–105; reply to Schefold 2, 88–93; Tosato on 146, 151, 152n1, 168, 171–174, 188
Garnier, Germain 412
Gehrke, Christian 5, 405–422, 455
general equilibrium theory 223; general-equilibrium investment-demand schedule 13, 16, 18–27, 40–49, 98, 148–150, 181; general-equilibrium saving-supply schedule 13, 16, 18–27, 40–49, 98, 148–150, 181; marginal theory 322, 330; see also intertemporal equilibrium
General neoclassical case (Hahn) 50, 51, 52; see also Special neoclassical case (Hahn)
Ginzburg, Andrea 8
Goodwin, Richard M. 440
Gram, Harvey 459; comment on Garegnani 3, 94–102; reply by Garegnani 3, 102–104
Grandmont, Jean-Michel 462
Hahn, Frank H. 13, 14, 49–58, 71nn3, 4, 6, 8, 9, 72n13, 163–164, 224, 226, 227, 379n31;
Hahn-Garegnani intertemporal model 171–173, 174–176, 188–190, 193, 197
Hamlin, Alan 453
Harcourt, Geoffrey 3, 53, 199–204, 315n32
Hayek, Friedrich August 203, 214, 215
heterogenous capital 206–207, 210, 223
Hicks, John R. 14, 55, 63n29; 64n34, 72n16, 103, 113, 141, 203, 225, 349, 351
Hollander, Samuel 4, 251, 252, 258, 262nn20, 24, 272, 277–278, 283–318, 323, 349, 351, 355; comment by Stirati 4, 318–334; reply to Stirati 4, 334–348
homogenous capital 5, 40, 53, 57
horizontal competition 364, 379n26
Horner, Francis 255–256, 260n11, 275
immigration scenario (Schefold) 145–148, 170
impermanence: critique 184; of endowments 233n5; of equilibrium 103; problem 156, 157, 163, 166n3, 183
income: permanent net 89; see also perpetual income
indeterminacy, sequential 135–136, 151
inflation, relationship to interest rates 8
instability of equilibria 22, 76, 77, 79, 99, 212
interest rates: relationship to inflation 8; uniformity of own commodity interest rates 49, 51–53, 54
intertemporal consumption 13, 37–38
intertemporal equilibrium 2–3, 6, 13–14, 35–40, 223; alternative techniques 31–35; investment demand 33–35; model 113–115, 118–122; representation of 27–31; savings-supply and investment-demand schedules 18–27, 40–49; savings/investment decisions model 14–18
intertemporal (relative) price(s) 13, 17, 22, 25, 26, 29, 37, 38, 39, 44, 45, 47, 48, 61n13, 67n50, 70n14, 91, 103, 144, 147, 148, 149
investment: aggregate 23, 79–80, 86, 89, 180, 188, 189–190, 191–192, 194, 196, 197n2; general-equilibrium investment-demand schedule 2, 13, 16, 18–27, 40–49, 98, 148–150, 181
investment decisions: factors influencing 7; in intertemporal equilibrium system, schedule 13, 16, 18–27, 40–49, 98
Jacobian matrix 134, 139, 140, 143
Jacobsen, Hans Jorgen 461
Jevons, William Stanley 94, 193, 195, 298, 302, 306, 391; ‘law of indifference’ 39, 40
Jossa, Bruno 7
Kaldor, Nicholas 350
Kalecki, Michal 7
Kehoe, Timothy J. 107, 122, 124, 129, 134
Keynes, John Maynard 6–7, 67n51, 203; macroeconomics 80; Neowalrasian/Neokeynesian School 81; New Keynesians 202
Kregel, Jan 202
Kurz, Heinz 200, 232–233, 455–456
Kurz-Salvadori critique of neoclassical theory 206–209; Hayek/Böhm-Bawerk critiques of 214–215; Potestio’s assessment of 209–218
labour: demand and supply of 4, 26, 30, 46–47, 327–329, 343–346, 349–350, 351–353, 355–357; market see labourmarket; price of 5, 349–350; real costof 387–394; and social norms 368–369, 371–373; ‘static’ demand for 327–379, see also wages
labour market: competition in 361, 367–369; institutional framework 369–372; J.S. Mill on 365–369; Smith and Ricardo on 362–365
labour theory 272; Ricardo 289, 291–292, 304–305, 349, 351, 352, 354, 361, 362–365, 367, 375n4; Smith 352, 353, 354, 355, 356, 361, 362–365, 372, 375n4, 392, 407–408, 410–411
law of indifference 39, 40, 86
law of non-proportional returns 299
Leon, Paolo 8
Levrero, Enrico Sergio 4–5, 361–384
Lindahl, Erik 107–108, 112–115, 150
liquidity preference theory 203
logical positivism 456–457, 458
Longe, Francis Davy 367
McCulloch, John R. 289, 295–296, 306, 324, 325
machinery, Ricardo’s theory on 4, 297, 320, 327, 328, 329, 331n4, 346–347, 353, 363
Maffeo, Vincenzo 8
Malthus, Thomas Robert 4, 292–293, 294, 316n35, 415, 416; corn ratio theory of profits 246–253, 260nn11, 12, 261nn13, 19, 262nn21, 22, 263n28, 264n31, 265n32, 266nn37, 39, 269–270, 271, 276–277; correspondence with Ricardo 240, 247–253, 256–258; criticism of Smith 243–245
Mandler, Michael 3, 77, 90, 92, 107, 115, 135–144, 151, 171; corn models 136–144
Mantel, Rolf 462; see also SMD theory
marginal products 66n42
marginal theory 294–295, 300, 320, 322–323, 329, 330, 331, 332n7, 337
marginal utility theory 306, 388
marginalist theory 162, 222, 320, 322–323, 327, 328–329, 330, 332n7, 337, 354, 355, 392, 457
market budget constraint 124–126
market effectual demands 230–231
market rates of profit 229
Marshall, Alfred 22, 24, 314nn21, 22, 370–371, 390, 391, 407, 413, 414; classical value theory 298–299, 301–302, 303; Marshallian adjustment process 224–225, 226, 228, 231, 233n6; principle of substitution 200
Marx, Karl 290–292, 372; corn-ratio theory of profits 271, 278–280, 286; Sraffa and 272n4, 273n7, 279, 281nn7, 8, 286–287, 288, 305–309, 318–319; surplus value 417–419, 463–464
Mathematical Note (Tucci) 58, 78, 93n10, 100n9, 186n7, 469–471
Mayer, Thomas F. 464
means of production, quantity of 14, 37
metaphysics (metaphysical): Sraffa 393–394, 402n15; Walsh 458
methods of production 31–35, 41, 66n45
Mill, James 245–246, 256, 261n16, 275, 411–412
Mill, John Stuart 264n31, 361, 364, 365–367, 421n27
Montani, Guido 8
multi-goods models 206–207, 218
Naldi, Nerio 8
neo-Ricardians 3, 49, 53, 56, 94, 210, 272
neoclassical theory 58n2, 206–209, 223; aggregate theory of distribution 206–221; game theory 462–463; and logical positivism 456–457, 458; rationality in 453; stability in 224–227; and wages 389, 390–391
Neowalrasian/Neokeynesian School 81
New Keynsians 202
New View interpretation of classical wage theory 4, 349–350, 351, 354–355, 356
non-proportional returns, law of 299
optimal accumulation 94
optimal control theory 94
out-of-equilibrium behaviour 21, 29–30, 148–150, 153n23, 171, 173–174
own (commodity) rate(s) of interest: 13, 14, 19, 26, 29, 37, 38, 39, 44, 45, 49, 51, 52, 53, 54, 59n2, 61n19, 65n39, 65, 69, 72n14, 76, 81, 86, 94, 98, 99, 103, 104, 107, 109, 112, 120, 121, 122, 145, 173, 176, 194, 195; uniformity of 49, 51–53, 54, 59n2, 61n19, 72n14, 86
own rates of interest 13, 14, 38–39, 45, 51, 54, 64n19, 65n39, 76, 94, 98–99, 103, 107, 120–121, 145
own rate(s) of return 98, 99, 107, 172
Palumbo, Antonella 8
Panico, Carlo 7
paradoxical behaviour 107, 144–150, 170
Pareto, Vilfredo 391
Parrinello, Sergio 153n23, 186n9; comment on Tosato 3, 188–191; reply by Tosato 3, 191–198
Pasinetti, Luigi L. 220n11, 350, 351, 358n3, 454, 458, 459–460
Peach, Terry 255, 258, 263n27, 267n43, 281n4, 355, 356
permanent net income 89
perpetual income 108; perpetual future income 39, 40, 68n55; perpetual net income 39, 40
Petri, Fabio 6, 71n6, 161, 162: comment on Tosato 155–168; reply by Tosato 168–198
Petty, William 5, 301, 302, 303, 308, 309, 310, 314n22, 392, 407: ‘Petty Papers’ archive 423–432; population growth 424, 425–429; taxation 429–430
Physiocrats 280, 281n8, 302, 303, 304, 308–309, 310, 392, 407–408
Piccioni, Marco 235n18
Pivetti, Massimo 8
population growth: Petty on 424, 425–429; see also Malthus, T.
Porta, Pier Luigi: comment on Vianello 4, 269–274; reply by Vianello 4, 274–282; on Sraffa 286–287, 288, 298, 310
Portugal, productivity 443
Potier, Jean-Pierre 9, 298, 306–7, 315nn28, 29, 419n*
Prices, intertemporal see intertemporal prices
production activities (in Tosato’s model) 127–128
profits: agricultural rate of 246–259; market rates of 229; see also corn-ratio theory of profits
public deficit 7
pure futures economy 113–115, 141, 151
quantity of capital 13, 14, 15, 35, 38–40, 50, 51, 57, 68n57, 201, 207, 210, 219n4; multi-goods models 210–214
Radner, Roy 114–115, 135, 152n10
rate of return, capital goods 109–110, 112; uniform 49, 50–54, 72n14, 193–194
rationality, in reproduction models 453–465
real value of wages (Ricardo) 406, 414–419
recontracting 25, 29, 64n35, 75, 76, 87; see also tâtonnement
regular economies 133–134, 155, 163, 165, 182
representative agent models 203
reswitching 2, 22, 37, 74–77, 87, 94, 106, 144–145, 146–150, 170, 208, 212, 214, 217–218
reverse capital deepening 2, 14, 22, 26, 34, 87, 90, 94, 106
Ricardo, David 200; corn-ratio theory ofprofits 4, 239–282, 260n19, 263n28, 265n32, 266n39, 285–287; correspondence with Malthus 240, 247–253, 256–8; demand-supply analysis 292–298; introduction of machinery 4, 297, 320, 327, 328, 329, 331n4, 346–7, 353, 363, 443; labour theory 289, 291–292, 304–305, 349, 351, 352, 354, 361, 362–365, 367, 375n4; neo-Ricardians 3, 49, 53, 56, 94, 210, 272; profit theory 392; profit-rate formula 289–290, 308, 312nn9–11; Sraffa’s interpretation of 283–347, 350; on taxation 313n14, 328, 339, 340–342, 343–345, 347, 353, 358n8, 363, 376n5; value theory 442–451; wage theory 349, 403n17, 405–421
Richardson, George 202
Rizvi, S. Abu Turab 199, 202, 454–455, 461, 462–463
Robinsonian leets (homogenous capital) 53, 57
Salvadori, Neri 232–233, 455–456, see also Kurz-Salvadori critique of neoclassical theory
Samuelson, Paul A. 58n1, 100n3, 234nn7, 8, 331n5, 358n2
savings 5, 86; aggregate 23, 79–80, 86, 89, 180, 188, 189–190, 191–192, 194, 196, 197n2; decisions in intertemporal equilibrium system 13, 14–27, 40–49, 98; excess 30, 37, 79, 90; general-equilibrium saving-supply schedule 2, 13, 16, 18–27, 40–49, 98, 148–150, 181
Schefold, Bertram 146–148, 150, 153n22, 165, 235n17, 458: comment onGaregnani 2–3, 74–88; immigration scenario 145–148, 170; reply by Garegnani 2, 88–93; Tosato on 168–170
semi-stationary economies 55–56
Sen, Amartya 458
sequential trading 135–136, 151; three-period intertemporal model 141–144; two-period intertemporal model 136–141
Serrano, Franklin 3–4, 222–236
Simonazzi, Annamaria 8
single consumer economy 77, 88, 90–92, 92n7, 93, 147
slavery 389, 390, 397–398, 401nn6, 7
Smith, Adam 336–338, 459; corn-ratio theory of profits 240, 241–246, 246–247, 253–256, 259nn5, 6, 260nn8, 10, 263n29, 270, 274–275; labour theory 352, 353, 354, 355, 356, 361, 362–365, 372, 375n4, 392, 407–408, 410–411; on taxation 338, 344
social norms, and labour market 368–369, 371–373
social reproduction of labour 368, 378n23, 385–6, 389, 390, 391–2, 395, 396, 399–400, 401n6, 402n14; cost of 427–429
Sonnenschein, Hugo 199, 202, 462; see also SMD theory
Special neoclassical case (Hahn) 49, 50, 51, 52, 54, 58, 224; see also General neoclassical case (Hahn)
Sraffa, Piero 106, 144, 149, 202–203, 232, 350, 457; critique of stability 222–223, 224–225; historiography 298–305; Lectures on Advanced Theory of Value (Cambridge) 300–302, 406–407; Marxian interpretation of Ricardo 283–347; Marxian perspective 272n4, 273n7, 286–288, 305–309; and metaphysics 393–394; price theory 6, 436–437, 438, 439; and Ricardo’s corn-ratio theory of profits 4, 239–240, 254, 262n20, 264n31, 270–271, 275, 276, 277, 285–287, 310; on Ricardo’s phrase ‘price of wages’ 405–421; subsistence and surplus wages 385–403
stability 111; in classical theory 227–231; dynamic 225, 231, 234n7; of equilibria 24–25, 150–151, 180–182, 188–190, 200; in neoclassical theory 224–227;Sraffian critique 222–223; static 225, 227, 231, 234n7
Stackelberg, Heinrich von 135, 136
standard commodity 5, 8, 434–441
standard system 283–284, 286, 287
stationary economy 24, 40, 59n8
steady state economy 24, 40, 59n8
Stigler, George 200
Stirati, Antonella 4, 349–360; comment on Hollander 4, 318–334; reply by Hollander 4, 334–348
subsistence wages 224, 298, 308, 315n24, 365, 369, 374, 375n3, 377n17, 386–387, 388, 392, 394–395, 399–400, 401n3, 403n17, 419
substitutability 207; in consumption 215–217; of factors of production 56–57; indirect 4; in production 217
substitution 207–208, 226–227; inter-commodity 347; Marshall’s principle of 200
supply: excess 29, 30, 35, 118, 129, 145, 224, 336, 361, 366, 370, see also demand-supply analysis
surplus theory 283, 391–394; classical 302–305
surplus value 286, 309, 321, 410
surplus wages 5, 380n35, 385, 387–389, 395–396, 399–400, 401n4, 402n8, 403n17, 432n13
Symposium on Capital Theory 94
system of production see methods of production
Tarshis, Lorie 203
tâtonnement 25, 29, 64n35, 75, 76, 87, 148–149, 156, 160, 161, 162, 171, 174–176, 180, 181, 182, 188, 190, 191–192, 193, 194–197; see also recontracting
taxation 4, 5, 261n13, 263n29, 266n39, 324, 391: Petty on 429–430; Ricardo on 313n14, 328, 339, 340–42, 343–5, 347, 353, 358n8, 363, 376n5; Smith on 338, 344
technical change see machinery, introduction of
technique of production see methods of production
temporary equilibrium 2–3, 6, 113, 115–118, 156, 163, 202
time factor (in production) 108, 112–115, 150
Torrens, Robert 265n36, 306, 339, 413
Tosato, Domenico 3, 106–54, 233n2: comment by Parrinello 3, 188–191; comment by Petri 3, 155–168; reply to Parrinello 3, 191–198; reply to Petri 3, 168–188
Trezzini, Attilio 7
Trower, Hutches 247, 251, 256, 259n2, 262n19, 276
true capital 214
Tucci, Michele, Mathematical Note 58, 78, 93n10, 100n9, 186n7, 469–471
unemployment 361, 362–365, 366, 369, 370, 377
uniform rate of profit 54, 55, 283, 286, 287, 292, 324
uniform rate of return on capital 49, 50–54, 72n14, 193–194: capital goods109–110, 111, 112, 119–121, 155–157, 184–185; on demand prices of capital goods 50–51, 55, 84, 157–158; effective rate of return on supply prices 49, 50–53, 99, 102, 103, 157–158, 159, 159–160, 161, 162, 183, 185; effective rate of return on supply prices 58n2, 166n7
uniqueness: in classical theory 232–233; of equilibria 150–151, 227
USA, economy in 1990s 8
utility functional 147–148, 153n22
utility theory, expected utility theory 460, 461–462
value: corn economies 446–449; multi-sector economies 449–451; Ricardo’s standard of 442–451; standard commodity 434–441
Varoufakis, Yanis 464
vertical competition 364
Vianello, Fernando 4, 239–269; comment by Porta 4, 269–274; reply to Porta 4, 274–282
Von Neumann, John 57, 58, 224, 233, 455, 460, 461, 465n5; growth model 224, 233
wages 4–5, 304–305; Alternative interpretation of classical wage theory 349, 351–355, 357; bargaining 328, 352–353, 356, 357, 362, 364, 365, 369, 370, 373, 376nn9, 10, 378n19, 380n37; classical theory of 349–358; and competition in labour market 361–381; Fix Wage interpretation of classical wage theory 4, 349, 350–351; market determination of 297–298; New View interpretation of classical wage theory 4, 349–350, 351, 354–355, 356; normal wage 323, 350, 351–352, 354–355, 357, 358n1, 370, 373–375; price of 5, 405–421; proportional wages 5, 405, 406, 414, 416, 417, 418, 419; real value of 406, 414–419; real wages 159–160; relationship with corn price 240–246; relationship with employment 4–5; subsistence 224, 298, 308, 315n24, 365, 369, 374, 375n3, 377n17, 386–387, 388, 392, 394–395, 399–400, 401n3, 403n17, 419; surplus 5, 380n35, 385, 387–389, 395–396, 399–400; 401n4, 402n8, 403n17, 432n13; wage bargaining 328, 352–353, 356, 357, 362, 364, 365, 369, 370, 373, 376nn9, 10, 378n19, 380n37; zero 46–47, 69n12, 76, 367–369; see also labour
Walker, Donald 201
Walker, Francis A. 368, 369, 378n20
Walras, Leon 21, 22, 39, 50, 51, 53, 54, 55, 56, 59n2, 64n35, 68n55, 68n66, 71n5, 71n6, 71n7, 80, 82, 89, 92, 92n4, 102–103, 104nn2, 4, 106, 107, 108–110, 112, 124, 150, 201; Walras’s model in an Arrow-Debreu economy 118–122; criticism of 110–112; Neowalrasian/Neokeynesian School 81; in a temporary equilibrium setting 115–118; Walras Law 3, 173–174, 176–177, 178–180, 186n9, 188–190, 192–193, 194, 196, 197n1; Walrasian adjustment process 224–226, 227, 228, 231, 233n6; WGIE (Walrasian general intertemporal equilibrium) 188, 191, 193, 196, 197n1
Weber, Max 372
Wicksell, Knut 15, 22, 38, 53, 54, 55–56, 57, 106, 363
Wittgenstein, Ludwig 458
zero prices 62n20