[PEN-L:31488] RE: query: scarcity vs. surplus paradigms

["Forstater, Mathew" <forstaterm@xxxxxxxx>]

Title: query: scarcity vs. surplus paradigms

A “classic” article comparing the two approaches is Edward J. Nell, 1967, “Theories of Growth and Theories of Value,” Economic Development and Cultural Change.  Don’t have the vol. and no., but it is reprinted in both Nell’s TRANSFORMATIONAL GROWTH AND EFFECTIVE DEMAND and in the 3 volume Elgar MARXIAN ECONOMICS collection edited or co-edited by John King.  It is a great piece.  Nell also does a similar comparison in his “The Revival of Political Economy” original version in Social Research, reprinted and revised and expanded in a number of places, including his edited collection GROWTH, PROFITS, AND PROPERTY and TRANSFORMATIONAL GROWTH AND EFFECTIVE DEMAND again.

 

-----Original Message-----
From: Devine, James [mailto:jdevine@xxxxxxx]
Sent: Monday, October 21, 2002 2:58 PM
To: Pen-l (E-mail); David Laibman (E-mail)
Subject: [PEN-L:31487] query: scarcity vs. surplus paradigms

 

where is it that the distinction between the "scarcity paradigm" and the "surplus paradigm" was first described? The former is represented by neoclassical economics, in which profits are a seen as a symptom of the scarcity of means of production, while the latter is represented by Marxian (and Sraffian) economics, in which profits are seen as the result of workers producing a surplus.

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Jim Devine jdevine@xxxxxxx &  http://bellarmine.lmu.edu/~jdevine