The new-classical productive function has some flaws, for example, it doesn't tell us how to measure capital, and the question of existence of the function. The utility function has the flaw of measuring utility. Because of the two theoretical flaws, the new-classical price theory is not perfect, the reasoning of supply curve and demand curve lacks theoretical base.This essay gives the supply curve on the base of variable labor value theory, and gives the demand curve on the base of social utility labor equilibrium, the two curves are the theoretical bases for market price theory. Then the author begins to build Marxist market price theory. Short-term equilibrium price is the express of margin labor consumption, long-term equilibrium price is the money express of average branch labor consumption. That is to say, long-term equilibrium price is the express of social necessary labor time of producing goods.
|The New-classical Flaws of Market Price Theory and the Building of Marxist price Theory
|Published - 2004