Lecture 2. NOW THAT YOU HAVE DEVELOPED LET ME DEVELOP. Theory and practise. Competition and free trade. Theory prescribes that every partner gains. True from a static point of view Hamilton’s policies in the newly-born U.S.
NOW THAT YOU HAVE DEVELOPED LET ME DEVELOP
From a ‘Production Theory’ to an ‘Exchange Theory’.
Value is sought in trading not in
The labour theory of value is abandoned
The rise of marginalism.
The production function.
The concept of equilibrium.