CLASSICAL ECONOMIC THEORY

The book presents classical economic theory as a systematized body of knowledge. It had its beginnings in the writings of Physiocrats and Smith. Through critical and constructive writings of Ricardo and Marx, it developed into an analytical system of thought which was later brought to the forefront by Piero Sraffa.
A More focused attention towards classical theories may be presented in terms of its theoretical structure is sharp opposition to the neo-classicals. Within the framework of surplus approach the problematics of the classicals centre round the questions of value, distribution and the accumulation.
The central focus of the book is how an analytical advance was made towards the consistent theory of value and distribution while analytically, though not logically, the problems of accumulation may be assumed as given. At the second analytical stage the classical dynamics could be presented in terms of union of theories in analytical descriptive terms. The theory of output and employment may thus allow the complex interactions of technology, demand, income distribution, etc., while considering the influence of social, political and historical forces. The problems of development thus become the central aspect of the classical economic theory.
The book may, therefore, provoke its readers to appraise the classicals and to apply their theoretical construction to broad questions of growth, poverty, unemployment, income distribution, technical change, etc.