What is Sraffian theory of value?
Sraffa was really concerned about finding an invariable standard for prices and wages in order to obtain a uniform rate of profits consistent with the concept of value. In other words, the rise of income share by one class should be exactly offset by the reduction of income share by the other social class.
Where does Joseph Stiglitz live?
Gary, Indiana, U.S. Jane Hannaway ( div. ) Joseph Eugene Stiglitz (/ˈstɪɡlɪts/; born February 9, 1943) is an American economist and public policy analyst, who is university professor at Columbia University.
Is Stiglitz a realist?
A seminal work that must be read.” Will Hutton from the British Guardian wrote: “Stiglitz finishes his book with seven action points for change. He is not a global pessimist, but a realist – and instead of placing him in a neat box labelled ‘important contribution to the debate,’ we should listen to him urgently.”
What did Stiglitz won the Nobel Prize for?
Professor of Finance and Economics Joseph Stiglitz was awarded the 2001 Nobel Prize in Economics by the Royal Swedish Academy of Sciences. Stiglitz shares the award with George Akerlof and A. Michael Spence for their “analyses of markets with asymmetric information.”
Why does Marx separate price and value?
Marx argues that because there are economic laws governing the value of commodities as represented by the social relationship of wages and price, capitalists cannot raise or lower wages merely at their whim, nor can they raise prices at will in order to make up for lost profits resulting from an increase in wages.
What classes does Joseph Stiglitz teach at Columbia?
Co-President Stiglitz is University Professor at Columbia University, teaching in its Economics Department, its Business School, and its School of International and Public Affairs and Chairman of its Committee on Global Thought.