Comparative Economic Theories: Value and Distribution
Section outline
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Summary and objectives of the course:
The main purpose of this course is to provide an introduction to the foundations of theories of value and income distribution developed in the classical, Marxian, and marginalist traditions. In connection with these issues, we will also address other topics, such as the determinants of economic growth and the effects of the division of labor on productivity dynamics and technological progress. At each stage, the presentation of the theories will be guided by a methodological concern to highlight the close relationship—interaction and mutual enrichment—between economic theory and economic history. In this spirit, the course will be structured in three parts.
I / The classical perspective and the dynamics of profit
The first part deals with the fundamental concepts underlying classical political economy, in particular the approaches of Adam Smith and David Ricardo. Smith’s approach will be examined mainly through the lens of the division of labor, while Ricardo’s will be approached through questions of value, prices, distribution, and the long-run dynamics of accumulation.
II / The Marxian problem of value and exploitation
The second part is devoted to presenting Marx’s theory of value and exploitation, as well as its implications for interpreting the specifically capitalist forms of development of the division of labor and technological progress.
III / The marginalist problem of value and distribution
The third part is dedicated to the foundations of the marginalist approach to value and distribution, with particular attention to the theoretical contributions of John Bates Clark and Léon Walras. Generally, Clark’s approach—which explicitly positions itself in relation to Marx’s notion of exploitation—will be addressed first. The treatment of Walras’s analysis will depend, depending on the sections, on the progress of the semester.
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Assessment is based entirely on continuous assessment. There is no midterm exam. The final grade is the unweighted arithmetic average of three assessments: a 40-minute in-class test (tutorial), a 90 minutes in-class essay (tutorial), and a comprehensive end-of-semester exam in the lecture hall.
A grade-standardization procedure, for which the major test will serve as the reference, will take place at the end of the semester in order to harmonize grading across the different tutorial groups.
We would like to stress that careful and thorough reading of the tutorial booklet will be an essential condition for success in the end-of-semester major test in the lecture hall.
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Download the course outline below
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This section is dedicated to downloading the lecture slideshows.
A chapter’s slides will be uploaded only once it has been fully covered in the course.
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Download the tutorial booklet of the course
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Adam Smith (1723-1790)
David Ricardo (1772- 1823)
Karl Marx (1818 - 1883)
Léon Walras (1834-1910)
John Bates Clark (1847-1938)
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