Abstract
The theory of economic motion was András Bródy’s main interest. This paper presents a simplifi ed framework of Bródy’s economics. His multi-sector production and price theory is based on the Marxian theory of value reinterpreted by using measurement considerations. Economic motion in this framework is driven by technology represented by the internal proportions of production, not by external shocks. Prices and proportions jointly determine the economic structure and its motion (duality of prices and volumes). We derive the laws of motion of production and use of goods (consumption and accumulation) based on technological accounting balances. These laws determine a cyclical pattern. Using numerical examples we demonstrate how external changes in technology and valuations are propagated in changing the cyclical pattern of motion.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
