Burgstaller on the Common Core of Classical and Walrasian Economics

Abstract

This is a review article on Burgstaller's book Property and Prices (1995). It is argued that the book misrepresents the common ground and the differences between the classical and the Walrasian approaches to value and distribution, and furthermore that many of the author's claims, e.g. that arbitrageurs and speculators make the Walrasian auctioneer unnecessary for the reaching of a Walrasian equilibrium, are mistaken.