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exchange ratio

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Journal Article
History of Political Economy 11642364.
Published: 04 December 2024
... Aquinas relied, and which does not appear in the Fathers’ commentaries. Aquinas here provides the founding elements of his later analyses: the role of the price in ensuring the justice of exchange but also the diversity of possible exchange ratios, not necessarily referring to price, in order to account...
Journal Article
History of Political Economy (2024) 56 (S1): 107–132.
Published: 01 December 2024
... contributions to activity analysis and linear programming, with particular attention to Koopmans's 1942 memorandum for the Combined Shipping Adjustment Board titled “Exchange Ratios between Cargoes on Various Routes” (first published in his Scientific Papers , 1970). [email protected] Copyright 2024...
Journal Article
History of Political Economy (1979) 11 (4): 459–476.
Published: 01 November 1979
... “not in the ratio of the cheapness” (p. 597). For example, if 10 cloth exchanged for 18 linen, England might de- mand 17,500 yards of linen, for which it would offer 9,722 yards of cloth (17,500 t 18). Germany, faced with dearer cloth, might reduce its demand to precisely the amount England offers...
Journal Article
History of Political Economy (1970) 2 (1): 177–196.
Published: 01 March 1970
... esteem value as a ratio. Thus if a person esteems 3 units of commodity A as equal to 2 units of com- modity B, his esteem value of A in terms of B would be 3:2, and of B in terms of A, 2:3. Cf. below, part 111, where Turgot’8 theory of isolated exchange is discussed and where this concept...
Journal Article
History of Political Economy (1975) 7 (1): 56–74.
Published: 01 March 1975
...- lem of dual subjective estimates of value between two exchanging par- ties” and that there is “no room for d~ubtSoudek concludes that for Aristotle, “the ratio of exchange of two products is the reciprocal of the ratio of the utilities of what A gives away to what he receives...
Journal Article
History of Political Economy (1971) 3 (1): 56–91.
Published: 01 March 1971
... of goods; also in such cases it is 'necessary to know value relations or exchange ratios in order to determine whether other goods should be *acquired or not [E.T., 1923, pp. 211-121. The relationship Ibetween the value of it supply of goods and the value of each commodity unit...
Journal Article
History of Political Economy (1984) 16 (3): 431–436.
Published: 01 September 1984
..., then all terms in our basic system of equations are consistently expressed in the same labor-time units of account. Given only the appro- priate initial data, the system as presented in our article will always solve for Wolfson’s correct “equilibrium exchange ratios,” and it will always display...
Journal Article
History of Political Economy (1984) 16 (3): 423–430.
Published: 01 September 1984
... embodied in a vector of com- modities. These are not yet exchange values. The inhomogeneous structural equa- tions do not give rise to a set of value ratios, in the sense of Sraffa or ‘closed’ input-output models generally. To express relative exchange val- ues one may embed these absolute...
Journal Article
History of Political Economy (1972) 4 (1): 89–112.
Published: 01 March 1972
... justified by a casual com- parison of the Chinese and European experiences with bimetallism. In China, silver and copper had for centuries circulated s?de by side until the turn of the century.32 The authorities, however, were never able to fix the legal silver-copper exchange ratio; the exchange...
Journal Article
History of Political Economy (1986) 18 (3): 365–382.
Published: 01 September 1986
... occurs face to face. Thus, if the spectator would resent one person depriving another of what he had a legitimate expectation of using, what would this spectator’s opinion be of exchanges at ratios other than 2:1? I will attempt to argue that deviations from the 2:l natural ratio would also meet...
Journal Article
History of Political Economy (2012) 44 (4): 663–689.
Published: 01 November 2012
... . . . . . . . ln−2, ln−1, ln, and if we denote wage goods by the subscript j (1 ≤ j ≥ k) and the other products of labor by the subscript i (k + 1 ≤ i ≥ n), we can single out two sets of exchanges and three different ratios. One ratio (lj / li) is the e-value of one commodity in terms of another (i.e...
Journal Article
History of Political Economy (2009) 41 (2): 383–406.
Published: 01 June 2009
... (I.vi.4) 8. “Smith’s treatment of exchange in ‘that early and rude state . . . ’ cannot properly be considered an instance of the labour theory of value, since any theory of value would predict the same exchange ratios in this situation” (O’Donnell 1990, 112). This argument need not detain...
Journal Article
History of Political Economy (1982) 14 (4): 564–582.
Published: 01 November 1982
... a fundamental alternative or break from the customary (and, to us, Ricar- dian) view of commodity value as a pre-given and fully specified source for the deduction of competitive capitalist exchange ratios. The traditional view of transformation sees the problem as one of pro- viding a derivation...
Journal Article
History of Political Economy (1988) 20 (3): 461–470.
Published: 01 September 1988
...) of an economy, where we, as outside observers, can derive from our model the exchange ratios, or “relative prices” of goods in terms of each other by specifying the relevant equations. The other way (that of Marx) consists of asking how the agents in an economy can measure whatever...
Journal Article
History of Political Economy (1977) 9 (4): 504–521.
Published: 01 November 1977
..., then determines the exchange ratio between com- modities. The cost of a commodity is thus made to depend upon, or is weighted by, society’s estimate of an occupation’s relative “worth.”6 Wilson’s reading of Aquinas thus parallels that once employed by economic historians, particularly the immensely...
Journal Article
History of Political Economy (2020) 52 (4): 709–740.
Published: 01 August 2020
..., temperature. Edgeworth faced two kinds of criticisms: concerning the use of psychological notions in economics and concerning the nature of utility itself. Both criticisms were also stated in terms of the thermodynamic metaphor, and the thermometer analogy played a major role in the exchanges. Following those...
Journal Article
History of Political Economy (1995) 27 (1): 177–182.
Published: 01 March 1995
...: Exchange Ratios under Simple Commodity Production . In Caravale 1991 . Seraphim , H.-J. 1925 . Neuere Russische Wert- und Kapitalzinstheorien . Berlin and Leipzig: de Gruyter. Steedman , I. 1977 . Marx after Sraffa . London: New Left Bank. Sweezy , P. M. 1942 . Theory...
Journal Article
History of Political Economy (1979) 11 (4): 477–500.
Published: 01 November 1979
... and sufficient condition for both countries to spe- cialize. It generalizes condition (1.3) of my Trade Survey (1965, p. 485). 3. Mill's proof of the existence of a unique exchange ratio Mill (1909, p. 600) analyzed the above problem by defining the quantities m-"the cloth previously...
Journal Article
History of Political Economy (1989) 21 (3): 425–456.
Published: 01 September 1989
... with by the ad hoc assumption that if the supply of one commodity “falls off to a small extent,” consumers would not pay a higher price for it but simply consume less. Hence, the “conditions of supply will have no effect what- ever upon the ratio of exchange” (ibid., 128). In the KDPQT discussion, which...
Journal Article
History of Political Economy (1980) 12 (4): 638–642.
Published: 01 November 1980
... with reference to opus, but opus can mean “labor” as well as “need”-takes Albertus peril- ously close to the assertion that the common property possessed by all goods and determining exchange ratios between them is the labor required to produce them. Though a corruption of Albertus’ best thought...