The dynamics of value, price and profit

Abstract

This article argues that in place of the fundamentally static neoclassical concept of an economy in equilibrium, economic theory is in need of a dynamic vision of growth as a disequilibrating process which is driven by competition and the accumulation of capital. The theory of price and profit shold be errected on these foundations. This was the project of classical economics, and it reached its apogee in Marx's Capital.