By Geoffrey M. Hodgson

ISBN-10: 0312057040

ISBN-13: 9780312057046

Fresh occasions in jap Europe have underlined the constraints of Marxian fiscal and political idea. during this number of essays Hodgson topics Marxian monetary concept to severe exam and exhibits which components keep their glossy relevance. After analysing the contribution of Sraffa, and indicating its severe capability and theoretical obstacles, Hodgson issues to a brand new synthesis embracing Marx, Keynes and Veblen.

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Let us suppose that the 'average' size of these idiosyncratic forces is cr. . Gauss showed that under these conditions, with reasonable restrictions on the distribution of the idiosyncratic forces, the mean force bearing on the individual is/ H—^. So the aggregate force bearing on the entire group would be nf + Vncr. Vn "Now let us suppose that the idiosyncratic forces that we do not understand are four times as large as the systematic forces that we do understand—that is, cr = 4/. Consider the aggregate force exerted on populations of different sizes.

Orthodox Jews face more extensive obligations than Reform Jews: the observant Orthodox Jew is required to commit a greater proportion of his private resources (time, attention, and wealth) to collectively mandated ends (saying prayers, studying the Talmud, observing dietary and other laws) than the observant Reform Jew. This is the meaning of extensiveness, but we must not forget the other term, obligation. Obligation implies a contribution without a corresponding recompense or quid pro quo. 4 This is to be distinguished from a situation in which individuals 4 "Whensoever a man Transferreth his Right, or Renounceth it; it is either in consideration of some Right reciprocally transferred to himself; or for some other good he hopeth for thereby.

Say that 95 percent of the members in department A but only 50 percent of those in department B show up at the appointed time and place. If this were the only available evidence, we would be forced to conclude that department A has much higher solidarity than department B. Note that this definition implies nothing at all about the means by which solidarity arises—members can comply with their corporate obligations with more or less enthusiasm. And herein lies a source of terminological difficulty.

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After Marx and Sraffa: Essays in Political Economy by Geoffrey M. Hodgson

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