A Revolution in Economic Theory: The Economics of Piero by Ajit Sinha

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By Ajit Sinha

This e-book attracts at the paintings of 1 of the sharpest minds of the 20 th century, Piero Sraffa. Ludwig Wittgenstein credited him for 'the such a lot consequential rules' of the Philosophical Investigations (1953) and placed him excessive on his brief record of geniuses. Sraffa's innovative contribution to economics was once, in spite of the fact that, misplaced to the realm simply because economists didn't be aware of the philosophical underpinnings of his economics. in accordance with exhaustive archival study, Sinha provides an exhilarating new thesis that indicates how Sraffa challenged the standard mode of theorizing by way of crucial and mechanical causation and, in its place, argued for a descriptive or geometrical conception in line with simultaneous kinfolk. A final result of this technique used to be an entire elimination of 'agent's subjectivity' and 'marginal technique' or counterfactual reasoning from fiscal analysis – the primary pillars of orthodox financial theory.

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