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Essay heading: Economics Lionel Robbins
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Biographies |
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| Date added: |
March 8, 2005 |
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5 / 1335 |
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He stressed the ideas of subjectivist theory of value beyond what Anglo-Saxon economics were used to.
Robbins also involved himself in the socialist calculation debate also called the economic calculation problem, which was criticism against socialist economics in short. Robbins was sided with Friedrich Hayek and Ludwig von Mises, who first proposed the idea, against Abba Lerner, Fred Taylor, and Oscar Lange... displayed 300 characters
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The argument was based on, “without information provided by market prices it is impossible to rationally allocate resources.” (Hayek., F. A 1935)
Robbins written work on costs, (1930, 1934) helped bring Wieser's "alternative cost" theorem of supply to England (which was opposed to Marshall's "real cost" theory of supply)... displayed next 300 characters
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