Lately, when trying to write up my results I use terminology from classical political economy. The table below maps some terms from classical political economy to terminology for marginalists.
| Classical | Marginalist |
| Use value | Utility |
| Supply | Quantity supplied |
| Demand | Quantity demanded |
| (Normal) profits | Interest |
| Extra profits | (Pure) economic profits |
| Supernormal profits | |
| Market prices | Short run prices |
| Natural prices | Long run prices |
| Prices of production |
I probably am leaving some important mapping out. Nuances, at least, exist to distinguish between entries in rows in the tables. And maybe it depends on which classical or marginalist economist you read, and which of their works. I think the first row is the most questionable.
No comments:
Post a Comment