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ABSTRACT. Garrison demonstrates the relevance of capital-based macro-economics beyond its application to the business cycle by discussing a variety of fiscal and regulatory issues. The marginal-productivity theory of factor pricing implies that the price of any factor is determined by the marginal value product of that factor. Money must be analyzed in a general theory of value; the value of money is determined in all markets where money is exchanged.

 

LILIANA CIMBROLA
 
 
 

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