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A Statistical Equilibrium Approach to Adam Smith’s Labor Theory of Value

February 1, 4:00 pm-5:30 pm

TU students and faculty join The Department of Economics at The University of Tulsa as they present: A Statistical Equilibrium Approach to Adam Smith’s Labor Theory of Value by Dr. Bruno Theodosio. Adam Smith’s inquiry into the emergence and stability of the self-organization of the division of labor in commodity exchange is considered using statistical equilibrium methods from statistical physics. In this presentation, Dr, Theodosio develops a statistical equilibrium model of the distribution of independent producers and produced commodities in a hub-and-spoke framework that predicts the both the center of gravity of producers across lines of production as well as the endogenous fluctuations between lines of production that arise from the institutional constraints of “perfect liberty” and free competition. The ergodic distribution of producers implies the convergence of market prices to Smith’s natural prices

Details

Date:
February 1
Time:
4:00 pm-5:30 pm
Event Categories:
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Event Tags:
Website:
https://brunotheodosio.com/

Organizer

College of Arts & Sciences
Phone
918-631-3795
Email
arts-sciences@utulsa.edu
View Organizer Website

Venue

Tyrrell Hall
2930 East 6th Street
Tulsa, OK 74104 United States
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