This paper examines heterodox theories of the determinants of the value of money. Orthodox approaches that tie money's value to relative scarcity of money or to the price level are rejected as inconsistent with the monetary theory of production embraced by heterodox traditions linked to Marx,...

In this paper we review recent developments in axiomatic studies of Marxian exploitation theory. First, given the acute controversy over the formal definition of exploitation during the 1970-1990s, we review the study of the axiomatic framework, which identifies some fundamental properties -...

In this paper we review recent developments in axiomatic studies of Marxian exploitation theory. First, given the acute controversy over the formal definition of exploitation during the 1970-1990s, we review the study of the axiomatic framework, which identifies some fundamental properties -...

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. We develop a statistical equilibrium model of the distribution of independent direct...

Purpose - The correlations and deviations between market prices, production prices and values are critical indexes for testing the labor theory of value. However, there is not yet a universally accepted method of solving for the production price vector, and given the complexity and volatility of...

In this paper, we introduce a new class of values for cooperative games, named procedural surplus values, which is determined by procedures of sharing marginal surplus. Considering that the level of solidarity among players in a coalition may be related to the size of the coalition, this class...

The labor theory of value has been rejected by Morishima on the grounds that it would be incompatible with joint production, which would create negative labor values. This article starts by recalling the various definitions of joint production, as well as the way they relate to the real world....

This article makes an analytical critique of the position of Basu, Haas, and Moraitis, who, by extending the conventional linear system for the simultaneous determination of value, argue that in Marx's economic theory the intensification of work generates absolute surplus value and is not...

This article aims at advancing an explanation, still to be completed, of the paradox of productivity differences and surplus value rate at an international level. New empirical evidence is presented, and it is suggested that an explanation should be developed based on the analysis of the problem...

In this paper, we discuss three approaches to estimating classical prices of production(long run equilibrium prices) in both a circulating capital model and a model that includes capital stock: the Standard Interpretation of Marx's value theory, the New Interpretation of Marx's value theory, and...

The labour theory of value (LTV) is the cornerstone of the classical and Marxian political economy. In this respect macroscopic phenomena, which include many distinct production processes evolving over long gestation periods, conceal the transformation of labour values into their monetary...

This article analyzes prices and value as constituting a theological problem in early and medieval Christian thought. First, it looks at the patristic critique of wealth and market prices and shows that such critique was rooted in a concern with a disordered world. Next, it moves on to medieval...

The marginal productivity theory is the modern form of the three-factor theory of value. It is the fundamental theory used in Western economics to describe value creation, as well as the fundamental Western theory dealing with wealth theory in the value category. Its original form is the...

As part of the literature denying Marx's Law of Tendency of Rate of Profit to Fall, the Okishio theorem exerts extensive influence. This theorem uses rigorous mathematical methods in an attempt to prove that the introduction of advanced technology in the basic goods sector of capitalism leads...

Empirical estimates derived in line with the Marxist framework are essential to fully address several topics, from the dynamics of profit and exploitation rates to unequal exchange, crisis and strategies. Edward Ochoa presented and implemented a pioneering practical proposal to perform such...

The main purpose of this paper is to build a family of tutorial Goodwinian (essentially Marxist) models of capital accumulation through industrial cycles that are less complicated than the author's models of the extended capitalist reproduction in the USA already published. The subordinate...

Can cost-reducing, technical change lead to a fall in the long run rate of profit if class struggle manages to keep the rate of exploitation constant? In this paper we demonstrate, in a general circulating capital model, that if (a) the technical change is capital-using labor-saving (CU-LS), (b)...

This paper offers a unified analytical treatment of Marx's theory of ground-rent, building on the analysis that is available in Volume Three of Capital. Since ground-rent is a transformation of surplus profit generated in agriculture, the main argument is developed in two steps. In the first...

1. Introduction: Creative mental labour and skilled mental labor -- 2. The Missing Component in Long-term Growth Theory -- 3. Long-term economic growth -- 4. Productivity increase and economic growth -- 5. Productivity increase (growth) in the service sector -- 6. Firms that “only produce...