Many commentators claim Adam Smith failed to realize that no objective standard of value exists. Instead, he adhered to the labor theory of value. Like others, we argue that in the The Wealth of Nations Smith discussed the “early and rude state” in which the labor theory of value made some...

This text is inscribed in the debates raised by the new and growing interest in the economic theses of Karl Marx and, especially, in his Labor Theory of Value. The notion that animates this text argues that the multiple objections that have been raised about it actually point to versions and...

Purpose - Different from Marx's analysis of the dialectical relationship between the production and realization of surplus value, the Okishio theorem only shows one aspect of the contradictory movement of the total social capital, that is, the reverse effect of the realization of surplus value...

In this paper, I extend Fred Moseley’s algebraic summary of the macro-monetary interpretation (MMI) of Marxian theory to explicitly incorporate the equality between the input and output prices, and examine some of the mathematical properties of the input-output model of the MMI that emerges...

This article privileges a financial sector explanation for the persistent German trade surpluses of the past 15 years. More specifically, it explains the disruptive consequences of a long-running stagnation in domestic investment in the face of rising German savings, particularly at corporate...