This book is the first volume in a three-volume series that takes an in-depth look at the relevance of Marx's economics for understanding the modern economy. The focus of this volume is the money prices of commodities. In light of the failure of central banks to stimulate inflation through...

Menger, among the founders of marginalism, was the least mathematical and the one most interested in individual subjective valuations. These characteristics allowed for the development, by his successors, of what has become known as the Austrian School of economic theory. Among their notable...

One of the most salient features of the 21st century is the rising concern about economic inequality in many countries around the world to the point that it is assessed as “the defining challenge of our time.” Inequality has been observed with concern by multilateral organizations,...

Three different types of data are analyzed together for the first time: technical and economic characteristics of the works of one hundred artists (19-20th centuries) from the auctions database, scores of art-historical values of these painters by C. Murray and aesthetic estimates collected via...

Novy-Marx (2013, 2014) argues that profitability and value are philosophically and economically related: buying highly productive firms at average prices is similar to buying average productivity firms at low prices. We investigate the risk and return of portfolios that hold the entire market...