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 Marxian circuit of capital model is one useful analytical framework that allows us to identify the requirement for the reproduction of the capitalist economic activities over time. This paper revisits the core ideas of Marxian model of the circuit of capital to explain the main...

"Economists dream of equilibrium. It's time to wake up. In mainstream economics, markets are ideal if competition is perfect. When supply balances demand, economic maturity is orderly and disturbed only by shocks. These ideas are rooted in doctrines going back thousands of years yet, as James K....

The Marxian circuit of capital model is one useful analytical framework that allows us to identify the requirement for the reproduction of the capitalist economic activities over time. This paper revisits the core ideas of Marx-Foley-Basu’s mathematical model of the circuit of capital to...