Breakthrough (high-impact) innovation often happens at startups, which require external financing ex ante, when there is only an invention with potential to become a breakthrough, and uncertainty is at its peak. Are we underfunding breakthrough inventions? Extant research has focused on...

In this paper, we show that Sraffa’s prices are consistent with Marx’s analysis of the form of circulation of capital (Money–Commodities–Money) and his theory of the creation of new value by labour in the production process. On the contrary, according to many neo-Ricardian and Marxist...

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...

Mainstream economists have long argued that the labour theory of value cannot explain price-formation. In response, Marxists have argued that mainstream economics is fixated on abstract mathematical problems which mystify social reality and obscure the social relationships at the heart of the...

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...

This paper is a revised version of a discussion with Nobel laureate Vernon Smith on the limits of neoclassical theory and on the opportunity to recover the alternative approach of classical economists and Marx. Vernon Smith is certainly right to insist on the heuristic force of the classical...

Co-destruction of value has been highlighted as a possible outcome of every interaction between firms and consumers. Despite the likelihood of its occurrence, the concept is not adequately defined or understood, while little is known about how and where it occurs. This paper reviews the...