The object of research is the role of the intellectual capital and knowledge in modern economics and value creation process. Therefore, taking into account the intellectual component of value due to the transformation of the society’s productive forces structure in the transition to a...

This paper proves that Marx had exaggerated labor’s physical and monetary contribution, and that he had told only half of the story. The full story then disproves Marx’s slogan of exploitation and redistribution

This paper introduces the concept of marginal labour value in the framework of perfect competition and shows that prices are proportional to marginal labour values. By this marginal analysis overcomes the classical contradiction of labour commanded and labour embodied. Furthermore the curves of...

The paper proposed setting up of a National Labor Exchange along the lines of National Stock Exchange, Bombay Stock Exchange and Commodity Exchanges Worldwide in order to promote efficiency in the labor market, full employment and generating wealth and positive contributions to GDP. The paper...

This paper develops a simple theoretical model to analyze Marx’s theory of ground rent. Using the model, I demonstrate two important results. First, if we take capital as exogenous, then total ground-rent can be decomposed into the three components: differential rent of the first variety...

The paper presents a guideline to discuss a collective strategy for dealing with the controversy on the transformation problem of values into prices. The main argument is that the individual search for solutions to the transformation problem creates a variety of models that weaken the Marxist...

In his macro-monetary interpretation of Marx's theory of value, Fred Moseley claims that Marx's prices of production should be considered as the long-run equilibrium condition of capital reproduction under the assumption of given technology and given capital distribution. Moseley's...

Controversy has prevailed since the problem of "transforming" values into prices first emerged in the late 19th century. Progress has, regrettably, been hampered by attempts to "vindicate" Marx's work exactly, rather than treating him as a pioneer upon whom his successors must build, using the...

This article argues that to make progress in the theory of value and price we must incorporate in the debate of the transformation problem the methodological discussion about how Marxian economics relates to non-Marxian economics. Two alternative approaches to deal with that relationship are...