This paper examines heterodox theories of the determinants of the value of money. Orthodox approaches that tie money's value to relative scarcity of money or to the price level are rejected as inconsistent with the monetary theory of production embraced by heterodox traditions linked to Marx,...

Adam Smith's inquiry into the emergence and stability of the self-organization of the division of labor in commodity exchange is considered using statistical equilibrium methods from statistical physics. We develop a statistical equilibrium model of the distribution of independent direct...

Purpose - The correlations and deviations between market prices, production prices and values are critical indexes for testing the labor theory of value. However, there is not yet a universally accepted method of solving for the production price vector, and given the complexity and volatility of...

The labor theory of value has been rejected by Morishima on the grounds that it would be incompatible with joint production, which would create negative labor values. This article starts by recalling the various definitions of joint production, as well as the way they relate to the real world....

This article makes an analytical critique of the position of Basu, Haas, and Moraitis, who, by extending the conventional linear system for the simultaneous determination of value, argue that in Marx's economic theory the intensification of work generates absolute surplus value and is not...