The collapse of previously existing socialism was due to causes embedded in its economic mechanism, which are not inherent in all possible socialisms. The article argues that Marxist economic theory, in conjunction with information technology, provides the basis on which a viable socialist...

The labor theory of value, originated in the classics and reformulated by Marx, has found support in numerous empirical works during the last thirty years. In many economies, sectors in monetary terms are highly correlated with them in terms of labor values. In his book Capital as Power (2009),...

La teoría del valor trabajo, originada en los clásicos y reformulada por Marx, ha encontrado apoyo empírico en numerosos trabajos en los últimos treinta años. En diversas economías los sectores en términos monetarios están altamente correlacionados con los mismos en términos de valor...

The collapse of previously existing socialism was due to causes embedded in its economic mechanism, which are not inherent in all possible socialisms. The article argues that Marxist economic theory, in conjunction with information technology, provides the basis on which a viable socialist...

We consider economic value as a property that renders heterogeneous goods and services commensurable. Starting from the basic division of output between workers and nonworkers, we are able to derive value as a property of systems of economic reproduction. We show its relation to value in...

The article attempts of apply econophysics concepts to the Eurozone crisis. It starts by examining the idea of conservation laws as applied to market economies. It formulates a measure of financial entropy and gives numerical simulations indicating that this tends to rise. We discuss an analogue...

We attempt to clarify the meaning of labour value, a concept that originated in classical political economy. Using a modern formalism, we show that labour values are understood as a field property, or equivalently a characteristic accounting property, of economic reproduction. The applicability...

The article starts by examining the idea of conservation laws as applied to market economies. It formulates a measure of financial entropy and gives numerical simula-tions indicating that this tends to rise. We discuss an analogue for free energy released during this process. The concepts of...

We attempt to clarify and generalize the meaning of economic value as conceptualized in classical political economy. Using a modern formalism, we show that value can be derived as a basic property of systems of economic reproduction. The applicability of the concept is discussed and its relation...

We attempt to clarify and generalize the meaning of economic value as conceptualized in classical political economy. Using a modern formalism, we show that value can be derived as a basic property of systems of economic reproduction. The applicability of the concept is discussed and its relation...