A new method of identifying the sources of output growth and measuring total factor productivity (TFP) is proposed, with an application to data from the Greek economy. The price accounting approach, based on the full industry equilibrium (FIE) framework introduced by Opocher and Steedman, where...

This paper is an exploration of the interface between two quite different strands of economic thought, the Schumpeterian, evolutionary theory of innovation and competition, and the classical, Sraffian theory of prices and distribution. Can the two methods usefully speak to each another? If they...

It is a fact of life that economic resources are used to alter other's preferences over commodities. Yet this is seldom taken into account in basic economic theory, explanatory or normative. It is shown here how a certain type of advertising is readily allowed for in the Edgeworth exchange box,...

There is growing evidence that rising levels of prosperity in Western economies since 1945 have not been matched by greater incidences of reported well-being and happiness. Indeed, material affluence is often accompanied instead by greater social and individual distress. A growing literature...

Economic systems with a positive, uniform, and constant interest rate have been widely studied. It is shown that, in such systems, the presence of produced inputs undermines some standard results concerning the revenue function. The partial derivative, with respect to a product price, is not...

In both 1976 and 1987 Tatsuo Hatta showed that consumption reversal (dc/dr 0) can occur in a three-period Wicksellian model of production only if the first and the third labour inputs are Hicksian complements. (This was also generalized to n labour inputs.) Unfortunately, he drew the bold...

Books Reviewed Ian Steedman, Consumption Takes Time¿Implications for EconomicTheory A.S Bhalla, Market or Government Failures? An Asian Perspective Irene Van Staveren, The Values of Economics. An Aristotelian Perspective Giuseppe Bertola, Tito Boeri and Guiseppe Nicoletti (eds), Welfare and...