This paper shows that the mass of profits may be strictly increasing even when the rate of profit is strictly decreasing. Thus, a recent 'long-wave version' of the falling rate of profit theory of crisis is called into question.

Bródy's conjecture regarding the instability of economies is submitted to an empirical test using input--output flow tables of varying size for the US economy, for the benchmark years 1997 and 2002, as well as for the period 1998--2011. The results obtained using input--output tables of various...

This paper considers the pure labour theory of value and Böhm-Bawerk’s theory of capital as approximations of Sraffa’s model of single production, and tests them with data from the Symmetric Input-output Tables of the Finnish economy. The results show that (i) in comparison with the labour...

This article studies business cycles with the use of a novel Goodwin--Keynes type model. Based on its derived equations of motion and dynamic properties, we estimate the proposed model for the case of the German economy, the locomotive of the EMU, in the period 1991 to 2007, using relevant...