Over 100 years since Marx's value theory of labour was first published, the so-called ``transformation problem'' -- deriving prices from values and providing a theory of profits as arising from surplus value -- has inspired the imagination of economists of all shades of intellectual suasion....

The purpose of this paper is to provide an analysis of the impact the UV-curve had on economic theory and to provide an account of the subsequent radical changes in its place and role over the decades since its first appearance in 1958. The paper traces the historical development of the UV-curve...

Theories of social comparison have a long presence in the social sciences and have provided many useful insights. In economics, the idea of comparison, aspiration or relative income belongs to this theoretical framework. The first systematic usages of this idea can be found in the works of...

Professor Narmadeshwar Jha was a noted scholar on History of Economic Thought that took its shape under the influence of Alfred Marshall. His widely referred book - The Age of Marshall: Aspects of British Economic Thought, 1890-1915 – was written under the supervision of Professor A.J. Brown...

This entry, submitted to Philip O’Hara’s Encyclopedia of Political Economy but not included in it, contrasts the temporal and simultaneist approaches to the formation of price and its relation to value.

In the 17th Century, the importance of Turkish and Persian increased because of being languages of rulers and receiving official patronage. Thus, along with writing on socio-economic problems in Arabic language, many works of economic interest appeared in those languages. While the focus of the...

This is Chapter 7 from Social Economics: An Alternative Theory (St. Martin's Press, 1991) Since Alfred Marshall's time, it has become ever more difficult to draw attention to the need for something besides technique to bridge the gap between the world that (presumably) exists outside our heads...

The financial crisis of 2008 has challenged the reputation of the free-market economy in the public imagination in a way that it has not been challenged since the Great Depression. The intellectual consensus after World War II was that markets are unstable and exploitive and thus in need of...

Religion was one of the factors that was frequently identified by seventeenth- and eighteenth-century economists as exerting an important influence on the pre-industrial European economies. These writers were especially interested in the economic effects of the Reformation on the economic...

This working paper aims to point out the ideas defended by the Spaniard Juan de Mariana in the early XVII century in his book “De Rege et Regis Institutione” and in his monetary treatise “De Monetae Mutatione”. Juan de Mariana not only summarized the ideas of the Spanish scholastics in...