Endogenous business cycles can be generated using second-order linear equation systems. A generally accepted criticism of linear models is that only one value of the control parameter produces self-sustaining stable cycles. The problem therefore remains of accounting for the most salient...

Since world war II there have been two quite distinct phases of world growth. In about 1965, a long slowdown set in which has still not ended. Robert Brenner (2002, 2003) has re-ignited the debate about its causes, claiming that nothing in either present or past economic theory explains it. He...

This article assesses the extent and nature of the stimulus that will be required to end the economic crisis that opened in 2008. It compares the present economic situation to that which opened in 1929 and studies the relation between state spending, investment, and employment.

This was presented to the First International Seminar on Nuevas Direcciones en el Pensamiento Económico Crítico (New Directions in Critical Economic Thought), organised by the Departiment of Applied Economics, Faculty of Politics, Universidad Complutense de Madrid, Madrid, 10-12 May 1999 It...

This text comprises chapter 13 of Marx and non-equilibrium Economics[1]. It provides a general mathematical specification of a non-equilibrium interpretation of Marx’s theory of value. It refutes the Okishio theorem and solves the transformation problem. It is a foundation work of scholarship...

The purpose of this paper is to examine the discussion among marxists about the rate of profit. This is done by the method of symptomatic reading, hence in a different way from what has become standard. Beginning from the fact that Marx and his critics draw diametrically opposite conclusions...

This article presents a detailed textual analysis of Marx’s actual account of the tendency of the rate of profit to fall and attempts to recover the initial logic of the analysis It sets this against early discussion on Marx’s value theory and shows, in a non-mathematical manner, how a...