The law of the tendential fall in the rate of profit has been at the center of theoretical and empirical debates within Marxian political economy ever since the publication of Volume III of Capital. An important limitation of this literature is the absence of a comprehensive econometric analysis...

The law of the tendential fall in the rate of profit has been at the center of theoretical and empirical debates within Marxian political economy since the publication of volume III of Capital. An important limitation of this literature is the relative paucity of modern econometric...

There are two divergent perspectives on the impact of subcontracting on firms in the informal sector. According to the benign view, formal sector firms prefer linkages with relatively modern firms in the informal sector, and subcontracting enables capital accumulation and technological...

The Bharatiya Janata Party (BJP) swept the 2014 General Elections in India and emerged as a single party with absolute majority, a result not witnessed since 1984. Not only did it win a majority of seats, it also managed to increase its vote share in almost all states between 2009 and 2014....

Over the past four decades, India has witnessed a paradoxical trend: average per capita calorie intake has declined even as real per capita monthly expenditure has increased over time. Since cross sectional evidence suggests a robust positive relationship between the two variables, the trend...

In India, average calorie intake has declined even as real monthly expenditure has increased. Since cross sectional evidence suggests a positive relationship between the two variables, the trend emerges as a major puzzle. Using household-level data from four recent rounds of National Sample...

In this paper, a discrete-time version of the Marxian circuit of capital model in Foley (1982, 1986a) is used to address two important theoretical issues of general interest to the heterodox economics tradition: profit-led versus wage-led growth, and the growth-reducing impact of non-production...

This paper explains the BEA methodology for computing historical cost and replacement cost measures of the net stock of capital in the U.S. economy. It is demonstrated that there exists a threshold rate of inflation in the price of capital goods that keeps the percentage difference between the...

This paper develops a discrete-time formalization of the circuit of capital model presented by Marx in Volume II of Capital Marx (1993) as a tool for aggregate economic analysis of capitalist economies. The discrete-time formalization closely follows and extends the continuous-time formalization...

In this paper, we develop a simple model that shows that consumption of PDS food grains is significantly different between rich and poor households in states where the PDS functions relatively well; in places where the PDS is non-functional, the difference is not significant. Using...