This article argues that simultaneous equation systems, widely regarded as a standard formalisation of labour value theory, import equilibrium assumptions which rule out a realistic or consistent theory of price formation. An alternative, dynamic formalisation exists yielding time-varying or...

This article constructs time-varying labour value measures free of such restrictions and shows that they call for a radical re-evaluation of this century's debate on value. We exhibit a counter-example to the Okishio theorem in which labour-saving innovation leads to a continuously-falling...

This article presents a ‘sequential and non-dualist’ interpretation of Marx’s value theory. This terminology has since been replaced by the term ‘temporal single system’ (TSSI). In such an interpretation, values transform into prices in accordance with Marx’s two equalities, and the...

In the early part of this century a debate erupted among Russian and German economists. It was started by Rosa Luxemburg’s Accumulation of Capital, which asked the question: how can capitalism reproduce itself? It was continued by many, including Nikolai Bukharin, whose reply, seven years...

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...

This article, presented to the Annual Conference of the History of Economics Society, Vancouver July 1996, gives a historical analysis of the origins of the general equilibrium or comparative static approach and demonstrates that economic thought as a whole is divided, in each of its schools of...

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 article assesses the significance of the January 2009 US unemployment figures. The steep fall of 4 million jobs is greater than any 12-month fall in history. Does this mean that 2007-2008 heralds the worst recession since 1929? This article assesses the empirical evidence of the US payroll...

This article was published in a Capital and Class symposium on the 1987 crash. Its analysis retains its full force in 2009. It compared the 1987 and the 1929 crash, and explored the historical similarities between the long US postwar decline and the UK’s, from the mid-nineteenth century. It...

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...