This paper is the first part of a Marxian critique of the theory of the firm focusing on the analysis of labour values. Starting from Adam Smith's example of the deer hunter, marginal analysis is introduced culminating in the derivation of the Labour Value Function as the supply curve of the...

This paper is the first part of a Marxian critique of the theory of the firm, focusing on the analysis of labour values. Starting from Adam Smith's example of the deer hunter marginal analysis is introduced, culminating in the derivation of the Labour Value Function as the supply curve of the...

This paper is the first part of a Marxian critique of the theory of the firm focusing on the analysis of labour values. Starting from Adam Smith's example of the deer hunter, marginal analysis is introduced culminating in the derivation of the Labour Value Function as the supply curve of the...

The difficulties of the classical and Marxian labour theory of value are overcome when labour value is understood as cost, analogously to marginal cost as marginal labour value. Marginal labour value is the reciprocal of the marginal productivity of labour. Under “perfect ompetition”...

In recent years there is a revival of political economy and discussions are about the near linearities of price rate of profit trajectories. In this article, we argue that the economy’s input-output data are of low effective dimensionality, meaning that there is overfitting of both data and...

Ronald Meek has (deliberately) ignored a very important discovery of Jevons. When labour is measured in terms of marginal labour values prices are proportional to these values and commodities exchange accordingly. This has been rediscovered by Soviet economists and that has been published in the...

The two ‘slogans’ written by Sraffa in an early draft of the preface to his book (Sraffa Papers D3/12/43:1(3)) can be seen as the synthesis of a wider reasoning that he outlines in some manuscripts composed in 1955 and 1956. We rationalise this reasoning by three statements: A. The rate of...

The group of manuscripts titled 'Notes/London, Summer 1927/Physical real costs, etc.' (D3/12/3) is recognized as extremely important for the reconstruction of the evolution of Sraffa's thought after the articles published in 1925 and 1926. The present paper is aimed at analysing some relevant...

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...