This short paper presents the Marxian value theory and its contradiction. As an alternative Marginalism is introduced and it is shown that marginal cost is equal to the monetary expression of marginal labour value. Marginal labour value is proportional to the price

The interest-rate controversies between Böhm-Bawerk and Fisher have attracted little attention and, in the opinion of most commentators, justifiably so. Böhm-Bawerk and Fisher argue over what appear to be two minor issues – Böhm-Bawerk's claims that his third cause of interest (productivity...

Robert W. Clower's article “A Reconsideration of the Microfoundations of Monetary Theory” (1967) deeply influenced the course of modern monetary economics. On the one hand, it revealed the deadlocks of Don Patinkin's project to integrate monetary and Walrasian value theory. On the other...

Robert W. Clower's article "A Reconsideration of the Microfoundations of Monetary Theory" (1967) deeply influenced the course of modern monetary economics. On the one hand, it revealed the deadlocks of Don Patinkin's project to integrate monetary and Walrasian value theory. On the other hand, it...

The interest-rate controversies between Böhm-Bawerk and Fisher have attracted little attention and, in the opinion of most commentators, justifiably so. Böhm-Bawerk and Fisher argue over what appear to be two minor issues – Böhm-Bawerk's claims that his third cause of interest (productivity...

This article takes a fresh look at reswitching. When two production techniques are compared, reswitching occurs when one technique is more viable than the other at a high interest rate, switches to being less viable at a lower rate, and reswitches to being more viable again at even lower rates....

Commentators often follow David Ricardo in looking, especially, at chapters Vand VI of Book I of Adam Smith's Wealth of Nations as the place to find his theory of value. And most commentators attribute to Adam Smith some versions of a labor theory of value. But in those chapters, Smith is...

Inclusivity is perhaps the single most important human need to facilitate and demonstrate fairness for all members in an open and free society. When this principle need is compromised by appearances of unscrupulous self-interested privileged elites to perpetuate a systemic widening disparity...