The Marxian circuit of capital model is one useful analytical framework that allows us to identify the requirement for the reproduction of the capitalist economic activities over time. This paper revisits the core ideas of Marx-Foley-Basu’s mathematical model of the circuit of capital to...

The aggregate production function used in Solow growth models assumes the constancy in relative income distribution between owners of capital and labor input. The paper revisits this fundamental assumption implied by constant returns to scale property of the aggregate production function from...

The Marxian circuit of capital model is one useful analytical framework that allows us to identify the requirement for the reproduction of the capitalist economic activities over time. This paper revisits the core ideas of Marxian model of the circuit of capital to explain the main...

The Marxian circuit of capital model is one useful analytical framework that allows us to identify the requirement for the reproduction of the capitalist economic activities over time. This paper revisits the core ideas of Marx and Foley’s mathematical formulation of the circuit of capital...