The old theories of imperialism attempted to explain the phenomenon of the militarization of the industrial nations and their conflict over colonies that led to World War I. It was the rise of monopoly capitalism, the emergence of finance capital and the control over the state that led...

This paper presents the microeconomic partial and general economic equilibrium analysis of monopoly power in terms of labour values. In the partial analysis it is shown that the monopolistic mark-ups above marginal cost do not constitute labour values but real bubbles of values which prevent the...

This paper takes off from Jan Kregel's paper "Shylock and Hamlet, or Are There Bulls and Bears in the Circuit?" (1986), which aimed to remedy shortcomings in most expositions of the "circuit approach". While some "circuitistes" have rejected John Maynard Keynes's liquidity preference theory,...

In recent years, there has been a resurgence of interest in the controversies surrounding capital theory. At the heart of these debates are the empirically observed near-linearities in the price-rate of profit and wage rate of profit curves. This article posits that these near-linearities can be...

This paper was originally prepared for the New School celebration of Duncan Foley's career. It attempts to place his work in the context of the evolution of economics as a discipline and of the MIT Economics Department in the last forty years, and in particular the place of Marx and Keynes as...

In this paper we use insights from Sraffa's classic, Production of Commodities by Means of Commodities, to argue that the classical notion of ‘centre of gravitation' is not a sound concept. The market mechanics of labour allocation through price signals and quantity adjustments, given...

In this paper, we study the relation between income distribution and prices in economies in a self-replacing state, defined by Sraffa, when wages are paid entirely in value. As a result of our analysis, it is possible to build a model that combines certain features of the different forms of...

Starting from Schumpeter.s important distinction between .real analysis. and .monetary analysis., in this paper it is shown that major elements of Marx.s economic theory fall in the camp of monetary analysis and the implications for Marx.s theory of capital accumulation are derived. First,...

Starting from Schumpeter's important distinction between "real analysis" and "monetary analysis", in this paper it is shown that major elements of Marx's economic theory fall in the camp of monetary analysis and the implications for Marx's theory of capital accumulation are derived. First,...

The objective of this article is to examine four theories that consider an explanation and measurement for the value of liquidity. Liquidity will be understood as cash, that is, we are leaving aside assets of lesser degree of liquidity than cash. The article begins with the Keynesian view about...