This paper subjects to empirical testing the labour theory of value using input-output data from the economy of Japan for the years 1970, 1975, 1980, 1985 and 1990. The results of the analysis show that labour values and prices of production are extremely good approximations to market prices. In...

Comments on a paper by B.Fine on the subject of Privatisation

This paper explores the extent to which markups of selected Greek manufacturing industries are affected by the high level and variability of the inflation rate using annual industry data from the period 1958-1990. In addition, it is examined whether or not the state of demand, current or future,...

This paper explores the relationship between labour values, prices of production and changes in income distribution in an actual economy. For this purpose we use a linear model of production with circulating capital and homogeneous labour, assuming that wages are paid ex ante. On the basis of...

This paper by using the categories of productive and unproductive labor and by extending and further elaborating the data series utilized in Shaikh and Tonak (1994) reveals a sharp expansion of the unproductive activities in the U.S. economy during the period 1964-2007. The combination of...

This article discusses the notion of competition as a process of rivalry between firms. This approach was developed initially by the classical economists and continued in the writings of Marx and Schumpeter. More specifically, this article sets out to show that on the one hand, this alternative...

The objective of this paper is to contribute towards the understanding of the linear and non-linear causal linkages between energy consumption and economic activity, making use of annual time series data of Greece for the period 1960–2008. Two are the salient features of our study: first, the...

This paper develops a method for the estimation of the rate of capacity utilization based on standard growth theory and the Structural VAR estimating technique. The measures of capacity utilization we derive for the US and Canadian economies are compared with widely-used survey measures. We show...