Can cost-reducing, technical change lead to a fall in the long run rate of profit if class struggle manages to keep the rate of exploitation constant? In this paper we demonstrate, in a general circulating capital model, that if (a) the technical change is capital-using labor-saving (CU-LS), (b)...

Does the intensification of labour increase the rate of exploitation? Does it produce absolute surplus value or relative surplus value? This paper develops a framework to answer these questions by incorporating intensity of labour in the widely-used linear model of production, both in its one...

This paper proves that Marx had exaggerated labor’s physical and monetary contribution, and that he had told only half of the story. The full story then disproves Marx’s slogan of exploitation and redistribution

The object of research is the role of the intellectual capital and knowledge in modern economics and value creation process. Therefore, taking into account the intellectual component of value due to the transformation of the society’s productive forces structure in the transition to a...

The paper proposed setting up of a National Labor Exchange along the lines of National Stock Exchange, Bombay Stock Exchange and Commodity Exchanges Worldwide in order to promote efficiency in the labor market, full employment and generating wealth and positive contributions to GDP. The paper...

This paper introduces the concept of marginal labour value in the framework of perfect competition and shows that prices are proportional to marginal labour values. By this marginal analysis overcomes the classical contradiction of labour commanded and labour embodied. Furthermore the curves of...

This paper develops a simple theoretical model to analyze Marx’s theory of ground rent. Using the model, I demonstrate two important results. First, if we take capital as exogenous, then total ground-rent can be decomposed into the three components: differential rent of the first variety...

We examine the effects of incorporating a potential tax on carbon emissions into a value investment strategy. We show that in a portfolio optimization problem, a carbon tax at the stock level is mathematically equivalent to a carbon constraint at the portfolio level. Using this insight we derive...

This book is the first volume in a three-volume series that takes an in-depth look at the relevance of Marx's economics for understanding the modern economy. The focus of this volume is the money prices of commodities. In light of the failure of central banks to stimulate inflation through...

Purpose - Different from Marx's analysis of the dialectical relationship between the production and realization of surplus value, the Okishio theorem only shows one aspect of the contradictory movement of the total social capital, that is, the reverse effect of the realization of surplus value...

Many commentators claim Adam Smith failed to realize that no objective standard of value exists. Instead, he adhered to the labor theory of value. Like others, we argue that in the The Wealth of Nations Smith discussed the “early and rude state” in which the labor theory of value made some...

Attempts to use commodities to construct theories of value and use such value theory to claim that, in capitalism, commodities can be exploited, just like labour is, rest on two conceptual aws: (a) failure to distinguish between labour and labour-power; and (b) failure to distinguish...

The Marxian labour theory of value considers labour as the only substance of value. The generalized commodity exploitation theorem (GCET) purports to demonstrate that many other commodities can be substances of value. This note argues that the GCET is based on two conceptual aws: (a) failure to...

This text is inscribed in the debates raised by the new and growing interest in the economic theses of Karl Marx and, especially, in his Labor Theory of Value. The notion that animates this text argues that the multiple objections that have been raised about it actually point to versions and...

"Farewell to Work? presents the large process of capital's productive restructuring, triggered in the 1970s. A process with tendencies to both intellectualize labour power and increase the levels of working class' precariousness, on a global scale. Its main hypothesis is that instead of work's...

1960 begann in der DDR eine Debatte über die Messbarkeit des Arbeitswerts. Zur selben Zeit empfahlen in der Sowjetunion Anatoli Kitow und Viktor Gluschkow ein landesweites einheitliches Netzwerk von Computerzentren zur Planung von Arbeitsaufkommen, Produktion und Verteilung. Beide Ansätze...

Preface -- 1.Introduction -- 2.Fundamental Structure of Capitalist Economy -- 3.Extended Reproduction in the Capitalist -- 4.Accumulation and Crisis in Capitalist System Economy -- 5.Tendency Law in Capitalistic Accumulation -- 6.A Vision Toward New Society.

1 Introduction and major propositions -- Part I Foundations -- 2 Production and labor -- 3 Probabilistic framework -- 4 Labor content – properties and postulates -- Part II Results -- 5 Law of decreasing labor content -- 6 Wages and class divisions -- 7 Limits to growth and accumulation --...

Marx's and Keynes's analyses of capitalism complement each other well. In a rather general model including the public sector and international trade it is shown that the labour theory of value provides a sound foundation to reveal the factors influencing employment. Workers buy "necessaries" out...