There is much disagreement about the extent to which financial incentives motivate study participants. We elicit preferences for being paid for completing a survey, including a one-in-twenty chance of winning a $100 electronic gift card, a guaranteed electronic gift card with the same expected...

There is much disagreement about the extent to which financial incentives motivate study participants. We elicit preferences for being paid for completing a survey, including a one-intwenty chance of winning a $100 electronic gift card, a guaranteed electronic gift card with the same expected...

Using the philosophies of Louis Althusser and István Mészáros, this article seeks to interpret Marx's theory of the transformation of value into price based on a philosophical view that emphasizes both the base/superstructure dialectic (Althusser) and alienation under capitalism (Mészáros)....

This paper examines heterodox theories of the determinants of the value of money. Orthodox approaches that tie money's value to relative scarcity of money or to the price level are rejected as inconsistent with the monetary theory of production embraced by heterodox traditions linked to Marx,...

Marx und Keynes sowie die Varianten der monetären Werttheorie und des Monetärkeynesianismus lassen sich nur sinnvoll in ein Verhältnis setzen, wenn die differierenden Argumentationsebenen berücksichtigt werden. Während Marx von sozialen Formen ausgeht, welche Geld erst begründen, geht...

Adam Smith's inquiry into the emergence and stability of the self-organization of the division of labor in commodity exchange is considered using statistical equilibrium methods from statistical physics. We develop a statistical equilibrium model of the distribution of independent direct...

Protocols for Postcapitalist Expression is a book published by members of the Economic Space Agency. Its objective is to frame protocols (social agreements) on which to build the conditions for an economic system that is distributed (no centralised control) and can express network views about...

Purpose - The correlations and deviations between market prices, production prices and values are critical indexes for testing the labor theory of value. However, there is not yet a universally accepted method of solving for the production price vector, and given the complexity and volatility of...

The purpose of this paper is to present some notes on the contemporary Brazilian economy between 2010 and 2022, translating items from the value added statement (VAS) and the balance sheet of a sample of 48 companies that make up the Bovespa Index (Ibovespa, in Portuguese) portfolio into Marxist...

The received view does not associate David Hume with the genesis of the labor theory of value, but as is argued here, Hume issued a number of key propositions that belong to the labor theory of value such that he rightly belongs to the classical school of political economy. Hume articulated both...

I introduce a simple model which endogenously generates a Pareto distribution in top earnings. Workers inhabit different niches, and the earnings of a worker is determined by the niche-specific supply of labor and a downward-sloping labor demand curve. The highest paid workers are the ones that...

"This scholarly book conducts an extensive exploration into the central ideas of Karl Marx, focussing on the key concepts that have defined his thought and legacy. Bringing together a wealth of internationally renowned contributors, across different generations, Marx: Key Concepts analyses in...

Coopetition research lacks theories to describe and explain value creation in coopetitive relationships. To fill this gap the paper develops a portfolio theory of coopetition, i.e. the simultaneous cooperation and competition of firms. Drawing on modern portfolio theory from finance, the paper...

We develop a tractable general equilibrium model of oligopolistic competition that allows for endogenous product differentiation and exhibits various forms of competition, ranging from perfect to monopolistic competition, simultaneously. Our unified framework provides a novel way to integrate...

The labor theory of value has been rejected by Morishima on the grounds that it would be incompatible with joint production, which would create negative labor values. This article starts by recalling the various definitions of joint production, as well as the way they relate to the real world....

This article makes an analytical critique of the position of Basu, Haas, and Moraitis, who, by extending the conventional linear system for the simultaneous determination of value, argue that in Marx's economic theory the intensification of work generates absolute surplus value and is not...

This interview was commissioned in October 2019 for a special issue on "Accumulation and Politics: Approaches and Concepts" to be published by the Revue de la régulation. We submitted the text in March 2020, only to learn two months later that it won't be published. The problem, we were...

In this paper, we discuss three approaches to estimating classical prices of production(long run equilibrium prices) in both a circulating capital model and a model that includes capital stock: the Standard Interpretation of Marx's value theory, the New Interpretation of Marx's value theory, and...

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...

"Economists dream of equilibrium. It's time to wake up. In mainstream economics, markets are ideal if competition is perfect. When supply balances demand, economic maturity is orderly and disturbed only by shocks. These ideas are rooted in doctrines going back thousands of years yet, as James K....

The paper sketches a coherent history of the choice of the measure standard from Adam Smith's Wealth of Nations to Sraffa's Production of Commodities. As neither the Smithian labour commanded unit nor the Ricardian-Marxian labour embodied one provide a general solution to the dilemma concerning...

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...

Breakthrough (high-impact) innovation often happens at startups, which require external financing ex ante, when there is only an invention with potential to become a breakthrough, and uncertainty is at its peak. Are we underfunding breakthrough inventions? Extant research has focused on...

In this paper, we show that Sraffa’s prices are consistent with Marx’s analysis of the form of circulation of capital (Money–Commodities–Money) and his theory of the creation of new value by labour in the production process. On the contrary, according to many neo-Ricardian and Marxist...

This article analyzes prices and value as constituting a theological problem in early and medieval Christian thought. First, it looks at the patristic critique of wealth and market prices and shows that such critique was rooted in a concern with a disordered world. Next, it moves on to medieval...

The marginal productivity theory is the modern form of the three-factor theory of value. It is the fundamental theory used in Western economics to describe value creation, as well as the fundamental Western theory dealing with wealth theory in the value category. Its original form is the...

Mainstream economists have long argued that the labour theory of value cannot explain price-formation. In response, Marxists have argued that mainstream economics is fixated on abstract mathematical problems which mystify social reality and obscure the social relationships at the heart of the...

Empirical estimates derived in line with the Marxist framework are essential to fully address several topics, from the dynamics of profit and exploitation rates to unequal exchange, crisis and strategies. Edward Ochoa presented and implemented a pioneering practical proposal to perform such...

This paper is a revised version of a discussion with Nobel laureate Vernon Smith on the limits of neoclassical theory and on the opportunity to recover the alternative approach of classical economists and Marx. Vernon Smith is certainly right to insist on the heuristic force of the classical...

Co-destruction of value has been highlighted as a possible outcome of every interaction between firms and consumers. Despite the likelihood of its occurrence, the concept is not adequately defined or understood, while little is known about how and where it occurs. This paper reviews the...

Value theory is the foundation of economic theory. Marginal utility theory value is the dominant value theory. The Arrow-Debreu model, which is built on the utility theory of value, forms the mathematical foundation of general equilibrium theory. But the Arrow-Debreu model doesn’t describe...