This text comprises chapter 13 of Marx and non-equilibrium Economics[1]. It provides a general mathematical specification of a non-equilibrium interpretation of Marx’s theory of value. It refutes the Okishio theorem and solves the transformation problem. It is a foundation work of scholarship...

This is a fuller but earlier prepublication version of an analysis of stagnation and divergence in the world economy which appeared in Pettifor, A (2003) Real World Economic Outlook, pp152-159. Basingstoke: Palgrave MacMillan, pp152-164. It uses data published by the IMF’s World Economic...

This article argues that simultaneous equation systems, widely regarded as a standard formalisation of labour value theory, import equilibrium assumptions which rule out a realistic or consistent theory of price formation. An alternative, dynamic formalisation exists yielding time-varying or...

This article responds to a number of criticisms of the TSSI (sequential non-dualist) approach to the theory of value, in particular Duncan Foley’s 1997 review of Freeman and Carchedi (eds) Marx and non-equilibrium Economics, and comments from Fred Moseley in exchanges on the OPE-L discussion...

This paper develops the paper entitled ‘‘Time, the Value of Money and the Quantification of Value’ which was presented at the conference of the Middle East Technical University in September 1998. It presents the case for a value-theoretic treatment of liquidity preference in axiomatic...

This paper was originally presented at the ‘Marxism and Political Economy’ conference called by the International Socialist Journal on Saturday 29th September 2007. A revised version was presented to the Historical Materialism conference on 13th November 2007. It enquires why, although...

Debate over Growth and Development are quite old in the history of economic thinking. It is argued that development encompasses comprehensive issues like health, education, equality, and liveability while growth is too narrow a concept. This paper analyses the growth and development experience...

The paper argues that a formal, and fruitful, historical analogy can be drawn between economics and a religious hierarchy, most notably the mediaeval Catholic church. This idea was fully developed in Freeman (2007), ‘Heavens Above: what equilibrium means for economics’, in Mosini, V (ed)...

This paper is a prepublication version of a paper accepted for publication by Third World Quarterly. It offers a critique of the picture of world growth and world inequality generally disseminated by international agencies. The positive view commonly presented depends, it shows, on the...

Wide regional variation has been a major characteristic of development experience in India. In the present study, the multidimensional facet of development is sought to be reflected through composite indices of development. It deals with the development trends exhibited at the National as well...