Much has been written about the objection originally formulated by Piero Sraffa to the use of production functions and aggregate capital and of the disputes that ensued, but there seems to be no systematic explanation in one place of why this objection is crucial to the foundations of economic...

Since the 1950s, Pakistan has been trying to industrialize by investing in industries that have low value-added, notably cotton textiles. Here, low value-added means that the export value of the cotton textiles less the value of the raw cotton used to make them was low relative to the cost of...

This paper aims to assess the harmful impacts of exchange rate depreciations on Pakistan’s economy, including impacts on international capital movements, wages, the domestic price level, and development. Devaluation of a currency in terms of foreign currencies or metallic standards was for...