Over 100 years since Marx's value theory of labour was first published, the so-called ``transformation problem'' -- deriving prices from values and providing a theory of profits as arising from surplus value -- has inspired the imagination of economists of all shades of intellectual suasion....

Paper presented to the 2007 conference of the International Confederation for Pluralism in Economics (ICAPE), June 1-3, Salt Lake City, Utah. This paper was authored by myself following consultations, and submitted collectively by the Association for Heterodox Economics, as a result of a...

This book contains twelve essays on some important Italian economists whose works were mostly published in the 20th century. The essays are written mostlty by non-Italian authors and deal with Vilfredo Pareto (by A. Kirman), Maffeo Pantaleoni (Peter Groenewegen), Enrico Barone (P. C. Dooley),...

This paper was presented to the Brasilian Society for Political Economy at its 1998 conference. It presents the principal differences between the temporal and the simultaneist approach to the theory of value. It was the first paper to present a formal conceptual analogy between the temporal...

Looking through contributions about microeconomic theory, from classics to modern theory, it is possible to identify various attitudes on the role that firms play in the market. To simplify the existing multiplicity of opinion, two distinct positions can be recognized: 1) the first one considers...

Excessive debt accumulation is an important policy concern in both developing and advanced economies because it is associated with various issues, particularly low growth and high inflation. This is apparent from the deleveraging vs. deficit spending debate; in this, the focus has tended to be on...

Policy implications of complexity economics (CE) are investigated. CE deals with “Complex Adaptive (Economic) Systems” [CA(E)S], generally characterized by mechanisms and properties such as “emergence” of structure or some capacity of “self-organization”. With this, CE has manifold...

This paper contributes to the historical political economy literature, which considers the fiscal imperatives of the state to be amongst the driving forces behind the emergence of representative systems of government, by examining the impact on democracy of a government's reliance on alternative...

A pluralist approach to economics is both necessary from anacademic as well a policy point of view. From an academicviewpoint pluralism can be understood as the outcome ofcompetition and specialization in the search for new ideasthat can deal with imperfections of the real world. From apolicy...

Abstract: Recent heterodox economic literature makes reference to Hilferding’s “Finance Capital” and Lenin’s “Imperialism” as early insights on the phenomenon of Financialization of capital. In this regard ideas which became dominant in the left during the first decades of the...