Jointly with Erkko Etula, Paul Samuelson [2006] claims that the “Leontief – Sraffa matrix equations for input/output must obey constant returns to scale”. However, in an unrelated work, Amartya Sen [2003] claims that Sraffa’s [1960] “analysis does not need any assumption of constant...

This is a prepublication version of the article by the same name in the Journal of Australian Political Economy. It should be cited as “Freeman, A. 2012 'The Profit Rate in the Presence of Financial Markets: a Necessary Correction'. Journal of Australian Political Economy, Number 70, Summer...

Abstract: This is a prepublication version of an article which originally appeared in the World Review of Political Economy. Please cite as Freeman, A. 2010. ‘Trends in Value Theory since 1881’, World Review of Political Economy Volume 1 No. 4, Fall 2010. pp567-605. The article surveys the...

In this paper I argue that that there is a heterodox social surplus approach that has its own account of output-employment and prices, and its own value theory which draws upon various heterodox traditions. Starting with the Sraffian technical definition of the social surplus and then working...

This paper compares the theory of value and distribution of Arrow and Debreu [1954] with that of Sraffa [1960]. I consider such versions of the two models that capture their salient features, without aiming at the greatest possible generality, so as to isolate the precise nature of the...

This paper analyses and develops a conception of property rights and in turn makes possible the development of a new approach to the theory of value. As a result, the theory of value takes a more general form and the labor theory of value becomes one of special cases applicable to a primitive...

Standard economics is known to be incapable of integrating the real and the monetary sphere. The ultimate reason is that the whole theoretical edifice is built upon a set of behavioral axioms. Therefore, the formal starting point is moved to structural axioms. This makes it possible to formally...

This dissertation introduces "Truly Non-Cooperative Games" – axioms and complimentary negotiation models developed to analyse the human "Struggle for Life" – and presents "The Principle of Relative Insularity", a unified theory of value which unites economics, astrophysics, and biology. In...

The purpose of this paper is twofold: on the one hand is to discuss Ricardo’s version of the labour theory of value; and on the other hand, is to analyse some crucial aspects of Ricardo’s theory of taxation as an extension and further elaboration of his theory of value. This discussion is...