The Chinese economy does still not qualify as demand-driven economy. Its growth is based on investment. In fact successive waves of investment have emerged during the eighties and produced a piling-up of productive systems. A wave of small national enterprises and entrepreneurs, a second large...

Within the context of the New Economic Sociology, Karl Polanyi is almost universally considered the “father” of the concept of embeddedness. However, this concept has been subject to selective appropriation by this discipline and its relationship to the remaining theoretical edifice...

Because Hayek’s view goes beyond the Walrasian framework, his descriptive arguments on socialist planned economies are prone to be misunderstood. This paper clarifies Hayek’s arguments by using them as a basis to construct a model of total factor productivity. The model shows that...

This article deals with the role and the place of the money in the process of coordination in a decentralized market economy. The equilibrium models assume that the coordination is carried out through market mechanisms. These mechanisms are mainly real and individual mechanisms but they seem to...

Concerning the period 1990-2004, one can formulate a hypothesis of economic and national industrial cyclical phenomenon of “Juglar” type, with two visible evolution periods, the former of expansion and the latter of recession, and between them, less evident, the crisis and the downward. The...

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....

The purpose of this paper is to provide an analysis of the impact the UV-curve had on economic theory and to provide an account of the subsequent radical changes in its place and role over the decades since its first appearance in 1958. The paper traces the historical development of the UV-curve...

Theories of social comparison have a long presence in the social sciences and have provided many useful insights. In economics, the idea of comparison, aspiration or relative income belongs to this theoretical framework. The first systematic usages of this idea can be found in the works of...

Professor Narmadeshwar Jha was a noted scholar on History of Economic Thought that took its shape under the influence of Alfred Marshall. His widely referred book - The Age of Marshall: Aspects of British Economic Thought, 1890-1915 – was written under the supervision of Professor A.J. Brown...

This entry, submitted to Philip O’Hara’s Encyclopedia of Political Economy but not included in it, contrasts the temporal and simultaneist approaches to the formation of price and its relation to value.