Ronald Meek has (deliberately) ignored a very important discovery of Jevons. When labour is measured in terms of marginal labour values prices are proportional to these values and commodities exchange accordingly. This has been rediscovered by Soviet economists and that has been published in the...

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.

In this paper we have taken issue with those Marxian and post-Keynesian views which neglect the broad similarities between Marx’s economics and post-Keynesian approaches in the field of money, credit and the rate of interest. Starting from the older observations on the common ground of...

This essay provides a simple, non-technical reformulation of Marx’s theoretical treatment of value and capital. It implies the abandonment of the ‘pure’ labour theory of value and of the ‘new value’ equality between the net product of the economy and the living labour employed in...

This was presented to the First International Seminar on Nuevas Direcciones en el Pensamiento Económico Crítico (New Directions in Critical Economic Thought), organised by the Departiment of Applied Economics, Faculty of Politics, Universidad Complutense de Madrid, Madrid, 10-12 May 1999 It...

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...

The purpose of this paper is to examine the discussion among marxists about the rate of profit. This is done by the method of symptomatic reading, hence in a different way from what has become standard. Beginning from the fact that Marx and his critics draw diametrically opposite conclusions...