In conventional economic theory, a trade-off supposedly exists between social justice and economic efficiency. In reality, market and other economic institutions are dominated by power relations, so that the sponsorship of social justice is a productive factor. Neo-liberal economic policies, by...

The neoliberal policy of deregulation has failed to bring about significant improvements in the efficiency of the labor market in Britain. Cuts in social protection and legal constraints upon collective bargaining have contributed to growing inequalities in income and security of employment,...

This paper examines empirically the evolution of the customary standard of life and how this relates to real wages and economic development. Its starting point is Sraffa's reintroduction of the classical notion of wages as the cost of reproducing labour, so that they are necessarily a charge on...

Just as the 1929 Stock Market Crash discredited Classical economic theory and policy and opened the way for Keynesianism, a consequence of the collapse of confidence in financial markets and the banking system--and the effect that this has had on the global macro economy--is currently...