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The paper addresses Kliman's criticisms of the observed correlations between prices and labour values. It argues that the notion of spurious correlation is not relevant in this case. It examines Kliman's own simulations and shows that his statistical correction techniques involve dividing...
Persistent link: https://www.econbiz.de/10005741943
This article surveys the main themes of post-Keynesian monetary economics (where the term 'post-Keynesian' refers to the school of that name rather than having a purely chronological meaning). The role of monetary theory in justifying the idea of unemployment equilibrium provides one main focus....
Persistent link: https://www.econbiz.de/10005741965
It is widely believed that the rate of profit across industrial sectors, while not in fact uniform as stipulated in the theory of prices of production, is independent of the sectoral organic composition of capital. It follows that the simple labour theory of value must be systematically in error...
Persistent link: https://www.econbiz.de/10005554408
This paper examines two aspects of Hayek's business cycle theory in the early 1930s: his methodological approach to the analysis of the cycle, and his substantive analysis of the role of changes in the 'structure of production' over the course of the cycle. The examination of the first aspect is...
Persistent link: https://www.econbiz.de/10005554572