This paper argues that Keynes’s analysis of the marginal efficiency of capital is consistent with the principle of effective demand and is, in this sense, characteristically different from the related classical or neoclassical conceptualisations. Furthermore, the notion of the marginal...

The focus of this paper is on the evolution of the major macroeconomic variables of classical political economy and the contrast with their orthodox counterparts in the quest to identify the causes of the current crisis in the Greek economy. Our analysis shows that declining profitability past a...

The objective of this paper is to evaluate empirically the relevance of the neoclassical, post-Keynesian, and classical theories of competition in the light of the available empirical evidence from Greek large-scale manufacturing industries. The econometric analysis shows that the classical and...

This paper subjects to empirical testing the labour theory of value using input-output data from the economy of Japan for the years 1970, 1975, 1980, 1985 and 1990. The results of the analysis show that labour values and prices of production are extremely good approximations to market prices. In...

This paper explores the relationship between labour values, prices of production and changes in income distribution in an actual economy. For this purpose we use a linear model of production with circulating capital and homogeneous labour, assuming that wages are paid ex ante. On the basis of...

Bródy's conjecture regarding the instability of economies is submitted to an empirical test using input--output flow tables of varying size for the US economy, for the benchmark years 1997 and 2002, as well as for the period 1998--2011. The results obtained using input--output tables of various...

The objective of this paper is to gain an insight into the Greek hyperinflation that occured during the period 1941-1946. In doing so, a relatively novel data-set in conjuction with the bound testing approach to cointegration and error correction models developed within the autoregressive...