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Basu, Deepankar - 2020

The Marxian labour theory of value considers labour as the only substance of value. The generalized commodity exploitation theorem (GCET) purports to demonstrate that many other commodities can be substances of value. This note argues that the GCET is based on two conceptual aws: (a) failure to...

Persistent link: https://www.econbiz.de/10012252231

A unified Marxist approach to accumulation and crisis in capitalist economies

Basu, Deepankar - 2017

An economic crisis in capitalism is a deep and prolonged interruption of the economy-wide circuit of capital. Crises … emerge from within the logic of capitalism's operation, and are manifestations of the inherently contradictory process of … capital accumulation. The Marxist tradition conceptualizes two types of crisis tendencies in capitalism: a crisis of deficient …

Persistent link: https://www.econbiz.de/10011772045

A selective review of recent quantitative empirical research in Marxist political economy

Basu, Deepankar - 2015 - This version: March 21, 2015

This paper surveys some of the quantitative empirical research in two areas of Marxist political economy: (a) Marxist national accounts, and (b) Marxist responses to the Sraffa-based critique of the 1970s. With respect to the first area, this paper explains the basic methodology underlying the...

Persistent link: https://www.econbiz.de/10010501240

A Marxian model of market for money capital : profit rate, interest rate, and leverage ratio

Park, Hyun Woong - 2020

In this paper, I develop a Marxian model of market for money capital populated by capitalists equipped with equal money capital endowment but with heterogeneous linear production technology. Due to a maximization of return on equity, capitalists with relatively weak technology, yielding profit...

Persistent link: https://www.econbiz.de/10012136994

Ideological state apparatuses, consumerism, and U.S. capitalism : lessons for the left

Wolff, Richard D. - 2004

particular ideology enabling and supporting U.S. capitalism. It is argued that rising levels of worker consumption have …

Persistent link: https://www.econbiz.de/10011527126

Guard labor : an essay in honor of Pranab Bardhan

Bowles, Samuel; Jayadev, Arjun - 2004

We explore the exercise of power in perpetuating status quo institutions. We give empirical examples of the economic importance of power and offer a definition of this elusive term. We then investigate the role of power in a modern capitalist economy, borrowing ideas from the classical...

Persistent link: https://www.econbiz.de/10011527337

On the Ricardian invariable measure of value in general convex economies : applicability of the standard commodity

Kurose, Kazuhiro; Yoshihara, Naoki - 2013

The purpose of this paper is to examine the critical arguments made by Burmeister, Samuelson, and others, with respect to Sraffa (1960). Sraffa did not address these arguments, but they are relevant from the viewpoint of modern economic theories. In his arguments about the standard commodity,...

Persistent link: https://www.econbiz.de/10010225535

On the Ricardian invariable measure of value : the general possibility of the standard commodity

Kurose, Kazuhiro; Yoshihara, Naoki - 2014

The purpose of this paper is to examine the critical arguments made by Burmeister, Samuelson, and others, with respect to Sraffa (1960). In his arguments about the standard commodity, Sraffa assumed that a change in income distribution has no effect on the output level and choice of techniques,...

Persistent link: https://www.econbiz.de/10010426598

Long waves of capitalist development : an empirical investigation

Basu, Deepankar - 2016

In this paper, I investigate the phenomenon of long waves of capitalist development from two perspectives. First, I look for evidence of long waves of economic growth taking the dates for turning points of long waves from the historical literature (Mandel, 1995). Using historical data for 20...

Persistent link: https://www.econbiz.de/10011573533

Technology, distribution and the rate of profit in the US economy : understanding the current crisis

Basu, Deepankar; Vasudevan, Ramaa - 2011

structural crisis of capitalism, identifies two broad streams within the literature dealing, in turn, with aggregate demand and …

Persistent link: https://www.econbiz.de/10009381706