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Karl Marx: an early post-Keynesian? A comparison of Marx's economics with the contributions by Sraffa, Keynes, Kalecki and Minsky

Hein, Eckhard - In: European Journal of Economics and Economic Policies: … 16 (2019) 2, pp. 238-259

This paper compares Marx's economics with those by Sraffa, Keynes, Kalecki and Minsky. The paper takes an 'ex post … influenced by Marx's work. First, the relationship between Marx's theory of value and Sraffa's reformulation of the classical … theory of prices and distribution is reviewed. Then the relationship between Marx's and Keynes's monetary theory is examined …

Persistent link: https://www.econbiz.de/10014363354

The sources of aggregate profitability: Marx's theory of surplus value revisited

Flaschel, Peter; Fröhlich, Nils; Veneziani, Roberto - In: European Journal of Economics and Economic Policies: … 10 (2013) 3, pp. 299-312

This paper provides an empirical analysis of Marx's theory of exploitation built on the standard interpretation of the …

Persistent link: https://www.econbiz.de/10014363185

Karl Marx's thoughts on functional income distribution: a critical analysis from a Keynesian and Kaleckian perspective

Herr, Hansjörg - In: European Journal of Economics and Economic Policies: … 16 (2019) 2, pp. 272-285

In Marx's explanation of functional income distribution, wages are given as a basket of goods needed for the … reproduction needs of the working class. Profits are then the remaining part of income creation. Marx's explanation of functional …

Persistent link: https://www.econbiz.de/10014363356

On understanding economic reality at the beginning of the twenty-first century: an essay in remembrance of Professor Laski

Falkinger, Josef - In: European Journal of Economics and Economic Policies: … 16 (2019) 3, pp. 403-419

Economic objects are objects which are produced by employing inputs and valued by applying a valuation procedure. In a market economy the valuation is performed by the price mechanism. Ideally market prices reflect the scarcity values corresponding to individual preferences. This article argues...

Persistent link: https://www.econbiz.de/10014363365

The Cambridge–Cambridge controversy on the theory of capital: 50 years after

Hagemann, Harald - In: European Journal of Economics and Economic Policies: … 17 (2020) 2, pp. 196-207

The paper points out that capital theory has always been a hotly debated subject, partly because the theoretical issues involved are very complex, and partly because rival ideologies and value systems directly affect the issues discussed. The focus is on the history, the main protagonists, and...

Persistent link: https://www.econbiz.de/10014363384

The theory of value and distribution and the problem of capital

Kurz, Heinz D. - In: European Journal of Economics and Economic Policies: … 17 (2020) 2, pp. 241-264

The paper identifies as the root of the recent controversy in the theory of capital David Ricardo's finding that competitive prices and costs of production depend not only on the methods of production employed, but also on the wage rate (or rate of profits) and change with it. A consequence of...

Persistent link: https://www.econbiz.de/10014363387

On multi-sector and multi-technique models, production functions and Goodwin cycles: a reply to Libman

Blecker, Robert A.; Setterfield, Mark - In: European Journal of Economics and Economic Policies: … 17 (2020) 3, pp. 295-306

Emiliano Libman's constructive comments on our recent book, Heterodox Macroeconomics: Models of Demand, Distribution and Growth (HM), raise three main points of contention: the suitability of single-sector/single-technique (as opposed to multi-sector/multi-technique) models; the appropriate...

Persistent link: https://www.econbiz.de/10014363392

Convention, interest rates and monetary policy: a post-Keynesian–French-conventions-school approach

de Melo Modenesi, André; Modenesi, Rui Lyrio; Oreiro, … - In: European Journal of Economics and Economic Policies: … 10 (2013) 1, pp. 76-92

This article aims at analysing the relationship between conventions and monetary policy using both the post-Keynesian and the French-conventions-school approaches, treated as complementary; and stressing the design of monetary policy frameworks (for example, inflation targeting) and the setting...

Persistent link: https://www.econbiz.de/10014363164

Why 'state of the art' monetary theory was unable to anticipate the global financial crisis: a child's guide

Rogers, Colin - In: European Journal of Economics and Economic Policies: … 11 (2014) 3, pp. 300-314

State of the art' monetary theory was unable to anticipate or understand the global financial crisis because it rested on microeconomic foundations that precluded any meaningful role for money, finance or banking. These analytical and conceptual flaws have been known for a long time. But many...

Persistent link: https://www.econbiz.de/10014363215

Some Kaleckian remarks on modern monetary theory in light of a paper by Drumetz/Pfister

Sawyer, Malcolm C. - In: European Journal of Economics and Economic Policies: … 20 (2023) 1, pp. 67-77

This paper provides remarks on modern monetary theory (MMT) from a Kaleckian perspective in response to a paper by Drumetz/Pfister. The distinction between initial financing and final financing is drawn up to argue for clear separation of how expenditure is financed and funded, and pointing to...

Persistent link: https://www.econbiz.de/10014441463