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...

This paper by using the categories of productive and unproductive labor and by extending and further elaborating the data series utilized in Shaikh and Tonak (1994) reveals a sharp expansion of the unproductive activities in the U.S. economy during the period 1964-2007. The combination of...

This article discusses the notion of competition as a process of rivalry between firms. This approach was developed initially by the classical economists and continued in the writings of Marx and Schumpeter. More specifically, this article sets out to show that on the one hand, this alternative...