The classical economists usually regarded rent in their analyses as a share of the gross product obtained from the use of land or a mine, which was indeed the way in which rent was treated in bargaining between landowner and tenant. The paper revives this view of rent, proceeding from its...

The purpose of this paper is to delve into the deeper causes of the current crisis and its detailed manifestation in the case of the Greek economy. The major argument of the paper is that the root cause of the crisis is fundamentally identified in the declining profitability which past a point...

This paper analyzes the valorization process in Chile, Japan, Netherlands and United States, estimating advanced constant and variable capital, turnover speed, capital composition and profit rate on total advanced capital. Furthermore, it analyzes the role of turnover speed in the valorization...

This paper argues that Marx’s theory of economic crises constitutes a system of three discrete ‘sub-theories’ on: (i) distributive growth cycles; (ii) effective demand; and (iii) the tendency of the average profit rate to fall. The paper explores the relationships between these sub-theories...

Within the rich literature that has flowed from Sraffa’s framework of Production of Commodities by means of Commodities a prominent position is occupied by the research programmes carried out independently by two authoritative exponents of this school: Pierangelo Garegnani and Luigi Pasinetti....

The evolutionary theory proposed by Nelson and Winter (1982) has inspired hundreds of studies related to the model presented in their book. This model has demonstrated the empirical validity of a new theoretical and methodological approach to the background of the U.S. economy and the...

This paper estimates the ‘static Sraffian multiplier’ for the Greek economy using data from the Supply and Use Table for the year 2010. It is found that (i) an effective demand management policy could be mainly based on the service sector; and (ii) the whole economic system, and especially...

En los últimos 40 años se ha podido ver una tendencia casi constante y uniforme en todos los países sobre la caída en el peso de las rentas salariales sobre el total. En este trabajo intento dar un repaso básico a las teorías económicas que intentan explicar la distribución funcional de...

This essay provides a simple, non-technical reformulation of Marx’s theoretical treatment of value and capital. It implies the abandonment of the ‘pure’ labour theory of value and of the ‘new value’ equality between the net product of the economy and the living labour employed in...

It was more than four decades ago when James Tobin stressed the fallacy underlying the Latin motto "Post Hoc ergo Propter Hoc". His point was that a causal relation, back then between money and income, must rely on something more than time precedence. However, this fact has not received proper...