Many empirical studies indicate that the deviations of actual prices of production from labour values are not too sensitive to the type of measure used for their evaluation. This paper attempts to theorize this rather 'stylized fact' by focusing on the relationships between the traditional and...

This paper shows that in a world of 'production of commodities by means of commodities' there is not an unambiguous relation between the long-period relative commodity prices and the sectoral total factor productivities. Consequently, the Harrod-Balassa-Samuelson effect is not verified and/or...

This paper deals with an open economy with heterogeneous capital and linear processes of pure joint production from a long-period perspective. It is shown that: (1) an effective exchange rate change has ambiguous effects on the distribution of income and the competitiveness of domestic output;...