In Schumpeter's model of economic development money plays an essential role and capitalism is seen as a structurally unstable process. These distinctive features of Schumpeterian theory are due to the endogeneity of innovations and, as a consequence, of money supply. The endogenous nature of...

A critical survey of the recent literature on the labor theory of value is offered, focusing upon the view of Marnian labor theory of value as a macroeconomic theory of exploitation within the money circuit of capita L The traditional and the 'new" solutions of the so-called transformation...