This paper suggests a way to determine the “monetary expression of labor” (the “MELT”) in today's regime of inconvertible credit money, a way that is consistent with Marx's general theory of money and is quantitatively the same as Marx's determination of the MELT in the case of the...

This paper argues that the fundamental cause of the current economic crisis in the U.S. economy was a significant long-term decline in the rate of profit from the 1950s to the 1970s. Capitalists responded to this profitability crisis by attempting to restore their rate of profit by a variety of...

It has been discovered in recent years that Marx wrote four drafts of Capital, not just two (the Grundrisse and Capital), as was previously thought. The second draft is the Manuscript of 1861-63 in which Marx developed for the first time his theory of the distribution of the total surplus-value...

This paper critically evaluates the "new solution" to the transformation as presented by Foley and Dumenil and others, from the perspective of the author's "macro-monetary" interpretation of Marx's theory. The main issue emphasized is the method of determination of the inputs of constant capital...

One important prediction of Marx's theory is that the rate of surplus-value will increase as a secular tendency. This paper subjects this prediction of Marx's theory to an empirical test, by deriving annual estimates of the rate of surplus-value in the United States economy over the period...

This paper argues that the future of capitalism depends mainly on the rate of profit. Updates of previous estimates of the rate of profit are presented which show that the rate of profit has recovered only about 40 percent of the prior decline in the rate of profit during the 1960s and 1970s,...

This paper presents an explanation of the decline of the rate of profit in the postwar U.S. economy which is based on Marx's distinction between productive labor and unproductive labor. According to this theory, the conventional rate of profit depends on the rate of surplus-value, the...

This paper argues that the standard AD-AS framework as presented in intermediate macroeconomic textbooks is (1) internally logically inconsistent and (2) empirically unrealistic. The logical inconsistency is because the AD and AS curves represent two mutually exclusive theories of the relation...