This paper provides an innovative axiomatic analysis of the notion of exploitation as the unequal exchange of labour, focusing on the relation between exploitation and profits. General convex economies with heterogeneous agents endowed with unequal amounts of physical and human capital are...

Today, Karl Marx is considered one of the preeminent social scientists of the last two centuries, and ranks among the most frequently assigned authors in university syllabi. However in Marx's time, many competing sociological traditions and socialist political movements espoused similar ideas...

The Sozialdemokratische Partei Deutschlands (SPD) is often proposed as a pre-Soviet popularizer of Marxist economic theories due to its electoral successes in Germany in the decades before World War I. Using the Synthetic Control Method (SCM), we examine whether German-language print references...

The essay argues that a crisis of collective agency is at the root of the global economic crisis we face today. The secret of prosperous capitalism, the so-called golden age, was the ability of the state to uniformly impose welfare enhancing market restrictions that made it possible to husband...

This paper examines the effects of managerial pay on the Post Keynesian model of growth and distribution. Introducing managerial pay explains why economies may exhibit both wage- and profit-led characteristics in response to changed income distribution. Second, managerial pay undoes Pasinetti's...

As in Roemer (1982, chapter 1), this paper considers a simple international trade model and examines the existence and characterization of free trade equilibria involving the unequal exchange of labor (UE). The paper provides an almost complete characterization of the domain of economies in...