This paper discusses the role that finance plays in promoting the capital development of the economy, with particular emphasis on the current situation of the United States and the United Kingdom. We define both "finance" and "capital development" very broadly. We begin with the observation that...

The present paper on the now partly well known Russian mathematician and amateur economist v. Charasoff was originally written in 1987 together with H. Duffner three years after Charasoff's remarkable contribution of 1910 Das System des Marxismus (The system of Marxism) had been rediscovered by...

This paper discusses the role that finance plays in promoting the capital development of the economy, with particular emphasis on the current situation of the United States and the United Kingdom. We define both "finance" and "capital development" very broadly. We begin with the observation that...

Marx's theory of money is critiqued relative to the advent of fiat and electronic currencies and the development of financial markets. Specific topics of concern include (1) today's identity of the money commodity, (2) possible heterogeneity of the money commodity, (3) the categories of land and...

Marx's analysis of the determination of the general rate of profit and of the associated relative prices is based on the conceptual distinction between law of value and law of exchange. The law of value states that simple, necessary abstract labour is the substance and measure of the value of...

In recent years, the role attached to the autonomous components of aggregate demand has attracted rising attention, as testified by the development of the Sraffian Supermulti plier model (SSM) and the attempts to include autonomous demand in the Neo-Kaleckian model. This paper reviews and...

This paper compares Marx's economics with those by Sraffa, Keynes, Kalecki and Minsky. The paper takes an "ex post" view on the matter and rather looks at the output side of the respective authors, but not at the input side. This means no attempt is made at studying in a systematic way, if and...

F. A. Hayek published The Road to Serfdom in 1944, so 2019 marks the 75th anniversary of the event. The paper traces how Hayek came to write the book, who his opponents were, and how the book got interpreted by both friends and critics after its publication. Because the book is more typically...

This paper offers a unified analytical treatment of Marx's theory of ground-rent, building on the analysis that is available in Volume Three of Capital. Since ground-rent is a transformation of surplus profit generated in agriculture, the main argument is developed in two steps. In the first...

Bhaduri and Marglin (1990) had argued that an investment function which has the profit rate and the capacity utilization rates as the two determinants of investment imposes unwarranted restrictions on the macroeconomic model and rules out profit-led expansion. In this paper, I show that this...