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 looks at the output side of the respective authors, but not at the input side. This means no attempt is made to study in a systematic way whether and to what...

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...

After the global financial crisis, hopes were high that there would be a pluralisation of the economics discipline and a boost for heterodox economics that challenged dominant economic models. However, mainstream economics once again proved its enormous resilience and the future of alternatives...

A macroeconomic model can depict employment only if it includes an account of the organisation of production. Keynes and many Keynesian writers have retained a neoclassical view of production, with fixed, technically efficient production functions; such a view is restrictive and neglects the...

This paper analyzes labor productivity and the law of decreasing labor content (LDLC) originally formulated by Farjoun and Machover (1983). First, it is shown that the standard measures of labor productivity may be rather misleading, owing to their emphasis on monetary aggregates. Instead, the...

The general consensus among health economists is that the increasing capability of medical providers-often called medical technology-is responsible for the majority of growth in medical expenditure. And yet, the principle means of understanding medical technology is through the use of total...

The paper points out that capital theory has always been a hotly debated subject, partly because the theoretical issues involved are very complex, and partly because rival ideologies and value systems directly affect the issues discussed. The focus is on the history, the main protagonists, and...

Emiliano Libman's constructive comments on our recent book, Heterodox Macroeconomics: Models of Demand, Distribution and Growth (HM), raise three main points of contention: the suitability of single-sector/single-technique (as opposed to multi-sector/multi-technique) models; the appropriate...

Complex systems may be a useful methodological tool to address "challenges for research in development". There is a huge and growing literature on complex systems and economic theory that might be related to early intuitions of classical economists on the workings of capitalist economies....

We study the effects of innovations on income distribution in capitalist economies characterised by a drive to accumulate. Consistent with the basic intuitions of Marx's theory of technical change, we show that there is no obvious relation between ex-ante profitable innovations and the income...