This book examines “the great contraction” of 2007–2010 within the context of the neoliberal globalization that began in the early 1980s. This new phase of capitalism greatly enriched the top 5 percent of Americans, including capitalists and financial managers, but at a significant cost to...

The Economics of the Profit Rate presents a broad synthesis of recent work and builds on classical theory, using the tools of modern economics, to suggest alternative approaches to conventional microeconomics and macroeconomics. In sharp contrast to the general equilibrium theory, the emphasis...

It is shown that it is possible to construct a disequilibrium microeconomics in which agents react to the evidence of disequilibrium (inventories, nonnormal ratio of capacity utilization, etc.). In a one good model, we describe the set of fixed points In addition to normal equilibrium, two...

The paper presents a formal generalization of Marx's analysis of exploitation and prices in economies in which categories of labor are distinguished according to their unequal ability to create exchange value. Measures of exploitation of categories of labor which are consistent with both the...

Cet article présente la réponse des auteurs à cinq analyses critiques de leur livre The Economies of the Profit Rate (par Carlo Benetti et Jean Cartelier, Gérard de Bernis, Duncan Foley, Nicolas Gravel et Michel De Vroey). Outre un commentaire qui met davantage l'accent sur certains aspects...