In a 1966 article in the <em>American Economic Review</em>, Harvey Leibenstein introduced the concept of "X-efficiency": the gap between ideal allocative efficiency and actually existing efficiency. Leibenstein insisted that absent strong competitive pressure, firms are unlikely to use their resources...

Because constant capital involves irreversible decisions, understanding this subject is essential for coming to grips with the complexity of the economy, especially crisis theory. This paper attempts to show how both Marx and late 19th century neoclassical economists in the United States...

This article investigates the implications of devalorisation of fixed capital in Marx's value theory. It shows why an exact, algebraic value theory is impossible. It also indicates how analysis of devalorisation provides a basis for understanding the nature of crises. Copyright 1999 by Oxford...

This article describes Keynes's early analysis of replacement investment and his subsequent neglect of the subject, especially by his followers. It goes on to explain how this deficiency helped to mislead later economists who attempted to use Keynes as a guide for economic policy and theory and...

To this author, it is remarkable how many economists defend high levels of income inequality. He argues to the contrary, that inequality not only breeds corruption and poor business practices, it is on balance detrimental to economic growth. His new book covers a lot of ground, but he has boiled...

It has long been convenient to think of markets as operating in continuous and uninterrupted ways as they find their way to economic efficiency. But this economist is interested in the real-world irregularities that can disrupt markets and, at times, whole economies. Can there simply be too much...

In this fascinating historical study, the author shows how the battle for patents and copyrights often undermined progress. In recent decades, intellectual property rights have been strengthened further. He admits that he has no fixed solution, but he argues the march toward such stronger...