In a proposed "New Critical" dual to the standard New Classical view of the labor market, the money wage rate is given, but the real supply of labor is sensitive to the real wage (the "Dobb Effect"). Expansionary policy raises the price level, lowering the real wage rate and forcing workers to...

Competitive equilibrium is not Pareto optimal if returns to scale are not constant, except in special and accidental circumstances. This result is demonstrated using a classical production model; it holds quite generally and independently of all other sources of Pareto inefficiency, such as...

Stadial (stage-based) theory clarifies the relation between the evolving conception of mature socialism, on the one hand, and historical experiences of central planning and “market socialism,†on the other. The core of mature socialism is a system of multilevel democratic iterative...

Marxist categories — especially those of "capital" and "class" — are employed in a critical examination of two propositions: that capitalist pro duction relations, in a "state-capitalist" form, exist currently in the USSR: and that a novel "bureaucratic-exploitative" mode of...

The Okishio theorem, according to which rational capitalists can never introduce technical changes which lower the rate of profit if the real wage is constant, is developed in the framework of a two sector circulating capital model. The model is extended to the alternative case of a constant...