The paper sketches a coherent history of the choice of the measure standard from Adam Smith's Wealth of Nations to Sraffa's Production of Commodities. As neither the Smithian labour commanded unit nor the Ricardian-Marxian labour embodied one provide a general solution to the dilemma concerning...

The paper sketches a coherent history of the choice of the measure standard from Adam Smith's Wealth of Nations to Sraffa's Production of Commodities. As neither the Smithian labour commanded unit nor the Ricardian-Marxian labour embodied one provide a general solution to the dilemma concerning...

In this paper the intellectual work of Homero Cueva is briefly shown, describing some content of his books and papers. During his life, his task to spread the classic theory from main contemporary classical economists was remarkable. Indeed, the originality of Homero Cuevas in his critical...

Many commentators claim Adam Smith failed to realize that no objective standard of value exists. Instead, he adhered to the labor theory of value. Like others, we argue that in the The Wealth of Nations Smith discussed the “early and rude state” in which the labor theory of value made some...

The classical labor theory of value generates two well-known antinomies: Ricardo's problem of an invariable measure of value and Marx's transformation problem. I show that both antinomies are generated by the same category-mistake of expecting a technical measure of labor cost to function as a...

This paper examines the critical remarks that D'Orlando (Journal of Post Keynesian Economics, 2005) addresses to the classical theory of value based on 'normal' positions and briefly comments on the alternative dynamic analysis of short-run prices that he recommends. In particular, the first...

This paper is a revised version of a discussion with Nobel laureate Vernon Smith on the limits of neoclassical theory and on the opportunity to recover the alternative approach of classical economists and Marx. Vernon Smith is certainly right to insist on the heuristic force of the classical...

This article surveys computational approaches to classical-Marxian economics. These approaches include a range of techniques - such as numerical simulations, agent-based models, and Monte Carlo methods - and cover many areas within the classical-Marxian tradition. We focus on three major themes...

Keynes provided an overwhelming argument in his letter of August 27th, 1935 to Harrod that convinced Harrod twice to acknowledge that Keynes had made a “radical reconstruction” of the theory of the rate of interest. Special significance can be given to Keynes's three point post script in...