This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which...

This paper examines certain theoretical questions and issues relating to Marx's conception of wages under competitive capitalism. First, it is shown that the distinction between labour and the value of labour power is critically important for understanding the source of profits in competitive...

An economic crisis in capitalism is a deep and prolonged interruption of the economy-wide circuit of capital. Crises emerge from within the logic of capitalism's operation, and are manifestations of the inherently contradictory process of capital accumulation. The Marxist tradition...

This paper contends that Marx develops in Volume III of Capital an incisive conceptual framework in which excessive credit creation, indebtedness and speculation play a critical and growing role in the reproduction of social capital on an extended basis; however, given the decentralised and...

Following Desai (Desai, M. 1984. An econometric model of the share of wages in national income: UK 1855-1965, pp. 253-77 in Goodwin, R. M. et al. (eds), Nonlinear Models of Fluctuating Growth, Berlin, Springer), Goodwin's simple 'predator-prey' growth cycle model of the economy (Goodwin, R. M....

Oskar Lange's 1938 article "The Rate of Interest and the Optimum Propensity to Consume", is usually associated with the original IS-LM approach of the late 1930s. However, Lange's article was not only an attempt to illuminate Keynes's main innovations but the first part of a wide project that...