Sraffa, in part 1 of his "Production of Commodities by Means of Commodities", describes two kinds of reductions to labor. First, he reduces Classical natural prices to an infinite series of "dated" quantities of labor multiplied by a profit factor. He concludes that prices are "in proportion to...

The purpose of this paper is to examine the growth and the structure of employment in the service sector in the Spanish Economy from 1958 to 1989 and to draw comparisons with the trends exhibited by other European countries. In contrast to the explanation offered by the theory of stages, which...

Socially necessary labour time is a key concept in Marxian economic theory. However it is hardly ever properly discussed. This article presents the English translation of a section of a textbook on political economy of socialism published in the former German Democratic Republic in 1974 by an...

The issue of the impact of trade on specialisation structures and the effects of trade liberalisation on employment and labour markets has been intensively discussed in the recent literature on trade liberalisation and globalisation. In Europe this debate has gained new momentum in the...

Based on two snapshots taken from the Australian economy, this study quantifies the impacts of final demand aggregates on output and employment in various sectors using the 1989 and 1997 conversion matrices. The sectoral output and employment are linked with final demand deliveries in such a way...

The purpose of this work is to study the joint interaction of three founding elements of modern capitalism, namely endogenous technical change, income distribution and labour markets, within a low-dimensional nonlinear dynamic setup extending the Goodwin model. By going beyond the conservative...

The observation that the liquidations are concentrated in recessions has long been the subject of controversy. One view holds that liquidations are beneficial in that they result in increased restructuring. Another view holds that liquidations are privately inefficient and essentially wasteful....

This paper demonstrates several strengths and shortcomings of models of sectoral reallocation. Although such models demonstrate that sectoral reallocation can be an important amplification and propagation mechanism for exogenous shocks, they are essentially unable to explain any effects of...

Within the existing literature on jobless recoveries a bit of a puzzle is emerging. On the one hand there is evidence of dynamic structural change including off-shoring/globalization and skill-biased technological advances. Other studies emphasize a less dynamic economy with slower growth,...