This part is devoted to simulation experiments based on the simulation model developed in part I from the value-theoretic reconstruction of the main parts of Marx’s critique of Political Economy. After introducing the main parameters and the range of their variation (Section 1), a singular run...

The background for the present elaboration is twofold: firstly, the ongoing debate about whether the Marxian theory of value has been damaged (or even destroyed) by the alleged impossibility of solving the ‘transformation problem’ and secondly, the fact that almost all of the (later)...

The law of value as the foundation of the prices - This article shows that the law of value is axiomatic and constitutes the necessary foundation of the prices of production. Giving up this foundation means to break with the self-found principle of science, to abandon the unifying principle of...

This paper highlights the separation between surplus value production and realization in Marx's work. A new method of estimating surplus value production at the industry level is proposed and implemented. Marx's procedure of transforming labor values into prices of production shows that...

Neoclassical tools of marginalism and profit maximization are used to measure labor's surplus value. Recent empirical estimates of a firm's wage elasticity of labor supply imply a surplus so large that the value of labor may exceed the total value of a firm's production. Labor value in excess of...

In this paper, we show that Sraffa’s prices are consistent with Marx’s analysis of the form of circulation of capital (Money–Commodities–Money) and his theory of the creation of new value by labour in the production process. On the contrary, according to many neo-Ricardian and Marxist...

This paper examines heterodox theories of the determinants of the value of money. Orthodox approaches that tie money's value to relative scarcity of money or to the price level are rejected as inconsistent with the monetary theory of production embraced by heterodox traditions linked to Marx,...

The present paper on the now partly well known Russian mathematician and "amateur economist" v. Charasoff was originally written in 1987 together with H. Duffner three years after Charasoff's remarkable contribution of 1910 "Das System des Marxismus" (The system of Marxism) had been rediscovered...

The purpose of this paper is to examine the critical arguments made by Burmeister, Samuelson, and others, with respect to Sraffa (1960). Sraffa did not address these arguments, but they are relevant from the viewpoint of modern economic theories. In his arguments about the standard commodity,...

The purpose of this paper is to examine the critical arguments made by Burmeister, Samuelson, and others, with respect to Sraffa (1960). In his arguments about the standard commodity, Sraffa assumed that a change in income distribution has no effect on the output level and choice of techniques,...