Modern economic science has become a grand parable, the study of a virtual economic world where the interactive robots engage in mechanical relationships. Although the natural sciences that initially inspired many economists has undergone drastic changes since Newton's era, modern economic...

Modern economic science has become a grand parable, the study of a virtual economic world where the interactive robots engage in mechanical relationships. Although the natural sciences that initially inspired many economists has undergone drastic changes since Newton's era, modern economic...

This is a proposal to restate the theory of capital along critical Marxian lines aimed at providing a better integration of the theory of capital with the theory of money and finance. The time value of money must be properly accounted for. An analytical method is proposed to accomplish this...

This paper critically analyses the approach to the determination of values, or commodity contents, developed by Fujimoto and Opocher (2009). Even setting aside various problematic definitional issues, the broader implications of the approach for classical theory are unclear. First, the...

This paper critically analyses the approach to the determination of values, or commodity contents, developed by Fujimoto and Opocher (2009). Even setting aside various problematic definitional issues, the broader implications of the approach for classical theory are unclear. First, the...

The cost sharing rule derived from the Shapley value is the unique sharing rule which allocates fixed costs uniformly

Modern economic science has become a grand parable, the study of a virtual economic world where the interactive robots engage in mechanical relationships. Although the natural sciences that initially inspired many economists has undergone drastic changes since Newton's era, "modern" economic...

In a recent contribution on this journal, Matsuo (2009) has provided an interesting argument to refute the Generalised Commodity Exploitation Theorem (GCET), by highlighting a potential asymmetry between labour and other commodities. In this paper, a novel characterisation of the relation...

In a recent contribution on this journal, Matsuo (2009) has provided an interesting argument to refute the Generalised Commodity Exploitation Theorem (GCET), by highlighting a potential asymmetry between labour and other commodities. In this paper, a novel characterisation of the relation...

A new theory of value is suggested. Its key moments and general logic are presented. The theory has all-purpose nature (is applicable to any commodities, any markets and any market situations). Value is considered as a multicomponent notion which characterizes commodity's internal behaviour...