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 capitalism. Second, the value of labour power cannot be reduced either to the …

’s model, to prove decisively in a diagram relegated to a footnote near the end of the article, that money wage cuts could only … work by shifting the LP(LM) curve, which Hicks had renamed the LL curve ,to the right, so that Mw ,money in terms of wage …,ceteris paribus (constant money income) analysis with functions containing only one independent variable that he had used in his 1933 …