An exchange between Andrew Kliman and Shimshon Bichler and Jonathan Nitzan. 1. Andrew Kliman: 'Value and Crisis: Bichler and Nitzan versus Marx' EDITORS' NOTE: In the first article, Andrew Kliman responds to Bichler and Nitzan's recent paper on 'Systemic Fear, Modern Finance and the Future of...

The labor theory of value, originated in the classics and reformulated by Marx, has found support in numerous empirical works during the last thirty years. In many economies, sectors in monetary terms are highly correlated with them in terms of labor values. In his book Capital as Power (2009),...

La teoría del valor trabajo, originada en los clásicos y reformulada por Marx, ha encontrado apoyo empírico en numerosos trabajos en los últimos treinta años. En diversas economías los sectores en términos monetarios están altamente correlacionados con los mismos en términos de valor...

The causal structure of capitalistic commodity production can be revealed by notionally separating total output into two categories: 'necessaries' bought by employees, and the rest constituting society's surplus. The rate of profit is determined in the wage good industry and becomes the system?s...

Reich (2013) recapitulates my model (Helmedag 2012a) incorrectly. Above all, he mixes up exogenous with endogenous variables. Moreover, Reich's interpretation of the system's dynamics is on the one hand formally insufficient; on the other hand, matters are presented in a more complicated way...

It is frequently believed, in a quite schizophrenic fashion, that a theory of value must just solve the question of relative prices (a microeconomic problem), being mainly the theory of money the piece needed for determining the absolute or monetary level of prices (a macroeconomic problem). But...

Existing theories of capital, neo-classical as well as Marxist, are anchored in the material sphere of production and consumption. This article offers a new analytical framework for capital as a crystallization of power. The relative nature of power requires accumulation to be measured in...

Over the past century, the institution of capital and the process of its accumulation have been fundamentally transformed. By contrast, the theories that explain this institution and process have remained largely unchanged. The purpose of this paper is to address this mismatch. Using a broad...