More than fifty years after the publication of Keynes' General Theory and of the review article by Hicks, ISLM remains the basic model for teaching Keynesian macroeconomics. Some Keynesians have rightly insisted on the inadequacies of ISLM in capturing Keynes' thought but have not converted the...

The concept of commodity society based on a specific division of labour (opposition between private and social labor) and that of surplus-value are the most prominent achievements of Marx's intellectual efforts in dealing with the economy of capitalism. This paper attempts to evaluate the...

Economic theory has undergone a very deep transformation during the last forty years. Its method and its tools of analysis have evolved dramatically. The standards by which theoretical statements are now appreciated are far more demanding, especially from a formal point of view, than was the...