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This article demonstrates relationships that are transparent in Sraffa's standard system hold even when relative rates of profit vary persistently among industries. Even with such variations, total constant capital, total variable capital, total surplus value, and the rate of profits are...
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After Marx, dissenting economics almost always used 'the labor theory' as a theory of value. This paper develops a … modern treatment of the alternative labor theory of property that is essentially the property theoretic application of the … then the market mechanism of appropriation can be understood. On the normative side, neoclassical theory represents …
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reswitching and reverse capital deepening. These results were used to criticize both neoclassical theory and Marx. The material in …
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This paper extends earlier work (Wray 1991; see also Wray 1992b) that argued that liquidity preference theory should be … interpreted as a theory of value. Here I will argue that two theories of value are needed for analysis of a monetary production … economy: the labor theory of value and the liquidity preference theory of value. Both Keynes and Marx were trying to develop a …
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