reswitching and reverse capital deepening. These results were used to criticize both neoclassical theory and Marx. The material in …

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 …

authenticity of the economic theory underlying the theorem. The analysis set forward here shows that the Okishio theorem … markup. The theorem follows the vulgar components of Smith's theory of value and Ricardo's theory of transformation. Okishio …

theory, the New Interpretation of Marx's value theory, and the Sraffian approach to prices of production. We add two …

are dual to each other. To be more concrete, we refer to the theory of international trade, where the factor endowment of …