The concept of surplus is central in the analysis of capitalism. From the Marxian literature we can identify two main approaches: on the one hand, the concept of surplus developed by Marx based on the distribution of time worked between workers and capitalists; while on the other, the concept of...

This paper models the volatility present in the historical returns in the stock of the two major national indices of India. Sensitive Index or Sensex related to Bombay Stock Exchange (BSE) and Nifty associated with National Stock Exchange (NSE). The objective is to model the phenomena of...

The paper examines the range of national experiences of communist rule in terms of the aspiration to ‘overtake and outstrip the advanced countries economically'. It reviews the causal beliefs of the rulers, the rise and fall of their economies (or, in the case of China, its continued rise),...

Ludwig Mises' "Economic Calculation in the Socialist Commonwealth" ("Die Wirtschaftsrechnung im sozialistischen Gemeinwesen," Archiv für Sozialwissenschaft und Sozialpolitik 47.1 [1920]: 86-121) is known mostly in the English-speaking world through a translation by S. Alder (in F.A. Hayek, ed.,...

This paper examines the validity of economic thoughts of Karl Marx and John Maynard Keynes for the present time. The paper compares Marx and Keynes, and aims to show that the difference in treatment of the major economic issues between them is not as significant as one may expect. Marx and...

This article presents the marginal approach to the labour theory of value. The difficulties of the classical and Marxian labour theory of value are overcome when labour value is understood as marginal labour value analogously to marginal cost. Marginal labour value is the reciprocal of the...

The propositions advanced by Marx and Smith on the relation between labor and prices are examined, with particular emphasis on income distribution, within a non-Walrasian setting including joint production and heterogeneous labor. Among its contributions, the paper introduces the concept of...

In the second half of the 19th century, German-speaking countries developed a very intense economic debate about crises. Mikhail Ivanovich Tugan-Baranovskij's analysis may be considered as the point of transition between different crisis theories and the development of organic thinking about the...

In this paper I use Marx's analysis of rent to try to understand the complexities associated with the attempts to tax resource rents in Australia. My aim is to dissect ground rent (what the landlord expropriates in capitalist society by virtue of being the owner of land) into its constituent...