The circuit of value outlined in the second volume of Marx's Capital provides a coherent framework for the characterization of macroeconomic phenomena from a classical perspective. This paper builds on Foley's (Journal of Economic Theory, 28 (1982), pp. 300-319) formal reconstruction of the...

It is now commonplace for macroeconomists to include random error terms in the specification of aggregate production functions, but the microfoundations for such residual fluctuations in national output are seldom explored in much detail. One explanation is that workers who expend the effort...

Received wisdom holds that income rank matters for life satisfaction. In much of the literature, however, income comparisons are limited to the national population and evidence is correlational. In this paper, we investigate differences in the causal effects of rank information across reference...