This article using the principal components analysis identifies key industries and groups them into particular clusters. The data come from the US benchmark input-output tables of the years 2002, 2007, 2012 and the most recently published input-output table of the year 2019. We observe some...

The aim of this essay is to join the discussion on an important issue in economic theory like is the money. For this, we shall analyse an important theory in economics; this theory was proposed by Karl Marx, where the money has a great importance to understand the development of the economic...

This paper is the first part of a Marxian critique of the theory of the firm, focusing on the analysis of labour values. Starting from Adam Smith's example of the deer hunter, marginal analysis is introduced, culminating in the derivation of the Labour Value Function, as the supply curve of the...

Russian Abstract: В статье анализируются ошибочные аргументы Туган-Барановского, Борткевича и Стидмена, которые до сих пор используются критиками теории трансформации...

In this paper we analyse the economic part of a text of the French Communist Party (PCF) on the principles of the policies of the PCF. In particular we discuss how economists can use orthodox economic theory to evaluate the principles of communist economic policy. Although the text is quite old...

In certain models of commodities produced by means of commodities, the choice of technique is analyzed by the construction of the wage frontier. This article presents a numeric example of a continuum of wage curves tangent at a switch point. Technological progress leads to the recurrence of...

Sraffa, in part 1 of his "Production of Commodities by Means of Commodities", describes two kinds of reductions to labor. First, he reduces Classical natural prices to an infinite series of "dated" quantities of labor multiplied by a profit factor. He concludes that prices are "in proportion to...

The commonly used definition of average labour value, based on the sum of labour time directly used to produce a commodity and all its components is shown to be naïve and indeed false. The definition of labour value has to be conforming to the definition of cost. This implies that the socially...

This paper attempts to clarify how the European economic crisis from 2007 onwards can be understood from the perspective of a Marxian monetary theory of value that emphasizes in-trinsic, structural flaws regarding capitalist reproduction. Chapter two provides an empirical description of the...

In this paper, we report a puzzling result about the monetary expressions of labor time (MELTs) of the productive and unproductive sectors. Since part of the aggregate value produced in productive sectors is transferred to unproductive sectors, the productive sector's MELT is a measure of value...