This article analyses the “new solution” for the transformation problem, which redefines the concepts of money and variable capital and assumes that the value added remains invariable through the transformation process. It argues that the “new solution” can not be accepted because: (i)...

Este artigo desenvolve uma interpretação a respeito da produção capitalista do conhecimento e também do papel do conhecimento na produção capitalista a partir da teoria do valor de Marx, buscando atualizá-la para o capitalismo contemporâneo. Parte-se de uma crítica às idéias de Prado...

This paper discusses the role that finance plays in promoting the capital development of the economy, with particular emphasis on the current situation of the United States and the United Kingdom. We define both "finance" and "capital development" very broadly. We begin with the observation that...

The present paper on the now partly well known Russian mathematician and amateur economist v. Charasoff was originally written in 1987 together with H. Duffner three years after Charasoff's remarkable contribution of 1910 Das System des Marxismus (The system of Marxism) had been rediscovered by...

This paper discusses the role that finance plays in promoting the capital development of the economy, with particular emphasis on the current situation of the United States and the United Kingdom. We define both "finance" and "capital development" very broadly. We begin with the observation that...

Marx's theory of money is critiqued relative to the advent of fiat and electronic currencies and the development of financial markets. Specific topics of concern include (1) today's identity of the money commodity, (2) possible heterogeneity of the money commodity, (3) the categories of land and...

Marx's analysis of the determination of the general rate of profit and of the associated relative prices is based on the conceptual distinction between law of value and law of exchange. The law of value states that simple, necessary abstract labour is the substance and measure of the value of...

In recent years, the role attached to the autonomous components of aggregate demand has attracted rising attention, as testified by the development of the Sraffian Supermulti plier model (SSM) and the attempts to include autonomous demand in the Neo-Kaleckian model. This paper reviews and...

This paper compares Marx's economics with those by Sraffa, Keynes, Kalecki and Minsky. The paper takes an "ex post" view on the matter and rather looks at the output side of the respective authors, but not at the input side. This means no attempt is made at studying in a systematic way, if and...

F. A. Hayek published The Road to Serfdom in 1944, so 2019 marks the 75th anniversary of the event. The paper traces how Hayek came to write the book, who his opponents were, and how the book got interpreted by both friends and critics after its publication. Because the book is more typically...