It is ascertained that the theorem of proportionality, which maintains that replacement investment is a constant proportion of the outstanding capital stock, has several fundamental shortcomings. It derives from a model founded on assumptions that are highly restrictive and unlikely to hold in...

"Joan Robinson is widely considered to be amongst the greatest economists of the 20th Century. This book provides a comprehensive study of her life and work, examining her role in the making of The General Theory, her critical interest in Marxian eocnomics, her contributions to Labour Party...