Smith’s theory of the falling rate of profit has been usually interpreted as a result of the intensification of competition in the markets of goods and services of the factors of production. This aspect of Adam Smith had been initially posed by Ricardo and subsequently was widely adopted by...

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...

Many commentators claim Adam Smith failed to realize that no objective standard of value exists. Instead, he adhered to the labor theory of value. Like others, we argue that in the The Wealth of Nations Smith discussed the “early and rude state” in which the labor theory of value made some...

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...

The aim of my paper is to show that a consistent economic analysis brought to its logical conclusions should destroy any theory of property rights, and as such it is inconsistent with its own premises, and especially with the ideological presuppositions of quite all of its followers. The...

This was the first paper to study exclusively the effects of Ramadan on the United Arab Emirates Stock market. In doing so, the study aims to establish such impacts with the intention of advising the investors on whether it would be profitable to invest during the holy month of Ramadan or no.The...

A partir del estudio técnico, tecnológico e histórico de la evolución de la investigación operativa,como disciplina matemática aplicada al campo de la Economía Política previo desarrollo de la manufactura y la maquinaria, el autor estudia la influencia de dicha disciplina en la...

This paper examines the marginal utility as a theory of value in comparison with the theories which preceded it. It compares in detail the utility theory with the predominant theory of value of classical economics, a cost theory which saw labor as the ultimate source of value. By introducing a...

This paper examines the intellectual heritage of the debate between the Currency and Banking Schools of 19th-century England in regard to three Viennese economists: Rudolf Hilferding, Ludwig von Mises, and Joseph Schumpeter. I first provides a brief summary of the debate between the Currency and...