A novel parameterization of a two-good economic model, consumption good and capital good, enables straightforward resolution of various issues that have vexed the long Cambridge capital controversy, including the existence of single quantities for both capital quantity and capital value...

The idea that effective demand is closely connected with money supply has emerged a number of times in the history of economic thought, within approaches differing in origin and formulation. In particular, we analyse Lange and Patinkin’s theses and those of Luxemburg and the money circuit...

Claims made in the course of the Cambridge capital controversy about the relationships among the quantity, value, and price of capital are necessarily scalar, as all of these are scalar values, even when made in respect of capital composed of heterogeneous commodities. However, the received...

The world has been changing and developing rapidly with advanced technology and the enhancement of humans’ living standards. Economics is one of the disciplines that works to define “development,” determine nations’ current stage of development, and design policies to work effectively...

For 70 years, the participants in the Cambridge capital controversy have been arguing about the wrong things––the technical aspects of capital and whether they can support the neoclassical theory of distribution beyond the case of the corn model, a single homogeneous good as both input and...

The purpose of this paper is to present the main differences between New Institutional Economics, NIE, and Original Institutional Economics, OIE, and to question some of the proposals that call for the gap between the two approaches to be bridge. This does not preclude the possibilities of a...

This paper questions the existing notion of competition prevalent in economic theory. It is shown that the prevalent idea of competition is incompatible with economic development. Fair competition, this paper argues, ought to be understood in context. The paper ends by providing some preliminary...

The purpose of this paper is to present the main differences between New Institutional Economics, NIE, and Original Institutional Economics, OIE, and to question some of the proposals that call for the gap between the two approaches to be bridge. This does not preclude the possibilities of a...