The modern reformulation of Classical analysis of value and distribution built upon Sraffa’s Production of Commodities provides quite a general and open framework to study distributive relationships, that deserves to be still explored. The present work aims to go through these relationships...

Sraffa (1960) introduced a classification of goods which has been used without modification for a long time. According to him goods have to be classified as basic and non-basic commodities. Among non-basic commodities, he extracts goods which are used directly and indirectly in the production of...

Based on the new way of studying the work of Adam Smith in greater depth, with greater attention being paid to the use and context of his language, this investigation examines the theory of competitive exchange described in The Wealth of Nations, with the aim of bringing new contributions to the...

This text comprises chapter 1 of Marx and non-equilibrium Economics[1]. It specifies a non-equilibrium (temporal) interpretation of Marx’s theory of value which demonstrates a fully consistent transformation of values into prices and reproduces Marx’s tendential law of the falling profit...

Using an analogy with ancient Babylonia as its leading motive, this Viewpoint argues that the credit crisis is the symptom of an underlying problem. Fuelled by government policies, unprecedented debt levels were run up in industrialized countries over the last quarter century. Present policies...

This paper examines the contribution of The Theory of Moral Sentiments to the study of how we acquire moral knowledge. In Smith, this is associated with the moral judgment of an impartial spectator, a hypothetical ideal conjured in the imagination of an agent. This imagined spectator has the...

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...

This paper explains the non-Ricardian stationary state (NRSS) and the tax incidence in such a state concretely. In the NRSS, the corn becomes monopoly price, and the rent upon scarcity is caused into the price. In this regard, Hollander (1979) considered that Ricardo emphasized the rent upon...

The recent recession has brought a sharp decrease in income, output, and world trade, as well as an increase in unemployment in developed and underdeveloped countries. Experts such as Paul Krugman, Christina Romer, or Barry Eichengreen, compare the current situation with the Great Depression of...

The distinction between ‘value’ and ‘riches’ was first highlighted by Ricardo in Chapter XX, ‘Value and Riches, their distinctive Properties’, of his Principles (1821). Ricardo’s aim was to clear up Smith’s famous statement that “every man is rich or poor according to the...