Keynes provided a technical analysis on pages 179-181 of the General Theory that identified two separate rates of interest, r1 and r2, each different rate of interest associated with a different Demand for Investment and Supply of Savings Intersection. Each combination would provide a different,...

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...

Marx carried out the first full inquiry on the economics of the all-comprising circulation process of capital, first in Grundrisse in the late 1850s, and later in Capital and Theories of Surplus Value in the 1860s and the 1870s. Two substantial aspects are at the center of Marx's analysis: (a)...

The paper discusses briefly several long-run systems of production vis-à- vis alternative theories of value and distribution stated by Marx, classical- neoricardian, post-Leontief-neoclassical, and post-Keynes-Sraa authors during the last hundred and fifty years. All the systems of production...

At the end of the 17th century capitalism had become the new social and economic order in northern Western Europe. Ever since the trading channels through which money and commodities change hands between the different agents, the actual sequence of these all-comprising monetary exchange...

J M Keynes solved the problems of the certainty, reflection, translation, and preference reversal effects long before these effects were specified in the post world war II literature by psychologists. Keynes recognized in chapter 26 of the A Treatise on Probability (1921; p.313) that all of these...

Keynes recognized that there were a few cases where his rational analysis of decision making under conditions of uncertainty and risk using: (a) interval valued probability in Parts II and III of the A Treatise on Probability,(b) decision weights in Part IV of the A Treatise on Probability ,or...