This paper develops a simple theoretical model to analyze Marx's theory of ground rent. Using the model, I demonstrate two important results. First, if we take capital as exogenous, then total ground-rent can be decomposed into the three components: differential rent of the first variety (DRI),...

Attempts to use commodities to construct theories of value and use such value theory to claim that, in capitalism, commodities can be exploited, just like labour is, rest on two conceptual aws: (a) failure to distinguish between labour and labour-power; and (b) failure to distinguish...

This article surveys computational approaches to classical-Marxian economics. These approaches include a range of techniques - such as numerical simulations, agent-based models, and Monte Carlo methods - and cover many areas within the classical-Marxian tradition. We focus on three major themes...

The Marxian labour theory of value considers labour as the only substance of value. The generalized commodity exploitation theorem (GCET) purports to demonstrate that many other commodities can be substances of value. This note argues that the GCET is based on two conceptual aws: (a) failure to...

Marx made significant contributions to macroeconomics, laying the grounds for both Keynes's theory of aggregate demand and Schumpeter's theory of creative destruction. His law of the tendency of the rate of profit to fall parallels Alvin Hansen's theory of secular stagnation which has recently...

This paper analyses the normative and positive foundations of the theory of exploitation as the unequal exchange of labour (UEL). The key intuitions behind all of the main approaches to UEL exploitation are explicitly analysed as a series of formal claims in a general economic environment. It is...

This paper tries to clarify the logical structure of the relationship between labour values and prices from an axiomatic perspective. The famous 'transformation problem' is interpreted as an impossibility result for a specific interpretation of value theory based on specific assumptions and...

This paper presents an intertemporal model of pre-industrial economies defined with leisure preference to study the condition of the emergence and persistence of exploitation as unequal exchange of labor. We show that pure workers are exploited in any finite periods if there is positive real...

This paper offers a unified analytical treatment of Marx's theory of ground-rent, building on the analysis that is available in Volume Three of Capital. Since ground-rent is a transformation of surplus profit generated in agriculture, the main argument is developed in two steps. In the first...

In this paper, I develop a Marxian model of market for money capital populated by capitalists equipped with equal money capital endowment but with heterogeneous linear production technology. Due to a maximization of return on equity, capitalists with relatively weak technology, yielding profit...