Titlebook: Classical Political Economics and Modern Capitalism; Theories of Value, C Lefteris Tsoulfidis,Persefoni Tsaliki Book 2019 Springer Nature S

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Classical Political Economics and Modern Capitalism978-3-030-17967-0

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Controversial Issues in the Theories of Value and Distribution: The ‘Transformation Problem’ and they of value makes the labour time expressed in terms of technological requirements of production, the principal determinant of equilibrium prices, then the neoclassical theory makes preferences and endowments, along with technology, the data of its theory of value. In the neoclassical theory, however

BRAND

Labour Values, Prices of Production and Wage Rate of Profit Curves in Actual Economiesthe long run. Furthermore, the results from detailed input-output tables of the US economy ascertain the Ricardian and Marxian views expounded in Chaps. . and ., that is, the movement of prices as a consequence of changes in distribution is monotonic.

BRAND

Asymmetries in International Tradena bilateral trade, we find that productivity in the USA is several times higher than that of China and the wage rate in China much lower than that of the USA; however, both productivity and wage differentials in the last years of the analysis tend to get narrower. Hence, if we rely only on these, t

Factorable

Classical Political Economy and the Evolution of Post-War Capitalismtime period the evolution of real net profits follows an S-shaped pattern. The empirical analysis uses quarterly data on corporate profits of the US economy in the post-war period. We distinguish two long cycles, one during the period 1947:1–1982:4 and the second in 1983:1–2018:2. The characteristic

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ts scope, the book will benefit all researchers, students, and policymakers seeking new explanations for observed phenomena and interested in the mechanisms that give rise to surface economic categories, such a978-3-030-17969-4978-3-030-17967-0

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https://doi.org/10.1007/978-1-4842-2099-3by labour time. We further argue that the economic theories advanced by the old classical economists and Marx along with more recent theoretical developments following Sraffa’s (.. Cambridge, UK: Cambridge University Press, 1960) book share the same set of data and may be fruitfully integrated into