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Suflicientarianism is a prominent approach in political philosophy and in policy analyses. However, it is virtually absent from the formal normative economics literature. We analyse suflicientarianism axiomatically in the context of the allocation of opportunities (formalised as chances of success). We characterise the core suflicientarian criterion, which counts the number of agents who attain a "good enough" chance of success. The characterising axioms shed new light on the key ethical constituents of suflicientarianism: they express a liberal principle of non-interference, a form of minimal respect for equality, and a form of separability across individuals. Given the large indifference classes inbuilt in the core version, we also discuss two alternative social opportunity relations that refine the suflicientarian intuitions: the multi-threshold suflicientarian ordering and an incomplete relation focusing only on the suflicientarian strict preferences.

Contents: Preface -- Part I Classical competition: theory, evidence, and criticism -- 1. François Quesnay: Circular flow and input-output -- 2. Adam Smith: The 'invisible hand' and accumulation -- 3. Adam Smith II: The 'invisible hand' and 'natural prices' -- 4. David Ricardo: Prices, accumulation, and value -- 5. The von Neumann-Sraffa model -- Part II Value and exploitation: Marx's legacy -- 6. Labor values: an axiomatic approach -- 7. Labor productivity and the law of decreasing labor content -- 8. The sources of aggregate profitability -- 9. Actual labor values with multiple activities -- 10. Joint production in a (Marxian) SNA -- 11. Actual labor values with joint production -- 12. Production prices and imperfect competition, Part I -- 13. Production prices and imperfect competition, Part II -- 14. Conclusions -- References -- Index.

This paper studies the implications of heterogeneous capital gain expectations on output andasset prices. We consider a disequilibrium macroeconomic model where agents' expectations on future capital gains affect aggregate demand. Agents' beliefs take two forms - fundamentalist and chartist - and the relative weight of the two types of agents is endogenously determined. We show that there are two sources of instability arising from the interaction of the financial with the real part of the economy, and from the heterogeneous opinion dynamics. Two main conclusions are derived. On the one hand, perhaps surprisingly, the non-linearity embedded in the opinion dynamics far from the steady state can play a stabilizing role by preventing the economy from moving towards an explosive path. On the other hand, however, real-financial interactions and sentiment dynamics do amplify exogenous shocks and tend to generate persistent fluctuations and the associated welfare losses. We consider alternative policies to mitigate these effects. ; Dieses Papier untersucht die Implikationen heterogener Kapitalgewinnerwartungen bzgl. Output und Aktienpreise. Wir betrachten dabei ein Ungleichgewichts-Makromodell, in dem die Erwartungen der Agenten bzgl. zukünftiger Kapitalgewinne die aggregierte Nachfrage beeinflussen. Die Erwartungen der Agenten treten auf zweierlei Weise - fundamentalistisch und chartistisch - in Erscheinung, und die relative Gewichtung der beiden Agententypen ist endogen bestimmt. Wir zeigen insbesondere, dass zwei Quellen von Instabilität von der Interaktion des Finanz- mit dem realen Wirtschaftssektor, und von der heterogenen Stimmungsdynamiken entstehen können. Wir erreichen zwei Hauptschlußfolgerungen. Auf der einen Seite, kann die in der Stimmungsdynamik eingebettete Nichtlinearität weit vom Gleichgewichtszustand eine stabilisierende Rolle spielen, indem sie verhindert, dass sich die Wirtschaft auf einen explosiven Pfad hinzubewegt. Andererseits verstärken reale Finanzinteraktionen und Stimmungsdynamiken exogene Schocks und neigen dazu, anhaltende Schwankungen und damit verbundene Wohlfahrtsverluste zu erzeugen. Wir betrachten alternative Politikmaßnahmen, um diese Effekte zu mildern.

This volume brings together all the major contributions to the recent decade-long controversy over Karl Marx's theory that exploitation of workers is the exclusive source of capitalists' profits. The debate explores different modern interpretations' success in confirming Marx's conclusion.