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The paper discusses the problem of innovations and profits from a Schumpeterian perspective using the analytical tools of modern classical economics. The concept of "circular flow" is formalised and Schumpeter's zero-profits assumption investigated. Next a typology of process innovations is discussed using a simple two-sector framework. In Schumpeter profits are transitional phenomena. In the conditions contemplated, increases in labor productivity will lead to rising real wages. The argument is generalized to product-cum-process innovations in systems with joint production where a bad that is costly to dispose of is transformed into a good that can be marketed profitably.

This paper is meant as a clear statement that things can no longer continue the way they have gone so far. If analyzed critically, the classical heritage, enshrined in fundamental rules and theories, the result of a massive abstraction effort, has not always been consolidated and developed properly in modern times. Therefore, compared to other sciences, economics has been losing ground, exactly where it should have been reinforced by those who serve it-, the economists. Its main core, the classical heritage, has been enriched, but the additions, knowingly or not, have in fact weakened and transformed it into a loose collection of feeble causalities and verbosity. It is imperative that such deviations be stopped. We suggest a two-step solution: a) an inventory of the elements that define the hard core of Economics; b) a review of the circumstances that show what happened with said hard core. The conclusions point to a necessary return to classical ideas.

Every effort is being made to retain in the literature programs of the Soviet schools and universities all the best work of the Russian literary giants of the nineteenth century. There is even a trend in Soviet scholarship to place the best literary work of the Soviet period in the tradition of the nineteenth-century Russian classics. Lenin repeated time and again that it was necessary "to assimilate critically all that is valuable from the preceding culture." Some Soviet scholars go even further and claim that socialist realism and its best representatives are continuing the literary traditions of the great nineteenth-century Russian writers. Konstantin Fedin is thought of as one who continues Turgenev's "traditions of intellectualism" and shares his ability to be "a chronicler of his epoch, a creator of unforgettable women characters," and Sholokhov is regarded as a writer who further develops Tolstoy's style. Some Soviet critics even complain because there is no visible link in the educational programs to connect Mayakovsky with Pushkin and Lermontov.

IN A FAMOUS dialogue between the Athenian ambassadors and the Council of the small island of Melos, Thucydides has given the classical statement of the "right" of the stronger. "The brave Milesians soon see that they cannot appeal to the Athenians' sense of justice, because the Athenians recognize no standard but their own political advantage…By making the Athenians justify the right of the stronger through the law of nature, and transform God from the guardian of justice into the pattern of all earthly authority and force, Thucydides gives the realistic policy of Athens the depth and validity of a philosophical doctrine." The Dutch, in the days of Peter Breughel, used to say: "the big fish devour the little fish" to which Spinoza added "by natural right." That is the doctrine of the "state,"as inherited from the Greeks. Similar situations still haunt us. Did the Russians by natural right seek to destroy Finnish independence?

To encourage the incorporation of postmodern perspectives into postcolonial Marxism, the development of Marxist philosophy in the Indian academic context since 1947 is examined. Marxist thought in India was originally economistic, but has been influenced by the country's revolutionary communist movement of the 1960s. The emergence of the Subaltern Studies school of Marxist thought, which, following Antonio Gramsci, criticizes classical Marxism for its insufficient emphasis on the specificity of ideology, is described, & limitations inherent in the structuralist framework of the Subaltern school are analyzed from a postmodern perspective. Three topics are discusssed: (1) the nature of the agrarian mode of production & peasant consciousness; (2) the nature of Indian nationalism in the context of Western hegemony; & (3) the postcolonial subject positions of oppressed populations. 19 References. J. Ferrari