Suchergebnisse

Intro -- Preface -- Acknowledgements -- Contents -- Part I: Theories of Value and Empirical Evidence -- Chapter 1: The Classical Theory of Value and Distribution -- 1.1 Introduction -- 1.2 The Object of Economic Analysis -- 1.3 The Old Classical Economists and the Labour Theory of Value -- 1.3.1 Adam Smith´s Theories of Value -- 1.3.2 Ricardo and the `93% Labour Theory of Value´ -- 1.3.3 Deviations from the Labour Theory of Value Induced by the Presence of Fixed Capital -- 1.3.4 Deviations from the Labour Theory of Value Induced by Changes in Income Distribution -- 1.3.5 Deviations from the Labour Theory of Value Induced by Differences in Turnover Times -- 1.4 Marx´s Labour Theory of Value -- 1.4.1 Commodity Production and Value -- 1.4.2 Concrete and Abstract Labour -- 1.4.3 Socially Necessary Labour Time -- 1.5 The Law of Value in Marx -- 1.6 Money and Price -- 1.7 Surplus-Value and Profit -- 1.8 Summary and Conclusions -- Chapter 2: Circular Flow of Capital and Social Reproduction -- 2.1 Introduction -- 2.2 The Tableau Économique -- 2.3 Marx´s Schemes of Reproduction -- 2.4 Schemes of Simple Reproduction -- 2.4.1 Equilibrium Between the Two Departments -- 2.4.2 Exchange Between Departments -- 2.4.2.1 The Circuit of Money Capital Beginning from Department I -- 2.4.2.2 The Circuit of Money Capital Beginning from Department II -- 2.4.2.3 The Circuit Beginning from Dividends of Capitalists in Department I -- 2.4.3 Transactions Within Departments -- 2.4.3.1 Transactions Within Department -- 2.4.3.2 Transactions Within Department -- 2.5 Schemes of Expanded Reproduction -- 2.5.1 Critiques of the Schemes of Reproduction -- 2.5.2 Domar´s Growth Model and Marx´s Schemes of Reproduction -- 2.6 Tableau Économique and Reproduction Schemes Cast in Input-Output Analysis -- 2.6.1 he Tableau Économique as an Input-Output Table.

This article examines the extent to which financialization is a new phase of capital accumulation characterized by its own economic laws in which the real (production) economy adjusts accordingly. In order to examine this hypothesis, the authors invoke the share of the financial sector in the GDP of the US, as the best meaningful metric to approximate the expansion of the financialization over time. The findings suggest that the financialization phenomena of the post-1982 years are comparable to those of the "roaring twenties." The observed differences are quantitative, in the main, and although they indicate the presence of regularities, they, nevertheless, do not suggest an altogether different stage of finance-led capitalism.

This article discusses the notion of competition as a process of rivalry between firms. This approach was developed initially by the classical economists and continued in the writings of Marx and Schumpeter. More specifically, this article sets out to show that on the one hand, this alternative notion of competition forms a theoretical framework for the understanding of many crucial aspects of modern economies; and on the other hand, on empirical grounds, one of the fundamental tenets of this theory, that is, the long-run tendential equalization of interindustry profit rates, holds true in the case of Greek manufacturing industries. The last objective is achieved with the introduction of the concept of regulating capital and with it the associated notion of the incremental rate of returns.

The purpose of this paper is to give empirical content to the approach of international trade based on the principle of absolute advantage and to show that differences in productivity may give rise to transfers of value towards the units of capital with an absolute advantage in production. Our approach is based on the classical/Marxian theories of value and competition and it is operationalized using input-output data for the years 1995, 2000, and 2005 of four euro-zone countries (Greece, Spain, Finland, and the Netherlands). The derived results are consistent with the view that productivity differences persist over the years, which is equivalent to saying that the absolute advantage in production does not change into comparative advantage.

Contemporary capitalism is characterized by periods of vigorous economic growth and periods of slow or even negative growth. This book draws on the classical political economy approach to consider both economic cycles and economic growth and draw conclusions about the inherent instability of the modern economy.

The purpose of this article is to derive an endogenous growth and cycles model that integrates the general law of capital accumulation, the reserve army of labor, technological change, devaluation of capital, and the law of the tendential fall in the rate of profit. The phase space of this model is analyzed by estimating its equilibrium solutions and exploring its economically meaningful stability properties. The so derived endogenous growth-and-cycles model is then simulated with realistic parameter values. The solutions of our model display periodicity, which may be treated as long cycles like attractors conditioned by the long-run movement of profitability. The salient feature of our model is the growth of the rate of surplus value, which becomes the regulating variable of our system for it explains the deviations from equilibrium and at the same time provides a realistic solution to Harrodian instability. JEL Classification: C61, E11, E32, O41

Technological diffusion is mainly measured by the impact of Foreign Direct Investment presence on Total Factor Productivity or on a number of constructed output related indices. We apply an alternative process where the influx of more advanced technology introduced by foreign firms alters the practice of domestically owned firms and leads to improvements in their technical efficiency levels. In the present paper, we define technological diffusion as the evolution of the efficiency gap between the domestically owned and multinational firms that operate in a country and we examine whether it can be attributed to Foreign Direct Investment. This new approach is applied to the Greek chemicals sector for the period 2001–2007. Our main findings are a persistent efficiency performance gap with multinational enterprises being more efficient than their domestic counterparts. We also find that technical efficiency performance strongly depends on firm specific characteristics such as already attained technical efficiency levels, firm size, return on assets, level of self-financing, in addition to the presence of Foreign Direct Investment. Overall, only already technically efficient firms have the potential of benefitting from Foreign Direct Investment presence.

With data of over a century, 1833-1938, this paper attempts, for the first
time, to analyze the causal relationship between income and government
spending in the Greek economy for such a long period; that is, to gain some
insight into Wagner and Keynesian Hypotheses. The time period of the
analysis represents a period of growth, industrialization and modernization
of the economy, conditions which are conducive to Wagner?s Law but also to
the Keynesian Hypothesis. The empirical analysis resorts to Autoregressive
Distributed Lag (ARDL) Cointegration method and tests for the presence of
possible structural breaks. The results reveal a positive and statistically
significant long run causal effect running from economic performance towards
the public size giving support to Wagner?s Law in Greece, whereas for the
Keynesian hypothesis some doubts arise for specific time sub-periods.