Contributions to Political Economy - current issue

Decomposing the Changes in Production Prices into "Capital-Intensity" and "Price" Effects: Theory and Evidence from the Chinese Economy

Mariolis, T., Tsoulfidis, L. — 2009-06-17

This paper deals with the changes in prices of production induced by variations in income distribution on the basis of a linear model of production with circulating capital and homogeneous labour. It is shown that the total effect of income distribution on prices can be decomposed into a "capital-intensity" and a "price" effect and that, in actual economies, the former is expected to dominate the latter. In order to obtain a concrete idea of the actual trajectories of the price movements and to quantify the relative strength of the two effects, we use input–output data of the Chinese economy.

Unemployment Revisited: Empirical Evidence from 20 OECD Countries

Alexiou, C., Tsaliki, P. — 2009-06-17

The undertaken paper attempts to gain further insight into a string of factors thought to condition unemployment. By exposing the theoretical arguments of the Keynesian Neoclassical and radical/Marxian approaches we empirically estimate a hybrid unemployment equation, the generated evidence of which appears to be in line with both the Keynesian and Marxian tradition. For the empirical investigation, dynamic panel data analysis is applied to 20 OECD countries for the period 1970–2003.

Marx and Engels: In Praise of Globalization

Jellissen, S. M., Gottheil, F. M. — 2009-06-17

Marx's vision of history unfolding is one of societal transformation from a set of diverse nation states in a capitalist world to a unified economic society in a yet-to-be communist world. The catalyst that sets this unfolding into action is the globalization process. Its trigger mechanism is the innovating capitalist. Enticed into creating new labor-saving technologies by the prospect of reaping higher rates of profit, these capitalists confront unavoidable competition and technology imitation which undermine their advantage and leads ultimately to falling prices and falling rates of profit. Their only recourse is to venture abroad, to globalize, to invest and produce in the less technologically developed economies. This globalization of resource and product markets is a dual-edged sword: It creates and destroys. It destroys the economic and social fabrics of the less developed economies and creates in its wake a replica of the more technologically advanced. In the end, we are all one global economy, western in character. Marx sees this inevitable globalization process as progressive and praiseworthy.

Sraffa and the Later Wittgenstein

Sinha, A. — 2009-06-17

This paper is an attempt at establishing the philosophical underpinnings and thus a deeper understanding of Sraffa's enigmatic book, particularly in the light of his well acknowledged influence on Wittgenstein's later philosophy or perhaps their mutual influence on each other's thinking during the period of late 1920s and 30s. It identifies and highlights certain parallels between the theoretical propositions of Sraffa in the Production of Commodities and the later Wittgenstein's propositions regarding his philosophy of language and meaning. It argues that both Sraffa and the later Wittgenstein eschew essentialism; both propose descriptive as opposed to predictive theories; and both are concerned with establishing the context that distinguishes sense from non-sense. It goes on to argue that it is unconvincing to suggest, as some scholars have done, that Sraffa's influence on Wittgenstein could either be located at his purported attack on the atomism of the Tractatus or its critique from the Gramscian perspective.

Marx's Theory of Ground Rent: A Critical Assessment

Ramirez, M. D. — 2009-06-17

This critical essay provides the reader with an up-to-date assessment of Marx's relatively neglected theory of absolute ground rent by bringing together in a coherent manner his scattered observations and arguments contained primarily in Capital, Vol. III and Theories of Surplus Value, Vol. II. It also reviews the extant secondary literature which suggests that within Marx's theory of rent is an embryonic theory of monopoly from which scholars can draw important insights into the history of economic thought and the workings of mature capitalism. The paper is organized as follows. After an introductory section, Section II provides the reader with an overview of Marx's theory of differential rent and compares it to that of Ricardo, particularly Marx's discussion of differential rent II and whether nature is productive of exchange value. Section III discusses Marx's theory of absolute rent in light of recent criticisms by prominent scholars and suggests that what determines whether rent is paid on the marginal land is not technical backwardness or lower productivity of labor per se, but a social relation, viz., the monopoly created by the private ownership of land. The last section summarizes the main arguments and suggests some avenues for future research.

"Anglo-Saxon vs Continental Scholarship: On Critical Editions of Economic Classics": A Comment on de Vivo

Charles, L., Perrot, J.-C., There, C. — 2009-06-17

A Reply to Charles, Perrot and There

de Vivo, G. — 2009-06-17

Scritti di Economia, Finanza e Amministrazione

Groenewegen, P. — 2009-06-17

Sraffa or an Alternative Economics

Fratini, S. M. — 2009-06-17

Institutions for Social Well-Being. Alternatives for Europe

Cesaratto, S. — 2009-06-17