Part II:

Value, Competion and Exploitation. Marx's Legacy Continued

Stone's Measure of Labor Productivity (see his UN System of National Accounts, 1968) and two of its Application

The Law of Falling Labor Content and the United Nations' SNA

The Sources of Aggregate Profitability: Marx's Theory of Surplus Value Revisited


Academic Price Exercises vs. Empirically-based Value Accounting:


Fixed Capital reconsidered


Sraffa's Linear Matrix Algebra vs. Stone's Industry-oriented SNA


The Road Ahead:

Distributive Cycles and Segmented Labor Markets or the Road towards a Theory of Inclusive Growth:


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