Part II:

Value, Competion and Exploitation. Marx's Legacy Reconsidered

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 

The Sources of Aggregate Profitability


Academic Price Exercises vs. Empirically-based Value Accounting:


Fixed Capital and Joint Production reconsidered


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


The Road Ahead: 

Distributive Cycles and Segmented Labor Markets vs. the Road towards a Theory of Inclusive Growth, see Peter Flaschel and Sigrid Luchtenberg: Roads to Social Capitalism. Theory, Evidence and Policy. Edward Elgar Publishing, 2012 and its second edition, in preparation by Hagen, Christian, and Mark.

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© Peter Flaschel