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 as a Joint Production vs. IO-Theories of Capital Advanced and Turnover Times


Stone's Industry-based Input-Output System of National Accounts vs. Sraffa's unmeasurable physically-based 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 completely revised edition, in preparation by Hagen Krämer, Christian Proano, and Mark Setterfield.

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© Peter Flaschel