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 

The Sources of Aggregate Profitability

 

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, see Peter Flaschel and Sigrid Luchtenberg: Roads to Social Capitalism. Theory, Evidence and Policy. Edward Elgar.

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