Classical Political Economy

Why do humans produce the things they do, in the way they do it?  As this book shows, the classical political economics approach to value and prices has fundamental implications for analyzing the historical trajectory of capitalism.

It demonstrates that the classical political economists’ approach to value and prices, which finds its most advanced formulation in Marx, sheds light on the source of profits, exploitation, whether equivalents are exchanged in trade, dynamics of asymmetric and uneven accumulation, and the relationship of production to non-human natures at large. Understanding these phenomena is key to understanding the economic regularities underlying the key issues facing the world in the twenty-first century: imperialism and ecological breakdown. It argues powerfully that deviations between market prices, production prices, and labor values are central to understanding international value transfers due to differential capital compositions and rates of exploitation, as well as the central role of rent and accumulation in capitalism-induced ecological crisis.

The book is structured to provide an understandable introduction to the classical approach to value and prices, and its modern expression in empirical applications making it of great interest to readers in Economics, Political Economy, Politics and Sociology.

A finales de la década de los setenta, Thomas Guback escribió un ensayo, que llevaba por título "¿Nos estamos planteando las preguntas adecuadas en el cine?", en el que criticaba que el estudio del cine se centraba excesivamente en aspectos teóricos y críticos aderezados con un barniz histórico carente de base teórica . El principal argumento de Guback era que los estudios sobre cine descartaban de manera habitual la investigación del cine como institución económica y como medio de comunicación. En su texto, Guback describe una "perspectiva institucional" para abordar el cine, que es muy semejante a la corriente de la Economía Política aplicada al estudio de la comunicación. Esta corriente de análisis posee una personalidad propia y es fácilmente identificable en el campo científico de la comunicación, pero en el campo de los estudios del cine este hecho es mucho menos frecuente. Este artículo parte de la base de que el cine es una forma de comunicación mediada, por lo que se le puede aplicar muchos de los análisis utilizados en estudiar otros medios. Primero, se presenta un breve análisis de la Economía Política de la Comunicación; luego, se centra de manera más específica en la Economía Política del cine, destacando la pertinencia de esta perspectiva, así como los métodos utilizados y las principales cuestiones que emanan de este tipo de análisis.

The political underpinnings of mainstream microeconomics
are examined by drawing on findings from the history of economic thought. By evaluating foundational concepts and notions, such as perfect
competition, diminishing returns, and methodological individualism, it is argued that marginalist microeconomics exhibits several alarming features.

This article presents a systematic and exhaustive defense of Karl Marx's labor theory of value (LTV) against the criticisms formulated by Juan R. Rallo in his work Anti-Marx. It is argued that Rallo's refutation, while articulate, is based on a methodological error in treating Marx's dialectical-genealogical argument as a syllogism of formal logic. Each of Rallo's objections is analyzed, quoted verbatim, and then refuted point by point. It is shown that the "six practical problems" he presents are misunderstandings of the theory, limits that Marx himself acknowledged, or technical issues resolved by modern literature. The analysis is supported by Marx's texts, the theoretical solutions of the Temporal Single-System Interpretation (TSSI), and the empirical evidence demonstrating the strong correlation between labor-values and market prices.

This is an open access chapter distributed under the terms of the cc by-nc-nd 4.0 license. chapter 2 Marx's conceptualisation of value in Capital 2019 article, originally published in The Oxford handbook of Karl Marx, edited by Matthew Vidal, Tony Smith, Tomás Rotta and Paul Prew, Oxford: Oxford University Press, pp. 129-50. (In the printed handbook version, the internal cross-references are mixed up, because the copy-editor numbered the Introduction without changing the cross references accordingly -the digital version is ok.)

David Ricardo's theory of comparative advantage has long been a cornerstone of international trade economics. However, the rise of the digital economy and artificial intelligence (AI) challenges the foundational assumptions of the Ricardian model. This article critically examines the contemporary relevance of Ricardo's theory by analyzing how digitalization, automation, and the dominance of digital platforms are reshaping the determinants of economic specialization. Through a theoretical review of recent literature, we argue that traditional comparative advantage, based on relative labor costs, is being replaced by new forms of advantage rooted in knowledge, innovation, and data control. We present theoretical reformulations and alternative models, such as dynamic comparative advantage and Porter's competitive advantage framework, to better understand the emerging global economic geography. We conclude that, while the principle of specialization remains relevant, the Ricardian model must be fundamentally rethought in a world shaped by artificial intelligence and global digital networks.

The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

This paper presents estimates of labor values and prices of production following two approaches: The first, based on the classical and Marxian theory of value and distribution; while, the second is based on the so-called new solution to the transformation problem and its variant the Temporary Single-System Interpretation (TSSI). The major advantage of the latter approach is its simplicity along with the relatively low data requirements. Our empirical findings from the economies of China, Japan and South Korea suggest that both approaches give estimates of labor values and prices of production which are extremely close to each other as well as to actual market prices. On further examination, however, we conclude that our empirical findings are absolutely consistent with the theoretical requirements of the classical approach and contradict those of the TSSI.

The purpose of this article is, on the one hand, to shed light on some significant aspects of Ricardo's theory of value and on the other hand to show that Ricardo's insights about the explanatory power of the relative labour times on the movement of relative prices were in the right direction. For this purpose, Ricardo's theory of value is cast rigorously and in modern terms such that by using detailed intertemporal data from input-output tables of two major economies to show that Ricardo's insights are absolutely consistent with the facts.

Capital theory controversies and 'paradoxes' showed that, due to price-feedback effects, the wage-production price-profit rate curves may display shapes inconsistent with the requirements of the neoclassical theory of value and distribution. Subsequent findings on a number of quite diverse actual single-product economies suggested that the impact of those effects is of limited empirical significance. This paper argues that, by focusing on the distributions of the eigenvalues and singular values of the system matrices, we can further study these issues and derive some meaningful theoretical results consistent with the available empirical evidence. Consequently, the real paradox, in the sense of knowledge vacuum and, thus, requiring further research, is the distributions of the characteristic values and not really the 'paradoxes in capital theory'.

In the realm of macroeconomic theory, it is well established that investment decisions play an instrumental role in the determination of the level of output and employment; nevertheless, little progress has been made in relation to the theoretical aspects of these decisions. This paper, inspired by the classical approach to capital accumulation as well as the Keynesian theory of effective demand, attempts to enhance our empirical understanding of what determines investment decisions by exploring profitability, financial as well as demand factors. In so doing, a 'Fully Modified OLS' panel cointegration framework, for a cluster of two distinct groups of EU countries classified as core and the peripheral economies, provides the platform upon which our econometric investigation takes place. The respective evidence generated from the estimation process is in line with the theoretical framework proposed in this paper.

The purpose of this paper is twofold: on the one hand is to discuss Ricardo's version of the labour theory of value; and on the other hand, is to analyse some crucial aspects of Ricardo's theory of taxation as an extension and further elaboration of his theory of value. This discussion is illustrated with the use of a formal model based on a generalisation of Ricardo's numerical examples. The claim that the paper raises is that Ricardo's analysis of taxation is a kind of a comparative statics exercise, where the real wage, the state of technology and the level of output are taken as givens. Furthermore, it is shown that Ricardo's claim that money's role in the presence of taxation of profits is not neutral becomes questionable, when various feedback effects are accounted for.

In an era where international markets are shaken by crises, inequalities rise, and economic policies divide between orthodoxy and experimentation, we increasingly turn back in time to understand what our predecessors-masters of economic thought-have said and built. The history of economic thought is not a collection of outdated theories. It is a rich intellectual journey where we read not just old book lines but deep questions that remain open today: What is wealth? How is it created? Why do crises happen? Is the market self-regulating or inherently unstable? Can social justice coexist with economic efficiency?

This paper examines the Indian reception of Sraffa’s Production of Commodities by Means of Commodities (1960) by focusing on book reviews published in prominent Indian journals. While Krishna Bharadwaj’s review in The Economic Weekly (1963) has received significant scholarly attention, this has not been the fate of Sukhamoy Chakravarty’s review in Arthaniti (1961) and J. K. Mehta’s review in the Indian Journal of Economics (1962). In Bellino’s (2008) book chapter focused solely on book reviews of PCMC, there is only a brief engagement with Bharadwaj’s review and the book reviews of Chakravarty and Mehta are only mentioned. From my study of the Indian book reviews, the following key themes emerge: a restatement of key propositions of classical political economy, a critique of marginalism, the relationship between economic theory and policy, and similarities with input-output analysis—thus placing these reviews, especially that of Bharadwaj, as some of the best ones that were published.

The general aim of this work is to analyze the transition from classical political economy to neoclassical economic thought, from the point of view of the moral premises that underpinned its formulations. To this end, the first chapter discusses the philosophical perspectives that underpinned the birth of the field of economics and influenced the creation of Classical Political Economy in Adam Smith. The following chapter deals with the rise of Utilitarianism, which served as one of the pillars of neoclassical economic thought.  The study concludes with a detailed analysis of the emergence of the the neoclassical school, and the way in which it was supported on the one hand by the liberalism initiated by Smith, and on the other, on the premises of utilitarianism. From this, it can be concluded that the school abstained from the moral discussion that was present in both Classical Political Economy and Utilitarianism. This was due, in particular, to the transformation of the philosophy into a methodological axiom - through the creation of an abstract being called homo economicus - and by the instrumentalization of knowledge, through the the sphere of “economic engineering”.

Ръководител на проектадоц. д-р Марчо Марков Автори: Първа част Първа глава, 1.1. -доц. д-р Марчо Марков, проф. д.с.н. Георги Найденов; 1.2. и 1.3.проф. д.с.н. Георги Найденов. Втора главапроф. д.с.н. Георги Найденов. Трета глава, 3.1., 3.2., 3.3. 3.4. и 3.5. -проф. д.с.н. Георги Найденов, 3.6. -доц. д-р Марчо Марков. Четвърта главапроф. д.с.н. Георги Найденов. Пета глава, 5.1., 5.2., 5.3., 5.4., 5.5. -гл. ас. д-р Веселина Атанасова, 5.6. -доц. д-р Марчо Марков. Шеста главадоц. д-р Атанас Атанасов. Седма главачл.-кор. проф. д.ф.н. Васил Проданов. Осма главадоц. д-р Иван Чалъков. Девета главадоц. д-р Иво Христов Втора част Първа главапроф. д.с.н. Георги Найденов. Втора главапроф. д.с.н. Георги Найденов, доц. д-р Калоян Харалампиев. Трета главапроф. д.с.н. Начко Радев. Четвърта главапроф. д.с.н. Георги Найденов. Пета глава, 5.1. -проф. д.с.н. Георги Найденов; 5.2. -проф. д.с.н. Георги Найденов, доц. д-р Марчо Марков, доц. д-р Калоян Харалампиев; 5.3. -проф. д.с.н. Начко Радев, доц. д-р Калоян Харалампиев. Всички права са запазени! Не се разрешават копиране, възпроизвеждане и разпространение на книги или на части от тях по какъвто и да е начин без писменото разрешение на Издателския комплекс -УНСС. Авторите носят пълна отговорност за оригиналността на произведението, както и за грешки, допуснати по тяхна вина.

Авторските материали в книгата се основават на общата представа, че в условията на глобализация все повече се изостря проблемът с насилието като израз на т.нар. култура на войната, насочена към принуждаване или унищожаване на едни участници в световното общество от други, които пречат или се противопоставят на интересите и стремежите на последните. По най-различни начини се установява, че основният път за ефективно и конструктивно решаване на този проблем е "въоръжаването" с "културата на мира и сътрудничеството", основана на взаимно разбирателство, търпимост и солидарност между цивилизациите, народите и културите, на принципите за мирно регулиране на възникващите конфликти, на взаимно уважение и разбирателство между всички членове на обществото, на подкрепата на демократичните институции и политиката на държавите за осигуряване и укрепване на социалното партньорство. Разгледани са и практически мерки за подготовка в различни страни на световната общност, особено в Европа и Русия, на миротворчески формирования и на проводници на идеите на сътрудничеството и социалното партньорство. Книгата е предназначена за научни работници и практици, педагози, специализанти, студенти и всички, които имат връзка с анализа, функционирането, прогнозирането и регулирането на международни, вътрешнодържавни, регионални, отраслови, политико-правни, образователни и други социални процеси и взаимоотношения.

This study proposes a revolutionary theory of business cycles, arguing that they are not market failures but rather endogenous and essential for maximizing economic efficiency. To demonstrate our theory, we introduce the Augmented National Income Equilibrium Model Business Cycle, which comprises income, consumption, investment, the pure interest rate (R), and the potential return on investment (P RI). Through heuristic application of the model, we demonstrate how the dynamic interplay of these components generates business cycles that continuously clear without achieving traditional equilibrium. Our model shows that (i) the Central Growth Rate (CGR), which represents the long-term income growth trend, establishes the upper and lower bounds for the oscillatory relationship between changes consumption and investment when considered independently of the absolute income level, ensuring long-term stability within cyclical dynamics; (ii) R, which represents the time preference for consumption, closely tracks the CGR, mediating income allocation between consumption and investment; and (iii) continuous oscillation of the PRI-R Differential, which we define as (P RI-R), is the primary driver of the business cycle, dynamically guiding capital allocation decisions. Our study empirically confirms that oscillations in consumption and investment fully account for GDP cyclicality. While shocks and other destabilizing influences undoubtedly play a role when they occur, the Augmented NIE Model Business Cycle demonstrates that cyclical behavior emerges even in their absence. When we remove the influence of the absolute level of income on consumption This working paper represents the formal development of a theory that has informed my market analysis for nearly 40 years. The initial ideas were conceived around the time of my book, The Speculator's Edge, in 1989, during my career as a professional speculator. Comments and feedback are welcome at a.p.pacelli@gmail.com.

След 1989 г. у нас бе създадена невярната представа за политическата икономия като за дисциплина, свързана еднозначно с държавния социализъм и неговата марксистколенинска политическа икономия. Поради това и преподаването на тази дисциплина бе прекратено и тя бе заменена с макро-и микроикономикс, които се разглеждаха като идеологически неутрални и съответстващи на реалностите на пазарната икономика. Наложиха се представите на неокласическия икономикс, наблягащ на пазарната среда и пазарните субекти и склонен да подценява или пренебрегва политическите фактори. Това бе свързано с изключително тежката за българската икономика и за България представа, че икономиката може и трябва да се развива без политическа намеса, че "държавата е лош стопанин" и тя (икономиката) може и трябва да се разглежда като повече или по-малко независима от политиката реалност. Световната икономическа криза през последните години обаче показа, че без държавата и политици, които са добре обучени, за да реализират успешна политика в икономиката, държавите изпадат в тежко състояние. Политическите фактори имат решаващо значение за икономическите резултати. Погледът към водещите западни издателства и университети показва също, че това не само, че е запазваща силни позиции сфера на изследвания, дисциплина и специалност, но че и претърпява днес даже в известен смисъл възраждане. Робърт Гилпин отбелязва: "Изучаването на политикономията сега е много модерно сред историци, икономисти и социолози." 2

Keynesianism is a form of neoclassical liberalism which distinguishes itself from contemporary neo-liberalism by a higher realism regarding the limits of its theoretical analysis of unemployment. However, both Neoclassicals and Keynesians think it possible, after an accurate diagnose of the problem, to find out the appropiate recipees to cure unemployment in the framework of the capitalist system. After reviewing both explanations, a third, heterodox view is offered, according to which the value of the labour force, as that of any other commodity, is determined by its costs of social reproduction (ultimately, in labour terms). This commodity is supplied in the magnitude given by social conditions determining the size of the active labour force. When capital accumulation develops itself healthily, the market labour approaches full employment; whereas after an overaccumulation crisis and depression the demand of labour shrinks, with no possibility for any force --including government policies--to convince the capitalists that they should lose more money by hiring more workers. As long as the economy is based on private profits, it is illusory to hope an end to both a cyclical behaviour of unemployment and a trend towards its long-run increase, as it is the case with any other commodity, ruled by the same "airbag logic". As for the policy implications, my view is that theorists should, beginning with the third approach, redirect their focus from the very limited possibilities of finding out the way to a lower rate of unemployment inside the capitalism, towards the effort to build up an alternative with profits replaced by another engine of the economy. My case is for a simple reform consisting in linking the decentralized and equal "remuneration" to every individual to their status as citizens (not to that of labour suppliers) which amounts to make the labour market unnecessary.

This paper investigates efficiency and freedom as joint foundations of market economies. Whereas ideal perfect competition accommodates Mill’s principle of individual liberty in the economic arena, in real world, imperfectly competitive, markets economic freedom and efficiency appear often as conflicting values. Building on J. S. Mill’s utilitarian defense of free trade in On Liberty Chapter V, this paper puts forward a consequentialist defense of economic freedom under imperfect competition. Defense rests on the instrumental value of equal freedom, enjoyed by every market agent, as a source of general welfare in a world of dispersed information among unique human beings. The paper has a clear impact on contemporary antitrust debate, supporting neo-Brandesians’ rehabilitation of Structuralism in antitrust also on well founded, economic, i.e. efficiency, reasons.

This article delves into the nuanced influence of diverse economic theories on the concept of sustainable development, spanning economic, social, and environmental dimensions with intricate complexity. It
elucidates the varying perspectives on the sustainability of economic growth and the evolving ethical discourse within economics, offering valuable insights into their implications for sustainable development
efforts. Through an exploration of economic development, the article investigates the dynamic interplay between international dependence and liberal theory, drawing parallels among the ideas of influential
economists like Karl Marx, Adam Smith, and David Ricardo. It highlights the inherent link between economic and social spheres, particularly emphasizing income distribution’s pivotal role in addressing realworld
challenges and advancing sustainability objectives. Furthermore, the article delves into social development by examining Amartya Sen’s capability approach, which breathes new life into classical economic concepts by emphasizing individual agency. It contrasts prevailing economic paradigms and their consequences for sustainable development. Finally, in the environmental realm, the article discusses
resource and environmental economics alongside ecological economics, presenting nuanced interpretations of sustainability rooted in either neoclassical or classical theory. This comprehensive analysis provides
valuable insights into the complex landscape of sustainable development, aiming to inform and guide future endeavors in this critical field.

This article delves into the nuanced influence of diverse economic theories on the concept of sustainable development, spanning economic, social, and environmental dimensions with intricate complexity. It
elucidates the varying perspectives on the sustainability of economic growth and the evolving ethical discourse within economics, offering valuable insights into their implications for sustainable development
efforts. Through an exploration of economic development, the article investigates the dynamic interplay between international dependence and liberal theory, drawing parallels among the ideas of influential
economists like Karl Marx, Adam Smith, and David Ricardo. It highlights the inherent link between economic and social spheres, particularly emphasizing income distribution’s pivotal role in addressing realworld
challenges and advancing sustainability objectives. Furthermore, the article delves into social development by examining Amartya Sen’s capability approach, which breathes new life into classical
economic concepts by emphasizing individual agency. It contrasts prevailing economic paradigms and their consequences for sustainable development. Finally, in the environmental realm, the article discusses
resource and environmental economics alongside ecological economics, presenting nuanced interpretations of sustainability rooted in either neoclassical or classical theory. This comprehensive analysis provides
valuable insights into the complex landscape of sustainable development, aiming to inform and guide future endeavors in this critical field.

Джон Роджърс Комънс (1862-1945) е водещ представител на американския институционализъм от първите десетилетия на 20 век. Трудовете му в областта на политическата икономия и социологията поставят началото на специфичен институционален подход, в който институциите са разбирани като колективни действия в рамките на съществуващите обществени норми (закони, обичаи, навици). Комънс въвежда в икономическата теория трансакцията (сделката) като най-малката единица на анализ. Изследванията му на трудови-те пазари, ролята на правните норми, както и работата му в сферата на социал-ното законодателство го превръщат в един от водещите автори в школата на стария институционализъм. ||

Abstract. John Rogers Commons (1862-1945) was a prominent representative of
American institutionalism in the early decades of the 20th century. As a political
economist and sociologist, he developed an institutional approach, defining institutions
as collective actions which take place within given norms such as law, habits, and
customs. Additionally, he introduced the transaction as the smallest unit of
interaction in economic theory. Commons' studies of the labour market, the role of
law, and his social policy work in legislation made him one of the most influential
proponents of old institutional economics.

In the "early and rude state" of the world, before there were capitalists and landlords, the whole of the produce of the worker belonged to the worker. However, once the means of production are in the hands of capitalists, the value the worker's labour adds to the means of production is shared between worker and capitalist in the forms of wages and profit. Under these circumstances, it is no longer the case that the relative prices of commodities are directly proportional to their labour values. This state of affairs, which in Marx falls under the problematic of the "transformation problem", was something that it is clear Smith was fully aware of, and understood. It is also the case that Smith's "resolution" of the price of a commodity into the components of wages, profit and rent, a procedure rejected by Marx on theoretical grounds, leads to powerful insights into the relationship between the labour embodied in commodities and their relative prices, which are in turn entirely consonant with the standpoint taken by Marx on the issues involved.

Adam Smith had a follower from the Slovakian part of Hungary in his day. We display how Smith’s message was diffused through the British-ruled University of Göttingen to scholars from all over the continent. Gregor Berzeviczy (1763-1822) was one the Smithians the university nurtured. There were several types of German Smithians, some dedicated to the theory of economics, others practical, trying to apply economic reforms that they believed were implied in Smith’s works. Berzeviczy was a Smithian of practical sorts. In this regard, he was close to the Smithian generation of German liberal reformers of the Napoleon era: W. von Humboldt, F. von Stein, and F. von Hardenberg. These reformers enhanced German economic growth. Unlike them, Berzeviczy had no opportunity to implement reforms in the backward economy of Hungary. Though he wasn’t a theoretician, he wrote several books thanks to which he was known in his day. In the paper, we are reconstructing his reformist Smithian legacy (translated from Slovak).

Changes in land use and land cover are among the issues central to the study of global environmental change. In addition to their cumulative long-term global dimensions, such changes can have profound regional environmental implications during the life span of current generations. A better understanding of the dynamics in land and water use is thus critical for an informed debate of sustainability. Land use represents a critical intersection of economic and ecological systems. Landuse changes are most often directly linked with economic decisions. This recognition has led LUC to choose an economic framework as the organizing principle, resulting in a broad set of project activities geared towards providing a biophysical and geographical underpinning to the representation of land-based economic sectors in modeling land and water use decisions. This report addresses foremost researchers outside economics and should be viewed as a modest step towards reducing the deficit in transdisciplinary research, which, until now, has permitted only modest advances in closing the gaps between environment and economic analysis.

Целта на студията е да се анализират общотеоретичните проблеми на възникването, развитието и състоянието на психотерапията. Разгледани са възгледите за същността на психотерапията в хронологичен ред, започвайки от Древността, през Античността, Средновековието, Новото време и Модерното време. Обсъжда се развитието на концепциите за психотерапевтична помощ и тяхното влияние върху разбирането на човешкото функциониране.

Целта на студията е да се анализират общотеоретичните проблеми на възникването, развитието и състоянието на психотерапията. Разгледани са възгледите за същността на психотерапията в хронологичен ред, започвайки от Древността, през Античността, Средновековието, Новото време и Модерното време. Обсъжда се развитието на концепциите за психотерапевтична помощ и тяхното влияние върху разбирането на човешкото функциониране.

This review critically assesses The Cambridge Economic History of China, Volume 1: to 1800, edited by Debin Ma and Richard van Glahn, highlighting key issues in its coverage and approach. The book appears uncertain of its target audience, overburdening Sinologists with historical context while offering limited economic insight for readers less versed in China's history. Misguided comparisons to European economic thought, anachronistic terminology, and imprecise historical claims undermine the volume's credibility. Despite these flaws, the review acknowledges the contributions of well-executed chapters on agriculture and the environment, which reflect quality scholarship amidst a generally problematic compilation.

RESUMO Ao defender a tese geral de que "vícios privados" eram indispensáveis à obtenção de "benefícios públicos", a Fábula das abelhas, de Bernard Mandeville, suscitou reações indignadas e rendeu a seu autor a reputação de inimigo da virtude. Entre as críticas que lhe foram feitas, chama a atenção aquela segundo a qual ele teria se valido ardilosamente de uma concepção rigorista da virtude para demonstrar a impossibilidade de qualquer ação genuinamente virtuosa. Tomando essa crítica como mote e buscando ver em que medida ela pode, ou não, ser pertinente, o presente artigo pretende

At each point in time (year), given the technique, an average specimen of commodity has at the same time a labour-value, a value price, a production price, a Sraffian price, an actual long-term price and a short-term market price, all of which (except values) reflect the prevailing income distribution (the trio rate of exploitationgeneral profit rate-value compositions of capital). The transformation of the vector of value prices, ($) , into production prices, (&) , is carried out using a linear operator (matrix) that makes (&) = ($) possible. The matrix is completed with other similar matrices that allow determining the exact quantitative relationship between all prices and the quantities of direct labour and total labour (labour-values). The Marxian "Transformation" is a two-step solution. First, ($) and (&) are defined using actual long-term prices () to value both costs and profits, and finally the "correct" (&) are obtained, the same ones that Marx's critics consider to be their own prices but not Marx's (even though it was Marx who discovered them: Marx 1894:165). The key is the two successive assumptions found in Capital: in Books I-II prices are assumed to be equal to ($) , and in Book III they are assumed to be equal to (&) .

Upper-division standing COURSE OVERVIEW This course offers an in-depth exploration of the intersection between law, society, and the economy, through the lens of macrosociology, economic sociology, and political economy. By examining how legal institutions function within broader social and economic structures, the course will challenge you to critically evaluate the role of law in shaping social relations, economic organization, and political power.

Owing to the mainstream interpretation of classical economics as
being supply-side, studies examining the analytical role of
demand and consumption have been scarce. In this paper, I bring
together such passages in Cantillon, Steuart, Smith and Ricardo
and forge an analytical link between social tastes and consumption—
an attempt at reconstructing a classical theory of taste formation.
A classical theory of taste formation has as its foundation
methodological holism—viewing social classes as the fundamental
unit of analysis. Through a discussion of necessaries and luxuries
in the above classical economists, the social division of
commodities is highlighted. By drawing on social classes and the
social division of commodities, it is seen that taste plays a critical
role in the determination of economic growth by influencing consumption
expenditure. Finally, it is demonstrated that taste is
both a cause and consequence of foreign trade.

Since the industrial revolution, the world has not witnessed at a grand scale and at such a speed a revolution such as the digitalization of virtually every facet of human Endeavour. Through electronic governance, business with government is exceedingly facilitated rapidly and probably with less stress. Like globalization which affects countries and regions differently, so is electronic governance. As a mechanism of governance, its positive impact is enormous when viewed in relation to time, volume of materials transmitted, speed, accuracy etc. in fact, its unfolding transformation of the world is unspeakable. In this study positioned to explore the impact of e-governance in Nigeria vis-à-vis citizen participation and political leadership responsibility; primary data were used through structured Likert Scale Questionnaire. The survey research design covered different segment of society such as the civil servant, trader, teacher/lecturer, civil society, lawyer and students. The non-p...

Una recensione critica ma simpatetici dell'importante opera di Michael Heinrich, "La scienza del valore. La critica marxiana dell’economia politica tra
rivoluzione scientifica e tradizione classica", a cura di Riccardo Bellofiore e Stefano Breda, trad. ital. di Stefano Breda, Pgreco edizioni, Milano 2023

For a long time it was believed that the marginalist revolution rejected classical political economy and created modern economic science. In fact, various problems that had been studied by classical political economy ware completely neglected and unexplored by mainstream economic theory since the marginalist revolution. The purpose of the article is to present facts that classical political economy and mainstream theory after the marginalist revolution explore quite different problems in economic science. Two of the turning point concepts in economic theory are analyzed, that of value and land rent, which are decisive for the foundation of classical political economy. The concept of land rent as part of the distribution is almost absent from mainstream theory, and that of value is taken as an axiom. In Bulgaria, there are studies that present the fundamental differences in the two theories, but without examining the specific concepts of value and rent, which are key to the change in economic theory. The article shows why classical political economy remains relevant by better analyzing contemporary reality. Comparative and historical analysis was used for the needs of the research.

The focus of this work is to address the problem of socioeconomic development in Nigeria using Adam Smith's notion of political economy as a framework. According to Adam smith, what accounts for opulence across nations is the absence of political policies that hinder a free market economy. This study relies on his theory of invisible hand (1776). In this theory, Adam Smith proposed a free market economy as a means to achieving economic growth, although some of his leanings seem to tilt towards the extreme of complete deregulation of the markets as interpreted by various scholars. Hence, this paper employs the critical method of philosophical enquiry to find out if there is a positive relationship between Adam Smith's notion of political economy and economic growth of nations especially within the Nigerian context. Given the apparent overbearing influence of Nigerian government on the markets, the nation is presently facing so many economic drawbacks such as recession, currency exchange crisis and other high cost of living conditions. Findings of the study revealed that well guided implementation of market liberalization ideas gleaned from Adam Smith will positively impact the growth and development of Nigeria. The study recommended the provision of stable economic environment to foster sustainable growth, pro-growth regulatory and competition policies, investments in infrastructure, human resource development, governance and the rule of law as means to socioeconomic development within a liberalized economy.

This paper intends to show that, from a methodological point of view, the 1844 Manuscripts are an integral part of the Marxist corpus and not an "epistemological break". Marx thematizes the object of Political Economy (1844 Manuscripts) by transforming its discourse. Then, proceeds to the analysis of the capitalist economy (Capital), using the revised categories of Political Economy. However, a necessary condition for such a reading is the non-ignorance of Marx's ontology. Marx reverses the Hegelian dialectics based on the relationship between man and nature. Starting from the social practice (labour), Marx sublates the contradictions between private property and labour, on the level of content, and that between Political Economy and Philosophy (necessity and freedom), on the level of discourse. Their mutual passage renders possible the transfer of the object to reality as a reflection or as a product of thinking (a real thing). Thematizing the political-economic fact, Marx returns to social being, sublating social oppositions too.

Karl Marx's Labor Theory of Value (LTV) has been subject to numerous criticisms since its formulation. This theory holds that the value of a commodity is determined by the socially necessary labor time required for its production. Here, a detailed defense of the LTV is presented against contemporary criticisms, using formal logic, empirical evidence, and references to recent studies.

The paper explains the genesis of capitalism in a principally different way from that of sociological classics. The new European trans-continental trade is viewed as a mechanism, as a social-structural process of supra-personal order, operating systematically in the course of over three centuries and giving rise to capitalism as its own product. Market aided by Calvinisation of Christianity is accepted not only as a historical but also as „a logical beginning” of the modern type of societies.