World Review of Political Economy

Articles from Vol. 3, No. 4, Winter

Is "Walras' Law" Really Walras's Original Law?
Abstract: This article shows that "Walras' Law," which is one of the crucial foundations of modern economic theory as formulated by Lange, and modified by the modern authors, differs essentially from Walras's own original laws. These two versions of...
Responses to Questions on the First Anniversary of Occupy Wall Street
Note: Occupy Wall Street (OWS) has been the first large-scale, ideologically diverse and spreading protests since the 1970s in the US. On September 17, 2012, protesters assembled near the New York Stock Exchange to commemorate the first anniversary of...
The Academic Career and Achievements of Jean-Claude Delaunay
In the BeginningJean-Claude Delaunay was born in 1938, just before World War II, in the small village of Saint-Bonnet sur Gironde, in Southwest France. His family was typical of the countryside. When his father was 14 years old, he began looking for...
The Bifurcation of Marxist Economic Analysis
Abstract: Contemporary mainstream economics, in both its Keynesian and New Classicalist perspectives, failed to predict not only the eruption of the recent economic crisis circa 2007-08, but also the historically weak and uneven recovery of the global...
The Theoretical Context of the Arguments on Steedman's Critique and the New Explanation of "Negative Value"
Abstract: "Steedman's Critique" refers to a challenge to Marx's theory of value, proposed by British economist Ian Steedman, based on the "negative value" that could arise in the case of joint production. International academia has engaged in heated...
What Is the Problem with Neoclassical Price Theory?
Abstract: The article seeks to focus attention on Neoclassical price theory, as one of the two problematic foundations of modern mainstream economics-the other being the theory of distribution. After outlining what is understood to be Neoclassical price...
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