An extension of an earlier version of this work by Francisco A. Martínez-Hernández in Investigación Económica [Download PDF 810KB].

A Synthesis of Keynesian and Classical Growth Theory

[Download PDF 66KB]

Nonlinear Dynamics and Pseudo-Production Functions
The Eastern Economics Journal, Special Issue on Production Functions.

[Download PDF 239KB]

How Fragile is the U.S. Economy?
Dimitri Papadimitriou, with Anwar Shaikh, Claudio dos Santos, and Gennaro Zezza, Strategic Analysis, The Levy Economics Institute of Bard College. 

[Download PDF 728KB]

The Economic Consequences of Mr. Bush: The Bush Agenda
A Panel Discussion, with Darrick Hamilton and Jeff Madrick, Challenge, The Magazine of Economic Affairs, January-February, 2005.

[Download PDF 1.3MB]

Measuring Capacity Utilization in OECD Countries:
A Cointegration Method
with Jamee Moudud, Working Paper No. 415, The Jerome Levy Economics Institute of Bard College.

[Download PDF 472KB]

The Power of Profit
(2004) Social Research, Vol. 71, No. 3.

[Download PDF 156KB]

The Economic Mythology of Neoliberalism
in Neo-Liberalism: A Critical Reader, Alfredo Saad-Filho (ed.), Pluto Press, London.

[Download PDF 2.3MB]

Is Deficit-Financed Growth Limited?
Policies and Prospects in an Election Year
with Dmitri Papadimitriou, Claudio dos Santos and Gennaro Zezza, Strategic Analysis, The Levy Economics Institute of Bard College.

[Download PDF 728KB]

Who Pays for the "Welfare" in the Welfare State?
A Multicountry Study
Social Research, Vol. 70, No. 2.

[Download PDF 132KB]

Deficits, Debts and Growth: A Reprieve but not a Pardon
with Dimitri Papadimitriou, Claudio dos Santos, and Gennaro Zezza, Strategic Analysis, The Levy Economics Institute of Bard College. 

[Download PDF 728KB]

Measures of the Real GDP of U.S. Trading Partners:
Methodology and Results
with Claudio dos Santos, and Gennaro Zezza, Working Paper No. 387, The Jerome Levy Economics Institute of Bard College. 

[Download PDF 4.9MB]

Is International Growth the Way Out of U.S. Current Account Deficits?
A Note of Caution
with Claudio dos Santos and Gennaro Zezza, Policy Note 2003/6, The Levy Economics Institute of Bard College.

Labor Market Dynamics within Rival Macroeconomic Frameworks
in Growth, Distribution and Effective Demand: Alternatives to Economic Orthodoxy, George Argyrous, Gary Mongiovi, Mathew Forstater, (eds.), M.E. Sharpe, Armonk, NY: pp127-143.

Productivity, Capital Flows, and the Decline of the Canadian Dollar: An Alternate Approach

Is Personal Debt Sustainable?
with Dimitri Papadimitriou, Claudio dos Santos, and Gennaro Zezza, Strategic Analysis, November, 2002, The Levy Economics Institute of Bard College.

An Important Inconsistency at the Heart of the Standard Macroeconomic Model.
with Wynne Godley, Journal of Post Keynesian Economics, Vol. 24, No. 3.

The Rise and Fall of the U.S. Welfare State
with E. Ahmet Tonak, in Political Economy and Contemporary Capitalism, Ron Baiman, Heather Boushey, and Dawn Saunders, (eds.), M.E. Sharpe, Armonk, New York.

Explaining the U.S. Trade Deficit
Policy Note 2000/1, The Levy Economics Institute of Bard College.

Understanding the U.S. Trade Deficit
Testimony before the Trade Deficit Review Commission, Washington, D.C. December, 1999.

Explaining Inflation and Unemployment: An Alternative to Neoliberal Economic Theory
in Contemporary Economic Theory, Andriana Vachlou (ed.), Macmillan, London.

Explaining the Global Economic Crisis: A Critique of Brenner
Historical Materialism, No. 5.

Real Exchange Rates and the International Mobility of Capital
Working Paper No. 265, The Jerome Levy Economics Institute of Bard College.

The Empirical Strength of the Labor Theory of Value
in Conference Proceedings of Marxian Economics: A Centenary Appraisal, Riccardo Bellofiore (ed.), Macmillan, London

The Stock Market and the Corporate Sector: A Profit-Based Approach
in Markets, Unemployment and Economic Policy: Essays in Honour of Geoff Harcourt, Volume Two, Malcolm Sawyer, Philip Arestis, and Gabriel Palma (eds.), Routledge, London.

Free Trade, Unemployment and Economic Policy
in Global Unemployment, John Eatwell (ed.), M.E. Sharpe, Armonk, New York.

Measuring the Wealth of Nations: The Political Economy of National Accounts
co-authored with E. Ahmet Tonak, Cambridge University Press.

A review of this book by Fred Moseley published in the Journal of Economic Literature [Download PDF 1MB].

Another review in Radical Statistics by Andrew Philpott Morgan [Download PDF 597KB].

Wandering Around the Warranted Path:
Dynamic Nonlinear Solutions to the Harrodian Knife-Edge
in Kaldor and Mainstream Economics: Confrontation or Convergence? (Festschrift for Nicolas Kaldor), Edward J. Nell and Willi Semmler, The Macmillan Press Ltd.

The Falling Rate of Profit as the Cause of Long Waves: Theory and Empirical Evidence
in New Findings in Long Wave Research, Alfred Kleinknecht, Ernest Mandel, and Immanuel Wallerstein (eds.), Macmillan Press, London.

Values and Value Transfers: A Comment on Itoh
in Radical Economics, Bruce Roberts and Susan Feiner (eds.), Kluwer Academic Publishers, Boston.

A Dynamic  Approach to the Theory of Effective Demand
in Profits, Deficits and Instability, D. Papadimitriou (ed.), The Macmillan Press Ltd., London.

Valor, Accumulacion y Crisis: Ensayos de Economica Politica
Tercer Mundo Editores, Bogota, Colombia.

The Current Economic Crisis: Causes and Implications Prepared for the Labor Notes Conference, Detroit, and in Against the Current.

Accumulation, Finance, and Effective Demand in Marx, Keynes, and Kalecki
in Financial Dynamics and Business Cycles: New Prospects, Willi Semmler, (ed.), M.E. Sharpe, Armonk, New York.

The Welfare State and the Myth of the Social Wage
with E. Ahmet Tonak, in The Imperiled Economy, Book I, Union for Radical Political Economy, Robert Cherry, et al. 

[Download PDF 5.1MB]

The Falling Rate of Profit and the Economic Crisis in the U.S.
in The Imperiled Economy, Book I, Union for Radical Political Economy, Robert Cherry, et al.

The Transformation from Marx to Sraffa
in Ricardo, Marx, Sraffa, The Langston Memorial Volume, Ernest Mandel, and Alan Freeman (eds.).

Neo-Ricardian Economics: A Wealth of Algebra, A Poverty of Theory
The Review of Radical Political Economics, 14(2).

Laws of Production and Laws of Algebra—Humbug II
in Growth, Profits and Property, Edward J. Nell (ed.), Cambridge University Press, Cambridge.

Marxian Competition Versus Perfect Competition:
Further Comments on the So-Called Choice of Technique
The Cambridge Journal of Economics, No.4

On the Laws of International Exchange
in Growth, Profits and Property, Edward J. Nell (ed.), Cambridge University Press, Cambridge.

Foreign Trade and the Law of Value, Parts I and II

[Download Part I PDF 1200KB | Download Part II PDF 519KB  | Download Part II Appendix 128KB]

An Introduction to the History of Crisis Theories
in U.S. Capitalism in Crisis, U.R.P.E., New York.

Political Economy and Capitalism:
Notes on Dobb's Theory of Crisis
Cambridge Journal of Economics, No.2.

Marx's Theory of Value and the Transformation Problem
in The Subtle Anatomy of Capitalism, Jesse Schwartz (ed.), Goodyear Publishing Co. 

Laws of Production and Laws of Algebra:
The Humbug Production Function
(1974) The Review of Economics and Statistics, Volume 56(1), February 1974, p. 115-120.

For Robert Solow's rejoinder, click here.

For my responses to Robert Solow's rejoinder, please see "Laws of Production and Laws of Algebra: Humbug II" (1980): [Download PDF 805KB] and "Nonlinear Dynamics and Pseudo-Production Functions" (2005): [Download PDF 239KB]

Dissertation: Theories of Value and Theories of Distribution
Columbia University