Tugan's 'bubble': underconsumption and crises in a Marxian model

Article Abstract:

Economists Tugan and Baranowsky theorized that economic crises due to underconsumption will not occur since capitalists will continue to invest in capital goods or machines to make more machines. The phenomena of assets increasing in value despite questionable intrinsic utility was described as a 'bubble.' Bubbles happen when individuals invest in assets in the hope of selling at increased prices to other individuals with the same intentions. While bubbles may give rise to periodic booms and crashes, they help remove inefficiency from an economy.

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New solution or re(in)statement? A reply

Article Abstract:

Febrero argues that the approach advocated in Mohun (1994) yields paradoxical results unless the composition of net output stays constant. The interpretation of labour values, prices and the link between them differs from the D-F approach, which asserts a primacy to the consideration of aggregates and their class distribution.

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Marx and Menger on value: As many similarities as differences

Article Abstract:

It is argued that Marx and Menger have much in common, as each had his own abstract concept of value. They both proposed theories of value form and gave explanations of the origin of money. They become more sharply divided due to their similarities, sharing many questions to which they provided opposite answers.

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