Persefoni V. Tsaliki Dr

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• PhD in Economics
• Professor at Aristotle University of Thessaloniki

This article applies the distinction of production/nonproduction activities in an input-output framework and examines the impact of this distinction on economic growth. More specifically, it employs Miyazawa’s method and decomposes the standard input-output (IO) matrix of technological coefficients of the United States for the period 1995–2018 into...

Τhis paper analyses the effects of rising wages on economic growth, distinguishing between production and non-production activities and their respective wage shares. The differential impact of these wage shares on economic growth is examined using data from the US economy from 1950 to 2019, applying the ARDL bounds approach. The empirical findings...

This article examines the extent to which financialization is a new phase of capital accumulation characterized by its own economic laws in which the real (production) economy adjusts accordingly. In order to examine this hypothesis, the authors invoke the share of the financial sector in the GDP of the US, as the best meaningful metric to approxim...

The article examines the long-run behaviour of real exchange rates based on the premises of classical political economy. Specifically, it investigates the dynamics between real exchange rates and real unit labour costs of tradable commodities for 18 developed and developing economies. The analysis is carried out by applying recent methods of panel...

This paper contributes to the literature on determining the real exchange rates by developing a model that is based on key propositions of the classical political economy within which the real competition governs domestic and international trade, the labor theory of value is underneath domestic and international prices and, under these conditions,...

The analysis of a sustained long-run equilibrium path of economic growth goes back to Marx's discussion of the schemes of reproduction and capital accumulation. In this paper, we indicate that the Harrodian 'knife edge' instability is a feature of the inner nature of the capitalist mode of production that is explained by the evolution of the rate o...

The purpose of this article is to derive an endogenous growth and cycles model that integrates the general law of capital accumulation, the reserve army of labor, technological change, devaluation of capital, and the law of the tendential fall in the rate of profit. The phase space of this model is analyzed by estimating its equilibrium solutions a...

In this article, we argue the rate of profit in combination with the movement of the real net profits determines the phase-change of the economy in its long cyclical pattern. Since WWII, the US and the world economy have experienced two such long cycles. The pandemic COVID-19 has deepened a recession that has been already underway since 2007. The g...

The labour theory of value (LTV) is the cornerstone of the classical and Marxian political economy. In this respect macroscopic phenomena, which include many distinct production processes evolving over long gestation periods, conceal the transformation of labour values into their monetary expression (prices). Consequently, the use of the LTV on a g...

The purpose of this article is to derive an endogenous growth and cycles model that integrates the general law of capital accumulation, the reserve army of labor, technological change, devaluation of capital, and the law of the tendential fall in the rate of profit. The phase space of this model is analyzed by estimating its equilibrium solutions a...

The labour theory of value (LTV) is the cornerstone of the classical and Marxian political economy for it explains the creation and valuation of wealth in capitalist societies and it remains the chief analytical tool in investigating economic phenomena. In this respect macroscopic phenomena, which include many distinct production processes evolving...

The labour theory of value (LTV) is the cornerstone of the classical and Marxian political economy for it explains the creation and valuation of wealth in capitalist societies and it remains the chief analytical tool in investigating economic phenomena. In this respect macroscopic phenomena, which include many distinct production processes evolving...

This article examines the extent to which financialization is a new phase of capital accumulation characterized by its own economic laws in which the real (production) economy adjusts accordingly. In order to examine this hypothesis, we invoke the share of the financial sector in the GDP of the USA, as the best meaningful metric to approximate the...

In this article, we argue the rate of profit in combination with the movement of the real net profits determines the phase-change of the economy in its long cyclical pattern. Since WWII, the US and the world economy have experienced two such long cycles. The pandemic COVID-19 has deepened a recession that has been already underway since 2007. The g...

This paper deals with issues arising in Solow's growth model when contrasted with Marx's schemes of expanded reproduction. More specifically, we argue that Solow's growth model lacks the crucial dynamic features of capital accumulation derived from the long-term movement of the rate of profit, which are well integrated in classical political econom...

The theories of value and distribution of Smith, Ricardo and Marx are presented and critically assessed so that they may become operational and, therefore, useful. We explain Ricardo’s successes and failures by referring to his numerical examples, from which we try to extract the core of a realistic approach to the estimation of natural prices as t...

The discussion of competition from the domestic extends to international markets and the formation of international prices. We raise the old discussion on unequal exchange and transfer of values. In our analysis, we use input-output data available from the WIOD base for the German, Greek, US and Chinese economies, and we attempt to estimate the tra...

In this chapter, the movement of the rate of profit is documented on the basis of data of the USA in the post-war period. We find a downward trend in the rate of profit as a result of the rising capital-output ratio measured in both nominal and real terms, and of the rising value composition of capital. The falling rate of profit is intrinsically c...

The argument in this chapter is that besides the more or less expected short-term (inventory and investment) cycles, there are other longer-term economic cycles. For this purpose, we present data on a number of variables that lend support to the view of long cycles lasting around 50 years. Five such long cycles are ascertained starting from the ind...

In a preparatory step, we start off with the explanatory power and significance of the classical theory of value, and we argue that market prices are in fact attracted to labour values and to prices of production as more concrete centres of gravitation. For this, we utilize detailed data starting from the US economy and include a number of countrie...

The empirical aspects of the classical theory of competition are examined as well as the extent to which a central proposition or economic law of the classical theory of competition, that is, the inter-industry equalization of profit rates, is confirmed. The discussion extends to include important issues of classical competition, such as the presen...

The main focus of this chapter is on official national income accounts (NIA) and their differences from those of the classical political economy (CPE). The differences are the result of the distinction of economic activities in production and non-production, which exists in the classical analysis and not in the neoclassical one, on which the offici...

Starting with Quesnay’s Tableau Économique and Marx’s schemes of simple reproduction, CPE analysis shows that the system is not only capable of reproducing itself on the same scale but also is endowed with a relentless drive for expansion and steady growth, according to Marx’s schemes of expanded reproduction. Both simple and (steady) expanded repr...

The classical theory of competition is analysed as a dynamic process of rivalry in the struggle of units of capital (or firms) to gain the largest possible market share for themselves at the expense of their rivals. We argue that the classical dynamic theory of competition is characteristically different from the neoclassical static conception of c...

Two central issues of economic theory are dealt with in some detail: the first is the famous ‘transformation problem’, which essentially refers to the logical consistency of the classical theory of value and, in particular, to Marx’s labour theory of value. We explicate the various approaches and solutions to the transformation problem starting fro...

The book deals from a theoretical and empirical perspective with theories of value and distribution, competition, long cycles as well as particular aspects of the Greek economy.

Standard topics of political economy (theory of value, competition, the law of the falling rate of profit, social wage, productive unproductive labour and evidence from the Greek economy

This book promotes an in-depth understanding of the key mechanisms that govern the functioning of capitalist economies, pursuing a Classical Political Economics approach to do so. It explores central theoretical issues addressed by the classical economists Smith and Ricardo, as well as Marx, while also operationalizing more recent theoretical devel...

This article investigates the nature and the salient features of international trade between Greece and her major trading partner Germany. The analysis inspired by the classical theory of value and distribution and using input-output data spanning the period 1995-2011 shows that the German economy possesses absolute cost advantage in its trade with...

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...

According to the popular Heckscher-Ohlin model of international trade, a country is expected to export (import) those products whose production requires the intensive use of the factor of production that is in relative abundance (scarcity). Leontief (1953), using input–output data of the US economy for the year 1947, found that the US, an overwhelm...

The Greek economic crisis is primarily structural and the result of an international economic impasse that developed in 2007, with devastating implications for the struggling peripheral economies of Europe. This article suggests that falling profitability led to the stagnation of profits, which in turn discouraged new investment, decreased producti...

The focal point of this paper is the notion of the dominant technique and its treatment in the theories of value and distribution. Our argument is that neither the average nor the minimum cost production are necessarily identified with the dominant technique in an industry. The dominant technique is in fact approximated with the types of capital, w...

The purpose of this paper is to give empirical content to the approach of international trade based on the principle of absolute advantage and to show that differences in productivity may give rise to transfers of value towards the units of capital with an absolute advantage in production. Our approach is based on the classical/Marxian theories of...

Στην παρούσα εργασία υποστηρίζουμε ότι η ανάλυση σχετικά με τις μεταβιβάσεις αξίας θα πρέπει να βασίζεται στη Μαρξική θεωρία του ανταγωνισμού. Επιπλέον, υποστηρίζουμε ότι η έννοια του Ρυθμιστικού Κεφαλαίου παρέχει το θεωρητικό υπόβαθρο πάνω στο οποίο θα πρέπει να βασίζεται αυτή η συζήτηση

This study aims to explore the extent to which conventional methods used in the majority of relevant growth studies can successfully interpret the economic performance of a highly underdeveloped African country such as Sudan. Applying an ARDL boundstesting approach to cointegration proposed by Pesaran et al. (2001), we look into the short-run as we...

Technological diffusion is mainly measured by the impact of Foreign Direct Investment presence on Total Factor Productivity or on a number of constructed output related indices. We apply an alternative process where the influx of more advanced technology introduced by foreign firms alters the practice of domestically owned firms and leads to improv...

This paper empirically explores the validity of the Kaldorian insights into economic growth and development. In doing so, we examine the three laws outlined in Kaldor’s analysis and test their relevance to the Greek economy for the period 1970–2006. We employ the ARDL method to analyse the long-run and short-run relationships among the variables. T...

With data of over a century, 1833-1938, this paper attempts, for the first time, to analyze the causal relationship between income and government spending in the Greek economy for such a long period; that is, to gain some insight into Wagner and Keynesian Hypotheses. The time period of the analysis represents a period of growth, industrialization a...

Purpose The purpose of this paper is to expand and further pursue the quest on value transfer in trade. The reason is that the assessment of the cause, the source and the mechanism of value transfer in trade may reveal the rationale upon which the observed and long‐lasting differences in sectoral, regional, and national development records may be j...

The existing studies of foreign direct investment and the corresponding technological diffusion process that they generate, focus either on specific parameters of the production process in isolation, or they combine certain parameters to construct indices that are not consistent across studies. The present analysis proposes an alternative approach...

Purpose – The purpose of this paper is to explore the alleged link between institutional quality and economic performance in 27 Sub-Saharan Africa (SSA) countries during the period 1984-2003. Design/methodology/approach – Four institutions' quality indicators, namely government stability, corruption, ethnic tensions and socioeconomic conditions, al...

Purpose This paper aims to contribute to the open, theoretical debate upon the effects of technical change on the production and labor process. Design/methodology/approach The “optimistic” approach, which connects the compensation mechanisms and human capital theory, is compared to the dynamic approach of the labor process. Recent Labor Force Surv...

This study empirically evaluates the Kaldorian contention i.e., ‘manufacturing is the engine of growth’. The Kaldorian growth laws are subjected to econometric testing and the generated evidence supports the Kaldorian postulates. This suggests that resources have to be mobilised towards manufacturing should the economies in the scrutinised region a...

Purpose Unemployment is a systemic element of economic development which need not and “normally” does not give rise to full employment of labour regardless of the flexibility in labour markets. This paper aims to address these issues. Design/methodology/approach The paper presents the common arguments and policy proposals to unemployment put forwa...

The undertaken paper attempts to gain further insight into a string of factors thought to condition unemployment. By exposing the theoretical arguments of the Keynesian Neoclassical and radical/Marxian approaches we empirically estimate a hybrid unemployment equation, the generated evidence of which appears to be in line with both the Keynesian and...

The purpose of this paper is the empirical testing of the relationship between economic growth and government spending and, at the same time, to determine the extent to which economic growth causes growth in government expenditures (Wagner’s law) or the other way around (Keynesian hypothesis). The econometric analysis, using data for the Greek econ...

The objective of the paper is to evaluate the explanatory power of three competing core interpretations and economic strategy approaches to unemployment. The first is the neo-classical hypothesis according to which the rigidities in the labour market are responsible for the presence of unemployment. The second is the Keynesian hypothesis according...

A systemic element of prevailing economic growth and development is the massive introduction of machinery into the production process. The introduction of new technologies became decidedly a debated issue in economic analysis because of the dual character of technology, which simultaneously creates and destroys employment, advances and deteriorates...

The objective of this paper is to gain an insight into the Greek hyperinflation that occured during the period 1941-1946. In doing so, a relatively novel data-set in conjuction with the bound testing approach to cointegration and error correction models developed within the autoregressive distributed lag (ARDL) framework, shed additional light on t...

In this paper, we examine the direction of causality between FDI and GDP growth in Greece for the period 1954 to 2002. We check the series to determine the order of integration by applying standard augmented Dickey-fuller (ADF) and Phillips Perron tests. Then, we engage in testing the cointegration of the series, before an exploration of the causal...

This paper argues that in mainstream economics the concept of entrepreneurship is imposed by the theoretical framework adopted in order to justify the source of profits. In contrast, in Marx’s analysis there is a consistent theory of profit which inevitably leads to a specific theory of entrepreneurship. (JEL: B10, B14, B21)

Privatisation issues are currently highly ranked in policy agendas in many transitional economies. Since, the delay in privatisation process and corporate restructuring are repeatedly mentioned as a serious obstacle that blocks the economic performance in these countries. This paper focuses on the case of the Former Republic of Yugoslavia (FRY), an...

The objective of this paper is to evaluate empirically the relevance of the neoclassical, post-Keynesian, and classical theories of competition in the light of the available empirical evidence from Greek large-scale manufacturing industries. The econometric analysis shows that the classical and post-Keynesian models provide a fairly good account of...

The purpose of this paper is to examine the factors that affect the process of capital accumulation in large-scale Greek manufacturing industries for the period 1963–1989, and at the same time to test whether or not the structure of Greek manufacturing is competitive. The empirical results lend support to the classical and neoclassical economic the...

This paper examines long-term trends in profitability and capital accumulation for the Greek manufacturing industry from 1955 to 1989, using the growth accounting framework introduced by Weisskopf (1979) and further developed by Glyn, et al. (1990). The results show that the overall 7 percent annual decline in profit rate in Greek manufacturing is...

This paper presents the essential characteristics of the classical and neoclassical theories of competition and using data from Greek manufacturing industries empirically tests their fundamental propositions. First, to what extent does the degree of concentration relate to profitability across industries and second to what extent does the propositi...

The current study considers technological diffusion via technological and productivity spillover, as a main mechanism through which Foreign Direct Investment (FDI) affects an economy. More specifically, it investigates whether there are positive or negative spillovers from the operations of Multinational Enterprises (MNEs) both in the Chemicals and...

In this article we discuss the salient features of the classical and neoclassical theories of competition and we test their fundamental propositions using data from Greek manufacturing industries. The cross section data of 3-digit (total 91) industries of the three (pooled together) census years show no evidence of a direct statistical relationship...

Thesis (Ph.D.)--New School for Social Research, 1989. Includes bibliographical references (p. 308-316). Photocopy.