Lefteris Tsoulfidis | University of Macedonia (original) (raw)
Papers by Lefteris Tsoulfidis
Acta oeconomica, Mar 26, 2024
Since the time of classical economists, investment decisions hold centre stage in economic theory... more Since the time of classical economists, investment decisions hold centre stage in economic theory. In this article, we integrate classical economists' perspectives on the determinants of investment with the Keynesian theory of effective demand. For this purpose, we employ variables to capture the effects of profitability, the state of demand, and the financial and risk conditions using time series data from 17 major OECD economies spanning the 1960–2017 period. Two are the salient features of our article: The first is the use as profitability variables, the marginal efficiency of capital or the incremental rate of return, and the second is the use of regime changes and respective threshold values for these two key variables. The econometric results show that the profitability variables are decisive in shaping investment decisions and designating phase changes.
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World Review of Political Economy, Dec 31, 2022
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Journal of Economic Structures, Dec 6, 2023
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Acta Oeconomica , 2024
Since the time of classical economists, investment decisions hold centre stage in economic theory... more Since the time of classical economists, investment decisions hold centre stage in economic theory. In this article, we integrate classical economists' perspectives on the determinants of investment with the Keynesian theory of effective demand. For this purpose, we employ variables to capture the effects of profitability, the state of demand, and the financial and risk conditions using time series data from 17 major OECD economies spanning the 1960–2017 period. Two are the salient features of our article: The first is the use as profitability variables, the marginal efficiency of capital or the incremental rate of return, and the second is the use of regime changes and respective threshold values for these two key variables. The econometric results show that the profitability variables are decisive in shaping investment decisions and designating phase changes.
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Routledge eBooks, Apr 2, 2021
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Contributions To Political Economy, 2018
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Routledge eBooks, Apr 2, 2021
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Routledge eBooks, Apr 2, 2021
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Routledge eBooks, Apr 2, 2021
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![Research paper thumbnail of Οι Πτωχεύσεις Του Ελληνικού Κράτους [Greek Sovereign Defaults in Retrospect]](https://attachments.academia-assets.com/111900745/thumbnails/1.jpg)
](MPRA Paper, 2012
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European Journal of The History of Economic Thought, Mar 10, 2016
The recent Great Recession not only led to a questioning of mainstream economics, but it also spa... more The recent Great Recession not only led to a questioning of mainstream economics, but it also sparked a growing interest in alternative approaches, such as the classical which in its modern form re...
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World Review of Political Economy, Dec 1, 2021
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Routledge eBooks, Apr 2, 2021
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Research Square (Research Square), Nov 22, 2021
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RePEc: Research Papers in Economics, Nov 11, 2017
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RePEc: Research Papers in Economics, Apr 1, 2008
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MPRA Paper, 2010
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Journal of Economic Structures , 2023
In recent years, there has been a resurgence of interest in the controversies surrounding capital... more In recent years, there has been a resurgence of interest in the controversies surrounding capital theory. At the heart of these debates are the empirically observed near-linearities in the price–rate of profit and wage rate of profit curves. This article posits that these near-linearities can be attributed to the low effective rank property inherent in the economy’s system matrices of input–output coefficients. This suggests that a comprehensive representation of how prices evolve in response to changes in income distribution can be achieved with only a few eigenvalues and their respective eigenvectors. Furthermore, this low-dimensional system possesses the capability to capture the majority of distinctive features that characterize the input-output structure of the economy in relation to price movements
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Social Science Research Network, 2022
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Review of Radical Political Economics, Jul 19, 2022
The purpose of this article is to derive an endogenous growth and cycles model that integrates th... more 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 and exploring its economically meaningful stability properties. The so derived endogenous growth-and-cycles model is then simulated with realistic parameter values. The solutions of our model display periodicity, which may be treated as long cycles like attractors conditioned by the long-run movement of profitability. The salient feature of our model is the growth of the rate of surplus value, which becomes the regulating variable of our system for it explains the deviations from equilibrium and at the same time provides a realistic solution to Harrodian instability. JEL Classification: C61, E11, E32, O41
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Acta oeconomica, Mar 26, 2024
Since the time of classical economists, investment decisions hold centre stage in economic theory... more Since the time of classical economists, investment decisions hold centre stage in economic theory. In this article, we integrate classical economists' perspectives on the determinants of investment with the Keynesian theory of effective demand. For this purpose, we employ variables to capture the effects of profitability, the state of demand, and the financial and risk conditions using time series data from 17 major OECD economies spanning the 1960–2017 period. Two are the salient features of our article: The first is the use as profitability variables, the marginal efficiency of capital or the incremental rate of return, and the second is the use of regime changes and respective threshold values for these two key variables. The econometric results show that the profitability variables are decisive in shaping investment decisions and designating phase changes.
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World Review of Political Economy, Dec 31, 2022
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Journal of Economic Structures, Dec 6, 2023
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Acta Oeconomica , 2024
Since the time of classical economists, investment decisions hold centre stage in economic theory... more Since the time of classical economists, investment decisions hold centre stage in economic theory. In this article, we integrate classical economists' perspectives on the determinants of investment with the Keynesian theory of effective demand. For this purpose, we employ variables to capture the effects of profitability, the state of demand, and the financial and risk conditions using time series data from 17 major OECD economies spanning the 1960–2017 period. Two are the salient features of our article: The first is the use as profitability variables, the marginal efficiency of capital or the incremental rate of return, and the second is the use of regime changes and respective threshold values for these two key variables. The econometric results show that the profitability variables are decisive in shaping investment decisions and designating phase changes.
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Routledge eBooks, Apr 2, 2021
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Contributions To Political Economy, 2018
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Routledge eBooks, Apr 2, 2021
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Routledge eBooks, Apr 2, 2021
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Routledge eBooks, Apr 2, 2021
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MPRA Paper, 2012
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European Journal of The History of Economic Thought, Mar 10, 2016
The recent Great Recession not only led to a questioning of mainstream economics, but it also spa... more The recent Great Recession not only led to a questioning of mainstream economics, but it also sparked a growing interest in alternative approaches, such as the classical which in its modern form re...
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World Review of Political Economy, Dec 1, 2021
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Routledge eBooks, Apr 2, 2021
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Research Square (Research Square), Nov 22, 2021
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RePEc: Research Papers in Economics, Nov 11, 2017
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RePEc: Research Papers in Economics, Apr 1, 2008
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MPRA Paper, 2010
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Journal of Economic Structures , 2023
In recent years, there has been a resurgence of interest in the controversies surrounding capital... more In recent years, there has been a resurgence of interest in the controversies surrounding capital theory. At the heart of these debates are the empirically observed near-linearities in the price–rate of profit and wage rate of profit curves. This article posits that these near-linearities can be attributed to the low effective rank property inherent in the economy’s system matrices of input–output coefficients. This suggests that a comprehensive representation of how prices evolve in response to changes in income distribution can be achieved with only a few eigenvalues and their respective eigenvectors. Furthermore, this low-dimensional system possesses the capability to capture the majority of distinctive features that characterize the input-output structure of the economy in relation to price movements
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Social Science Research Network, 2022
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Review of Radical Political Economics, Jul 19, 2022
The purpose of this article is to derive an endogenous growth and cycles model that integrates th... more 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 and exploring its economically meaningful stability properties. The so derived endogenous growth-and-cycles model is then simulated with realistic parameter values. The solutions of our model display periodicity, which may be treated as long cycles like attractors conditioned by the long-run movement of profitability. The salient feature of our model is the growth of the rate of surplus value, which becomes the regulating variable of our system for it explains the deviations from equilibrium and at the same time provides a realistic solution to Harrodian instability. JEL Classification: C61, E11, E32, O41
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Routledge, 2024
Contemporary capitalism is characterized by periods of vigorous economic growth and periods of sl... more Contemporary capitalism is characterized by periods of vigorous economic growth and periods of slow or even negative growth. This book draws on the classical political economy approach to consider both economic cycles and economic growth and draw conclusions about the inherent instability of the modern economy. The book shows that the work of the old classical economists (Smith and Ricardo) and Marx is theoretically sound and capable of providing answers to both growth and cycles. It also demonstrates the potential and natural integration of growth and cycles in a single model. The microeconomic foundation of
this model is the labor theory of value, which continues with the General Law of Capital Accumulation, the Law of the Falling Rate of Profit, and the movement of the Industrial Reserve Army of Labour. Finally, a dynamic model of growth-cum-cycles is constructed consisting of the evolution and interaction of five key variables, namely, the rate of profit, the propensity to invest in fixed capital, technological change, the reserve army of labor, and the rate of capital devaluation. The analysis demonstrates that economic growth and cycles are not disconnected from each other, as they have been treated in the literature, but rather interdependent aspects of the same evolutionary process of a capitalist
economy. This book will interest readers in the history of economic thought, economic growth and development, macroeconomics, and political economy.
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Το βιβλίο βασίζεται στις παραδόσεις του συγγραφέα στο μάθημα της Οικονομικής Ιστορίας της Ελλάδας... more Το βιβλίο βασίζεται στις παραδόσεις του συγγραφέα στο μάθημα της Οικονομικής Ιστορίας της Ελλάδας στο Τμήμα Οικονομικών Επιστημών του Πανεπιστημίου Μακεδονίας, ωστόσο έχει γενικότερο ενδιαφέρον καθώς εξετάζονται ζητήματα, όπως η σημασία της οικονομικής ιστορίας και η ανάδειξή της σε αυτοτελή κλάδο των οικονομικών επιστημών. Η αυτοτέλεια δεν σημαίνει ότι δεν υπάρχουν ανταγωνιστικές προσεγγίσεις, κάθε άλλο, διακρίνονται η Νέα Οικονομική Ιστορία ή Κλειωμετρία, και την προσέγγιση βασιζόμενη στη μακροχρόνια θεώρηση και τους μακροχρόνιους οικονομικούς κύκλους. Στο βιβλίο ερευνώνται καθαυτό ζητήματα οικονομικής ιστορίας της Ελλάδας, όπως π.χ. ο κοινωνικός χαρακτήρας της Επανάστασης του 1821, η ανάδυση του νέου ελληνικού κράτους, το αγροτικό ζήτημα, η οικονομική ανάπτυξη και η παρατεταμένη οικονομική κρίση του ύστερου δέκατου ένατου αιώνα με τις επιπτώσεις της στην
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Evolutionary Economics and Social Complexity Science, 2016
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The European Journal of the History of Economic Thought, 2012
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The theories of value and distribution of Smith, Ricardo and Marx are presented and critically as... more 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 the centre of gravitation for market prices. We argue that Ricardo’s theory of value is intertemporal in character and its fundamental premise can be tested empirically. The discussion of Marx’s labour theory of value follows immediately after, and we explain his notions of abstract labour time, the two senses of socially necessary labour time as well as the concept of labour power. © Springer Nature Switzerland AG 2019 L. Tsoulfidis, P. Tsaliki, Classical Political Economics and Modern Capitalism, https://doi.org/10.1007/978-3-030-17967-0_1 3 The latter enabled Marx to show the exploitative nature of the capitalist system and the production of value and surplus-value, all discovered through and evaluated by labour time. We further argue that the economic theories advanced by the old classical economists and Marx along with more recent theoretical developments following Sraffa’s (Production of commodities by means of commodities: A prelude to economic theory. Cambridge, UK: Cambridge University Press, 1960) book share the same set of data and may be fruitfully integrated into the classical political economics (CPE).
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This book presents an in-depth, novel, and mathematically rigorous treatment of the modern classi... more This book presents an in-depth, novel, and mathematically rigorous treatment of the modern classical theory of structure and dynamics of prices and income distribution. That treatment is based on the spectral analysis of the price–profit–wage rate system. Furthermore, the book subjects that theory to empirical testing to show its logical consistency and explanatory content with respect to observed phenomena and to reveal its relevance to some economic policy issues. In this context, there is an examination of the trajectories of relative prices when the distributive variables change, both theoretically and empirically, using actual input–output data from a number of quite diverse economies. It is suggested that the actual economies do not behave like the parable of a “one-commodity world” of the old, neoclassical capital theory or, with some exceptions, of the “new (endogenous) growth” literature, both of which theorize the relative scarcities of commodities, nor of the factor services, which are used to produce them, as the fundamental determinants of relative prices and their movement. To the contrary, the results shown here are fully consistent with the modern classical theory of value, which makes the intersectoral structure of production and the way in which net output is distributed among its claimants the fundamental determinants of price magnitudes. At the same time, however, these results indicate that only a few vertically integrated industries (“industry core” or “hyper-basic industries”) are sufficient to explain the movement of the aggregate economy in the case of disturbances. This fact is reduced to the skew distribution of the eigenvalues of the matrices of vertically integrated technical coefficients and indicates that across countries and over time, the effective dimensions of actual economies are relatively low.
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The greatest works of economists have the potential to provide insights on current economic devel... more The greatest works of economists have the potential to provide insights on current economic developments and policy challenges long after they are written. This book seeks to investigate the evolution of the core ideas and policy recommendations of the major schools of economic thought, and to present and critically evaluate those theories that have survived over time and can inform us about current developments and economic policies. The theories of major economists are presented and used to promote an understanding of the underlying mechanisms of the economy and to address contemporary problems and issues. In addition, the book explores the fascinating dynamics of shifting from one school of economic thought to another. Each chapter concludes with a summary, critical remarks, a set of questions for reflection and discussion, and recommendations for further reading.
Table of contents
The Origins of Economic Theory.- Adam Smith’s Wealth of Nations.- David Ricardo’s Principles of Political Economy.- Karl Marx’s Das Kapital.- The Structure of Classical Theory.- The Structure of the Neoclassical Theory.- Theory of Capital and Cambridge Controversies.- Between Competition and Monopoly.- Keynes’s General Theory.- The Neoclassical Synthesis.- Disequilibrium Macroeconomics: From Its Brief Ascent to the Rapid Decline.- The Rise and Fall of Monetarism.- New Classical Macroeconomics.- The Real Business Cycles Approach.- The Return of (New) Keynesian Economics.- Economic Theory in Historical Perspective.
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Investigaciόn Econόmica, 2023
Book Review of __Value, Historicity, and Economic Epistemology: An archaeology of economic scienc... more Book Review of __Value, Historicity, and Economic Epistemology: An archaeology of economic science__ by Alain Herscovici
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South-Eastern Europe Journal of Economics, 2016
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ΒΗΜΑ, Mar 16, 2003
Οι οικονομικές πολιτικές του νεότερου ελληνικού κράτους Υλικές ανάγκες και εθνική επιβίωση ιστο... more Οι οικονομικές πολιτικές του νεότερου ελληνικού κράτους
Υλικές ανάγκες και εθνική επιβίωση
ιστορία
ΔΗΜΟΣΙΕΥΣΗ: 16/03/2003 00:00
Οποιοσδήποτε τόπος κατοικείται από ανθρώπους, είτε πρόκειται για χωριό είτε πρόκειται για πόλη είτε πρόκειται για χώρα είτε και για ήπειρο ακόμη, δεν μπορεί να ξεφύγει από τους περιορισμούς του αποκαλούμενου «οικονομικού προβλήματος». Δεν μπορεί να ξεφύγει, δηλαδή, από τα πιο περιοριστικά δεσμά που έχουν επιβληθεί ποτέ και τα οποία δεν αποτελούν τίποτε άλλο από τη διαπίστωση ότι οι ανάγκες ξεπερνούν πάντοτε τους διαθέσιμους πόρους. Με άλλα λόγια, αν μια κοινότητα έχει να μοιραστεί χίλιους τόνους αγαθά, πάντα θα υπάρχει ανάγκη για άλλους τόσους. Και όταν αυτοί βρεθούν, άλλους τόσους ακόμη θα χρειάζεται... Αυτός είναι και ο βασικός λόγος για την εξέλιξη των ανθρώπων. Η διαρκής έλλειψη απεριόριστων πόρων, ήτοι η διαρκής πενία, αναγκάζει τον άνθρωπο να προχωρήσει σε καινοτομίες που θα μπορέσουν να αυξήσουν τον διαθέσιμο πλούτο.
Ο κινητήρας της Ιστορίας είναι λοιπόν η ανάγκη, κάτι που από τα αρχαία ακόμη χρόνια είναι γνωστό και κάτι που ο Μαρξ κυρίως επανέφερε στο προσκήνιο της οικονομικής σκέψης. Η ιστορία ενός τόπου (όπως άλλωστε είναι και η Ελλάδα) δεν θα μπορούσε παρά να είναι η προσπάθεια του λαού που βρέθηκε σε αυτόν να αντιμετωπίσει με τον καλύτερο ανάλογα με τις δυνατότητές του τρόπο την ανάγκη να εκπληρώσει τις επιθυμίες του. Σε όσους πουν ότι μια τέτοια προσέγγιση απέχει πολύ από τη ρομαντική θεώρηση της Ιστορίας, με λύπη θα πρέπει να τους απαντήσουμε ότι ο ρομαντισμός απέχει, δυστυχώς, πολύ από τη δαρβινική πραγματικότητα.
Το βιβλίο που παρουσιάζουμε κεντρίζει την προσοχή του αναγνώστη από τις πρώτες κιόλας σελίδες. Ο συγγραφέας, καθηγητής Οικονομικών στο Πανεπιστήμιο της Μακεδονίας, θέτοντας επί σκηνής το γενικό θεωρητικό πλαίσιο, το οποίο ανά τους αιώνες επιχείρησε να περιγράψει την ανθρώπινη οικονομική δραστηριότητα (τις θεωρίες του Σμιθ, του Μαρξ, του Κέινς, του Πόπερ κ.ά.), προσπαθεί να εντάξει σε αυτό τα ειδικά τμήματα της νεοελληνικής οικονομικής ιστορίας (ήτοι τα προβλήματα και τις ευκαιρίες που παρουσιάστηκαν, τις πολιτικές που ακολουθήθηκαν και τις θεωρίες που κατά καιρούς επικράτησαν στο οικονομικό προσκήνιο). Εχοντας ο κ. Τσουλφίδης δοκιμάσει με επιτυχία τη συνταγή της ένταξης του ειδικού στο γενικό, καταφέρνει να αφήσει τον αναγνώστη να αντλήσει από μόνος του πληθώρα χρήσιμων συμπερασμάτων. Ετσι, τουλάχιστον στα δικά μου μάτια, ο συγγραφέας επιτυγχάνει να καθιερώσει μια παραγωγική διαλεκτική διαδικασία. Ειδικότερα, τώρα, κανένας δεν θα μπορούσε να πει ότι η Ελλάδα από τη στιγμή της απελευθέρωσής της ξεκίνησε από μηδενική βάση (όπως, π.χ., ξεκίνησαν οι ΗΠΑ, οι οποίες είχαν να δαμάσουν έναν αχανή και ακυβέρνητο χώρο τον οποίο «δανείστηκαν» από τους Ινδιάνους). Αντιθέτως, η Ελλάδα έπρεπε να σεβαστεί τακτικές και πρακτικές που είχαν διαμορφωθεί κατά τα χρόνια του δικού της μεσαίωνα, τα χρόνια της Τουρκοκρατίας. Αυτό σήμαινε ότι υπήρχαν δικαιώματα στην περιουσία, όπως π.χ. τα τιμάρια των φεουδαρχών, τα οποία, καίτοι είχαν κατοχυρωθεί επί της διακυβερνήσεως ενός ξένου επικυρίαρχου, δεν μπορούσαν να αναιρεθούν. Το αποτέλεσμα ήταν να πρέπει η Ελλάδα να τιμήσει υποχρεώσεις που εκ των υστέρων διαπιστώθηκε ότι αποτελούσαν μια μόνιμη τροχοπέδη στη μελλοντική της επέκταση και ανάπτυξη.
Με άλλα λόγια, ενώ η Ευρώπη πέρασε μέσα από σταδιακές προσαρμογές, όπως ήταν η βιομηχανική επανάσταση και ο κοινωνικός Διαφωτισμός, σε μια πιο αστική κοινωνία, η Ελλάδα βρέθηκε ξαφνικά ελεύθερη μεν από ξένους κατακτητές, αλλά υποδουλωμένη σε πρακτικές και συμφέροντα τα οποία ο μόνος τρόπος για να αποτιναχθούν θα ήταν να αφεθούν στο έλεος του πανδαμάτορα χρόνου. Φυσικά όλοι θα παραδεχθούν ότι το χάσιμο του πολύτιμου αυτού χρόνου, στο έλεος του οποίου έπρεπε να αφεθεί ο σταδιακός εκσυγχρονισμός της ελληνικής οικονομίας και κοινωνίας, ευθύνεται εν πολλοίς και για την υστέρηση με την οποία η ελληνική οικονομία υιοθέτησε τα νέα εξ Εσπερίας μοντέλα διοίκησης και παραγωγής (τα νέα μοντέλα αντιμετώπισης, δηλαδή, του οικονομικού προβλήματος). Σύμφωνα με το βιβλίο, η Ελλάδα οφείλει πολλά στις προσπάθειες που έγιναν επί βασιλείας του Γεωργίου Α', και ειδικότερα επί των διαστημάτων κατά τα οποία η χώρα διακυβερνήθηκε από τον Χαρίλαο Τρικούπη, έναν χαρισματικό και διορατικό άνθρωπο και γνήσιο οπαδό της ελεύθερης αγοράς, που είχε ωστόσο την ατυχία να κυβερνήσει τη χώρα σε μια περίοδο διεθνούς οικονομικής ύφεσης (η οποία διήρκεσε πέραν της εικοσαετίας). Οι μεταρρυθμίσεις που έλαβαν όμως χώρα επί Τρικούπη και οι υποδομές που κατασκευάστηκαν, παρά την πτώχευση της Ελλάδας το 1893, έδωσαν τη δυνατότητα να στηθούν οι βάσεις ώστε η ελληνική οικονομία (και μαζί της και η γεωγραφική έκταση του ελεύθερου ελληνικού κράτους) να εισέλθει σε μια φάση διαρκούς απογείωσης από το 1900 ως το 1921. Ισως μάλιστα αυτό να είναι και το σημαντικότερο ιστορικό συμπέρασμα που συνεισφέρει το υπό εξέτασιν βιβλίο.
Το γεγονός ότι ο συγγραφέας δεν παραμένει δέσμιος των ιδεολογικών αγκυλώσεων που χαρακτηρίζουν αρκετούς συναδέλφους του τού δίνει τη δυνατότητα να παρουσιάσει αρκετά καθαρά την αλήθεια και να διερευνήσει τις οικονομικές εξελίξεις υπό το πρίσμα των περισσότερων υφισταμένων οικονομικών σχολών, κατορθώνοντας έτσι να προχωρήσει ένα βήμα παραπέρα στη μελέτη της οικονομίας του νεότερου ελληνικού κράτους. Θα ήταν παράλειψη ωστόσο να μην αναφέρουμε ότι η μεγάλη συνεισφορά αυτού του βιβλίου έγκειται στην αντικειμενική αξιολόγηση όχι μόνο των πολιτικών που ακολουθήθηκαν, αλλά και των συνθηκών που επέβαλαν την υιοθέτησή τους. Με άλλα λόγια, η σύγκρουση μεταξύ των ποικίλων τρόπων με τους οποίους σε διάφορες χρονικές φάσεις επιχειρήθηκε να αντιμετωπισθεί το πάγιο οικονομικό πρόβλημα δεν αποτελεί στο βιβλίο αυτό ευκαιρία για να επιχειρηθεί η προβολή μιας συγκεκριμένης ιδεολογίας, αλλά αποτελεί αντικείμενο ιδιαίτερα προσεκτικής επιστημονικής διερεύνησης (ένα, δυστυχώς, σπάνιο φαινόμενο σε μια εποχή όπου ακόμη πολλοί προσπαθούν να φανούν πιστοί στα ξεπερασμένα ιδεολογικά τους ερείσματα).
Ο κ. Νίκος Α. Κεράνης είναι οικονομολόγος και οικονομικός αναλυτής.
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Yearbook of University of World and National Economy , 2022
The article explains the social conditions and changes that were taking place in the Balkans duri... more The article explains the social conditions and changes that were taking place in the Balkans during the Ottoman Empire. These changes were slow in the 15 th and 16 th centuries, became somewhat faster during the 17 th , and accelerated in the last quarter of the 18th century. That is the period of the Industrial Revolution and the domination of capitalism in Western Europe. The article details this transformation and the maturation of the rupture conditions within the Ottoman Empire that gave rise to the Greek Revolution of 1821. Particular attention is paid to the emerging social classes and their distinct roles in the revolution. The article concludes by arguing that although the Greek Revolution of 1821 possesses its idiosyncratic features, nevertheless it bears notable similarities to the French Revolution.
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In Georgopoulos Th., Paraskevopoulos, C. and Smithin, J. (eds) (2002) Globalization and Economic Growth. A Critical Evaluation, pp. 81-96, Athenian Policy Forum Press, Torondo., 2002
This paper deals with the long cycles that characterize the evolution of capitalist economies. It... more This paper deals with the long cycles that characterize the evolution of capitalist economies. It begins with a discussion of epochs of expansion and contraction in the level of economic activity and makes an effort to move towards a meaningful periodization of economic history. The claim that this paper raises is that profitability regulates the phases of these long cycles. The theoretical discussion on the mechanics of the long–term movement in profitability and the phases of long cycles is supported with data on the profit rate from various OECD economies. The empirical evidence is consistent with the hypothesis that the 1990s mark the onset of a new phase of accumulation. The salient feature of this new phase is the dominance of information technologies and the associated notions of the “new economy” and globalization. However, unlike, the popular view that regards the “new economy” as depression-free, this paper claims that the “vices” of the old economy continue to exist.
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International Encyclopedia of Social Sciences (2nd edition, Macmillan, 2008), 2008
"At first sight profit appears to be a simple concept that is defined as the residual of revenues... more "At first sight profit appears to be a simple concept that is defined as the residual of revenues from the cost of production; the related concept of profitability is defined as the ratio of profits to some basis, with the most commonly employed basis being invested capital. The simple concept of profitability is of great significance for understanding the motion of the capitalist system because the desire for and promise of profit motivate entrepreneurs to initiate productive activity and because the level of profitability is the measure of the success or failure of an endeavor. Consequently, measuring current and past profitability as well as projecting future profitability is crucial for entrepreneurial decisions with regard to the expansion or contraction of investment in the current activity or alternative activities, the possibility of takeovers, and the like.
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International Encyclopedia of Social Sciences (2nd edition, Macmillan, 2008), 2008
The Cambridge capital controversy refers to a debate that started in the 1950s and continued thro... more The Cambridge capital controversy refers to a debate that started in the 1950s and continued through the 1970s. The core of the debate concerns the measurement of capital goods in a way that is consistent with the requirements of neoclassical economic theory. The debate involved economists such as Piero Sraffa, Joan Robinson, Piero Garegnani, and Luigi Pasinetti at the University of Cambridge in England and Paul Samuelson and Robert Solow at the Massachusetts Institute of Technology in Cambridge, Massachusetts. In a now-famous Quarterly Journal of Economics publication from 1966, Samuelson admitted the logical validity of the British critique of the neoclassical theory of capital (Samuelson 1966). Yet, Solow (1963) claimed the debate was largely a sideshow to the core of neoclassical analysis. .......
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International Encyclopedia of Social Sciences (2nd edition Macmillan, 2008, 2008
The term Marxian economics refers to economic theory inspired by the work of Karl Marx (1818-1883... more The term Marxian economics refers to economic theory inspired by the work of Karl Marx (1818-1883). The salient feature of this research program is the idea that all societies in order to reproduce themselves require labor that will be used to produce the material requirements of reproduction. In all societies, a particular social class performs more work than that required for its own reproduction and the excess labor is appropriated by the dominant classes through property relations, traditions, the legal system, and also force. Such exploitative relations are quite transparent in precapitalist modes of production (e.g., slavery and feudalism), whereas in capitalism they are embedded in monetary transactions that give the impression of equal and therefore fair exchanges. Marx was the first to argue that in capitalism workers are exploited not because they are not paid their full wage, but because with the full wage they receive workers are able to pay only for the basket of goods required for the reproduction of their capacity to work (their labor power), which is acquired through what is only a portion of their total labor time. The difference between total labor time and that required to reproduce the workers’ capacity to work is called surplus labor time and its monetary expression, the surplus value, is appropriated by the propertied classes (capitalists and landlords) and the state. The wealth accumulated in a society is directly related to the amount of surplus labor time, which is inversely related to the necessary labor time. Furthermore, Marx argued that labor time also regulates the surface phenomena of capitalism, such as the price of commodities. Hence, the law of value—according to which the socially necessary labor time is directly and indirectly embodied in a commodity—is the regulator of the movement of market prices. Prices are the means through which capitalists realize their profits and losses and regulate their behavior accordingly. In Marx, the role of the law of value is analogous to Adam Smith’s “invisible hand,” for it provides an explanation of how capitalist society reproduces itself and the various scales of its reproduction. ....
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International Encyclopedia of Social Sciences (2nd edition, Macmillan, 2008), 2008
Full capacity refers to the potential output that could be produced with installed equipment with... more Full capacity refers to the potential output that could be produced with installed equipment within a specified period of time. Actual capacity output can vary within two limits: (1) an upper limit that refers to the engineering capacity—that is, the level of output that could be produced when the installed equipment is used to its maximum time of operation and maximum technical efficiency; and (2) a lower limit identified with the scrapping of plant and equipment—that is, the level of output that is no longer profitable to produce. By full (or normal) capacity at the microeconomic level, economists refer to the level of output that corresponds to minimum cost production, usually identified with the minimum point of a usual U-shaped average cost curve. Before this point, we have economies of scale that firms would be willing to take advantage of by expanding their output. Past this point, firms encounter diseconomies of scale that they would like to avoid by cutting down their level of production. The problem with this definition is that such a minimum point is hard to identify empirically. Furthermore, the average cost curves in manufacturing are usually characterized by constant returns to scale for fairly large variations in the output produced, and so full (normal) capacity is identified with the level of output past which the firm considers the installment of a new plant. Consequently, normal output is conceived differently in the various schools of economic thought. ...
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International Encyclopedia of Social Sciences (2nd edition, Macmillan, 2008)., 2008
The term Ricardian equivalence was coined by the American economist Robert Barro in the 1970s and... more The term Ricardian equivalence was coined by the American economist Robert Barro in the 1970s and subsequently became a standard topic in public finance and macroeconomic theory. The Ricardian equivalence theorem ascribes to David Ricardo (1772–1823), the English economist, the view that taxation and public borrowing constitute equivalent forms of financing public expenditure. The rationale behind this view is that the government is expected at some future time to redeem its debt. If one now supposes a closed economy, the repayment of debt will take place via increased future taxation, which means that, on the basis of the rational expectations hypothesis, individuals increase their savings through buying the bonds that have been issued by the government. The amount of savings, in other words, matches the size of the public deficit and therefore the interest-rate remains the same. This means that there is no crowding-out effect of private investment from public expenditure and the overall demand remains the same together with the other real variables of the economy..........
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International Encyclopedia of Social Sciences (2nd edition, Macmillan, 2008)., 2008
Karl Marx’s economic analysis is mainly contained in three books: the three-volume Capital, the T... more Karl Marx’s economic analysis is mainly contained in three books: the three-volume Capital, the Theories of Surplus Value, also in three volumes, and the Grundrisse. In his economic works Marx tries “to lay bare the law of motion of modern society,” that is to say, to discover social regularities described mainly as long-run tendencies. Marx’s method of analysis begins with the observation of empirical reality in all its complexity and concreteness. From this reality he derives abstract concepts (determinative relations and interpretive categories), and then through these concepts he ends up once again with the concrete, whose reproduction now is structured according to the internal connections established by the theory. The adequacy of the theory and concepts that have been created is judged by the degree of correspondence between the most concrete categories and data derived from empirical reality. A characteristic example of this methodological approach is the determination of market prices (the most concrete category) by another set of more abstract prices known as prices of production, that is, prices that incorporate the economy’s general rate of profit. Prices of production are in turn determined by an even more abstract type of prices called labor values. All these prices can be subjected to empirical testing.
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, 11th Conference of Economic Society of Thessaloniki, Thessaloniki, Nov 25, 2010
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New Encyclopaedia of Social Sciences
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Published in Alternative Theories of Competition: Challenges to Orthodoxy (eds. Moudud, J., Bina, C. and Mason, P.) Routledge, 2012., 2013
In this article we discuss the salient features of the classical and neoclassical theories of co... more 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 between the degree of concentration and profitability. The econometric analysis of time series data for 2-digit industries lends support to the hypothesis for the long-run tendential equalization of incremental rates of profit to the economy’s average.
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Encyclopedia of Central Banking, Edward Elgar, 2015
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The Encyclopedia of Central Banking, Edward Elgar, 2015
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Encyclopaedia of Central Banking, Edward Elgar, 2015
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Μακροχρόνια Ύφεση Νέες Τεχνολογίες και Εργασία στη Ζωή των Νέων, 2023
Το άρθρο παρουσιάστηκε σε Ημερίδα του Τμήματος Βαλκανικών Σλαβικών καιΑνατολικών Σπουδών του Πανε... more Το άρθρο παρουσιάστηκε σε Ημερίδα του Τμήματος Βαλκανικών Σλαβικών καιΑνατολικών Σπουδών του Πανεπιστημίου Μακεδονίας με τίτλο: Φταίει η κακιά η (χ)ώρα:βιοπολιτικές, περιφράξεις, ανατροπές στη ζωή των νέων, πριν και μετά την οικονομικήκρίση στη Ελλάδα, 5 Απριλίου 2023.
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Εφυμερίδα των Συντακτών, 2021
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Εφημερίδα Συντακτών, 2021
H διεθνής οικονομία, ήδη από το 2007, βρίσκεται σε στασιμότητα και η πανδημία την επιδείνωσε μειώ... more H διεθνής οικονομία, ήδη από το 2007, βρίσκεται σε στασιμότητα και η πανδημία την επιδείνωσε μειώνοντας τον ρυθμό μεγέθυνσης των αναπτυγμένων οικονομιών στο -5,8%, η μέγιστη μείωση του ΑΕΠ μεταπολεμικά. Η πανδημία θα μείνει στην οικονομική ιστορία, αφενός για την επιδείνωση της ύφεσης, αφετέρου επειδή θα αποτελέσει καταλύτη και επιταχυντή εξελίξεων που ήδη άρχισαν να φαίνονται στους εργασιακούς χώρους και στις κοινωνικές σχέσεις γενικότερα.
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Negative Interest Rates and the Great Recession, 2019
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Ναυτεμπορική (Naftemporiki), 2019
Τετάρτη, 23 Ιανουαρίου 2019
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Στις μεγάλες μεταπτώσεις που χαρακτηρίζουν την οικονομική δραστηριότητα λαμβάνουν χώρα και μεταβο... more Στις μεγάλες μεταπτώσεις που χαρακτηρίζουν την οικονομική δραστηριότητα λαμβάνουν χώρα και μεταβολές στους συσχετισμούς μεταξύ κοινωνικών τάξεων και αναπτύσσονται συμπεριφορές που συνδέονται άμεσα με τη φάση που διέρχεται η οικονομία. Π.χ. σε φάσεις οικονομικής άνθησης αναμένεται αύξηση των εργατικών διεκδικήσεων για υψηλότερους μισθούς και καλύτερες συνθήκες εργασίας, καθώς υπάρχει η αντικειμενική βάση για να πραγματοποιηθούν τέτοιες διεκδικήσεις. ...
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Revista Exame magazine, Dec 1, 2014
Interview taken by Gian Kojikovski Revista Exame magazine
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TVXS http://tvxs.gr/news/apopseis/i-apemploki-apo-dnt-mnimonio-kai-i-oikonomia, Oct 20, 2014
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ΚΑΘΗΜΕΡΙΝΗ, Oct 23, 2010
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Kathimerini, Apr 17, 2009
Οικονομική κρίση και πολιτικές εξόδου Του Λευτέρη Τσουλφιδη* Η κρίση που έχει πλήξει την παγκ... more Οικονομική κρίση και πολιτικές εξόδου
Του Λευτέρη Τσουλφιδη*
Η κρίση που έχει πλήξει την παγκόσμια οικονομία δεν αντιμετωπίζεται με τα συνηθισμένα μέτρα δημοσιονομικής και νομισματικής πολιτικής. Τα αίτια των κρίσεων εντοπίζονται στην πτώση της κερδοφορίας, συνεπεία της οποίας οι νέες επενδύσεις, από ένα σημείο και μετά, αποφέρουν ισχνά ή ακόμη και αρνητικά κέρδη, με αποτέλεσμα να εξανεμίζεται το κίνητρο για επένδυση, να μειώνεται η παραγωγή και να αυξάνεται η ανεργία. Η κρίση δύναται να ξεπεραστεί, αν επανέλθει η κερδοφορία σε επίπεδα που ενθαρρύνουν την επενδυτική δραστηριότητα. Τρεις είναι οι κύριες μέθοδοι αύξησης της κερδοφορίας εν μέσω κρίσης. Η πρώτη βασίζεται στη μείωση του επιτοκίου. Τα χαμηλά επιτόκια (ΗΠΑ και Ε.Ε.) μετά το 1980 είναι αυτά που συντήρησαν, σε μεγάλο βαθμό, την υψηλή κερδοφορία και συνέβαλαν στην οικονομική άνθηση των τελευταίων δύο δεκαετιών. Η μέθοδος αυτή έχει ήδη εξαντληθεί και η λησμονημένη «παγίδα ρευστότητας» του Κέινς έχει εγκατασταθεί για τα καλά όχι μόνο στην Ιαπωνία, αλλά στις ΗΠΑ και στην Ε.Ε. Η δεύτερη μέθοδος βασίζεται στη μείωση του μισθού. Για παράδειγμα, στις ΗΠΑ η κρίση του 1970-1980 «φορτώθηκε» στους εργαζόμενους, δεδομένου ότι ο πραγματικός μισθός ποτέ δεν ξεπέρασε το επίπεδο του 1972. Η συνέχιση μιας πολιτικής συμπίεσης μισθού είναι άκρως επικίνδυνη, διότι παραγνωρίζει την «παγίδα μισθού», μια ιδέα που την είχε αναπτύξει ο Κέινς πολύ πιο αναλυτικά απ' ό,τι τη δημοφιλή σήμερα «παγίδα ρευστότητας». Η τρίτη μέθοδος βασίζεται στην απαξίωση του κεφαλαίου, η οποία λαμβάνει χώρα, αυθόρμητα, στο χρηματιστήριο, αλλά απέχει μακράν από αυτή που επιφέρει η εισαγωγή νέων τεχνολογιών. Αντίθετα με το παρελθόν, το κράτος θα πρέπει να λαμβάνει μέτρα και να δημιουργεί θεσμούς τέτοιους ώστε να ενθαρρύνουν τις κοινωνικά επιθυμητές καινοτομίες. Οι πράσινες καινοτομίες είναι αναμφίβολα επιθυμητές, ωστόσο η κερδοφορία τους είναι περιορισμένη και ο κίνδυνος εισαγωγής τους αυξημένος. Με δεδομένο ότι το κέρδος και ο κίνδυνος είναι, σε τελική ανάλυση, κοινωνικά δημιουργήματα, συνεπάγεται ότι μπορεί και πρέπει να τεθούν υπό κοινωνικό έλεγχο.
* Αναπληρωτής καθηγητής Πανεπιστημίου Μακεδονίας
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Keynes Επιστροφή στη ΔΙδασκαλία του. Αθήνα: Εκδόσεις Κριτική
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ΒΗΜΑ, Oct 14, 2011
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CSWP, 2022
In recent years there has been a revival of political economy, and discussions are about the near... more In recent years there has been a revival of political economy, and discussions are about the near linearities of price rate of profit trajectories. In this article, we argue that the economy's input-output data are of low effective dimensionality, meaning that there is overfitting in that it takes only a few eigenvalues and respected eigenvectors for an adequate representation of the movement of prices, and that some of the fundamental features of the economy may be tracked down with the use of a low dimensional system.
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Classical Political Economics and Modern Capitalism, 2019
The classical theory of competition is analysed as a dynamic process of rivalry in the struggle o... more 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 competition as an end-state, where actual prices and quantities produced are compared to those that would have been established had perfect competition prevailed. In fact, the neoclassical analysis of competition is quantitative in nature for its focus is on the number (manyness or fewness) and also the size of contestants. After a comparison of the two characteristically different conceptualizations of competition, the analysis continues with deriving the laws of classical or real competition between and within industries and their integration with the mediation of regulating capital.
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Capital theory controversies and ‘paradoxes’ showed that, due to price-feedback effects, the wage... more 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’.
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