Category Archives: TEL

Theoretical Economics Letters

Unequal Exchange? Marx’ Solution to the Value Problem on the World Market

Author(s): Guenther Sandleben ABSTRACT By drawing on his critically developed labour theory of value, Marx was able to provide a satisfactory answer to the question of unequal exchange—that is, the question of how the law of value regulates exchange between … Continue reading

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What Supported the Growth of China’s Air Transport Industry from 1955 to 2011?

Author(s): Xingwu Zheng, Yi Zhang, Wei Lu ABSTRACT China’s civil aviation industry experienced an average annual growth rate of over 16% for traffic turnover during 1955-2011. It is important to identify the role of capital and labor inputs as well … Continue reading

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Disequilibrium Pricing—Greek Euro Crisis

Author:Frederick Betz ABSTRACT Financial instability in Greece began in 2009 when the interest rates on Greek sovereign bonds surged; and this can be graphed in a “price disequilibrium” model. To explain how this came about, we create a systems-dynamics model … Continue reading

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