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Different from Marx's analysis of the dialectical relationship between the production and realization of surplus value, the Okishio theorem only shows one aspect of the contradictory movement of the total social capital, that is, the reverse effect of the realization of surplus value on the production of surplus value.

The production of surplus value and the realization of surplus value are simplified into one process. This simplification eliminates the contradiction between the production and realization of surplus value, and the antagonistic contradiction between accumulation and consumption and the antagonistic production-distribution relationship in capitalist society are naturally covered up.

Therefore, it cannot explain the actual expansion way of the falling general rate of profit as the historical development law of capitalism. Nevertheless, it should be noted that the Okishio theorem places the analysis of the general rate of profit back into the social reproduction model with department equilibrium, which points out the significance of wage income to the realization of surplus value and outlines the macro mechanism of the realization of surplus value reacting to the production of surplus value. It also strongly promotes the research progress of the law that the profit rate tends to decline.

The mistake of the Okishio theorem is that the exchange process in the labor market forms the real wage rate. It determines the production price of wage goods, which thereby determines that the production price of capital goods and general rate of profit, the production of surplus value and realization of surplus value are simplified into the same process, and only the value that can be realized is the real value.

Studies concerning Soviet taxation demonstrate a diversity of opinions on the nature of turnover taxes. Four major views on the subject have emerged: (1) turnover taxes are simply a sales (excise) tax on articles' of consumption sold to the Soviet consumer; (2) not all turnover taxes are a sales tax, some of them are a substitute for rent on production of certain industrial materials; (3) in addition to being a sales (excise) tax on consumer goods and rent on some industrial materials, there exists a third type of turnover tax which is levied on agricultural production of the peasantry; (4) turnover taxes are a portion of the surplus product produced in industry and agriculture.

Whenever capitalism in the West appears to be dragging with unresolved problems, then quite a few people, including professional economists, begin to think that perhaps socialism is a better alternative. Conversely, in the East even a larger number of people, including economists (who are not activists), seriously believe that in view of their shortages and meagre incomes capitalism would be a better alternative.

To challenge the validity/usefulness of teaching mainstream neo‐classical/new‐classical economics, by contending that Marx provides a superior understanding of the essential nature of the capitalist system.

To explain Marx the hermeneutic issue of which Marx must be addressed. Simultaneous and dualistic interpretations of Marx question Marx's key conclusions, suggesting that Marx's value theory is inconsistent. In contrast the Temporal Single System Interpretation (TSSI) of Marx contends that all of Marx's key conclusions/results hold if one adopts a sequential and non‐dualistic methodological approach, restoring Marx's central message/power.

Explains how Marx endogenously accounts for the inevitable cyclical behaviour of capitalism, its tendency to concentrate and the development of the financial system. In short, Marx can explain the tendencies observed in the globalising world, whereas it is contended that mainstream analysis is hampered by prioritising an ideal simultaneous equilibrium and investigating how it might be exogenously disturbed.

If, as is contended, Marx's economics provides a superior understanding of the world, then research into Marx and analysis based on Marxian foundations should be prioritised.

Marx should be widely taught to improve students' understanding of the economy.

Quite simply challenges orthodoxy by rediscovering value.

In this paper, a two‐sector model of production and reproduction with waste residuals and environmental pollution is developed. Assuming a subsistence real wage rate, a fixed method of production for each sector, a surplus of employable workers, and full utilisation of both produced inputs, the model is solved for aggregate output and employment, the level of environmental quality and the mass of surplus value. An hypothesis is advanced about the impact of recent technical innovations on profitability and environmental quality.

Political economy belongs to that borderland of economics which opens on political science. It provides economic interpretations of political phenomena, and political interpretations of economic phenomena. Political economy studies social phenomena through their relational perspectives. Since all social phenomena and epiphenomena are manifestations of political and economic entities and their interactions, political economy can be conceived of as the study of interactive, discursive and integrative processes.

As these essays are in honor of Professor Anghel Rugina, I begin with a quote from his recent essay on Walras (1982, p. 4):

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 justified.

The authors' analysis relies on the concept of free competition as developed by the classical economic tradition and particularly on the notions of regulating capital and dominant technique, whose interface forms the theoretical ground upon which can be confirmed the transfer of values between and within industries and by extension between and within regions and economies.

It is revealed that the cause of value transfers is capital competition, their source is differential productivity whereas the mechanism for these value transfers is national and international trade.

The analysis provides a theoretical ground upon which a new development policy may be designed which will pay attention to value transfers among sectors, regions and economies.

The paper argues that transfers of value are consummated from the less efficient sectors/economies characterized mostly by low technological achievements to more efficient ones.

The paper aims to offer a viewpoint that economic surplus is a notion shared by economists as diverse as Karl Marx and Milton Friedman.

The paper is an interpretation and critique of the literature of the work by Marx and Friedman.

The paper finds the two men's respective writings bear out the commonality while recognizing that they drew radically different implications from their common perception. Elucidating the commonality is a worthwhile exercise even though the elucidation might not interest the broad range of economists.

The paper expresses a viewpoint that economic surplus is a notion shared by diverse economists.

There exist long-term fluctuations in the process of capital accumulation. The economic long wave is an essential part of research into non-mainstream western economics. After the Second World War, the capitalist world experienced the fourth long wave of expansion and then entered into a downward phase of the long wave in the 1970s. Regarding to whether a new long wave of expansion took place in the 1980s, left-wing scholars hold different viewpoints. The purpose of this paper is to focus on this issue.

First, based on the review of the long wave history, this paper discusses three kinds of long wave theories with significant influence and puts forward the theoretical framework of analyzing the long wave of capitalist economy. Next, under the guidance of this theoretical framework and in combination with the actual development and evolution of the capitalist economy, the issue of whether the fifth long wave of the capitalist economy began to emerge in the 1980s is discussed deeply.

This paper argues that, from the early 1980s to 2007, the US-dominated developed countries experienced a new long wave of expansion driven by the information technology revolution, the adjustment of the neoliberalism system and the economic globalization. However, the financial-economic crisis of 2008–2009 led to a new phase of long wave downswing.

This paper does not agree with the single-factor analysis of the intrinsic formation mechanism of economic long wave and sticks to the multi-factor analysis centering on the fluctuation of accumulation rate. It is pointed out that the evolution of the long wave of capitalist economy depends on the combined influence of technology, institutions and market. The study of the long wave of the economy will help us to correctly understand the historical stage and characteristics of the current world capitalist economy in the long-term fluctuations, so that we can make an appropriate and positive response.