Lefteris Tsoulfidis
Biographic Data
| ID | 3454859 |
|---|---|
| NAME | Lefteris Tsoulfidis |
| GIVEN NAMES | Lefteris |
| FAMILY NAME | Tsoulfidis |
| SIGNATURE | TSOULFIDIS L |
| AFFILIATIONS | University of Macedonia |
| ORCID | 0000-0003-2691-0128 |
| VERIFIED | Yes |
| TOTAL WORKS | 18 |
| TOTAL CITATIONS | 15 |
| AUTHOR COUNT | 18 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1989 |
| LATEST PUBLICATION YEAR | 2025 |
| H-INDEX | 3 |
Falling Rate of Profit, Non-production Activities and Stagnation in Eleven European Economies and the USA
Revisiting investment and its determinants through threshold analysis
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 19…
A Model of Economic Growth and Long Cycles
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-…
Capital Theory and Political Economy
In recent years, there have been a number of new developments in what came to be known as the "Capital Theory Debates". The debates took place mainly during the 1960s as a result of Piero Sraffa's critique of the neoclassical theory according to which the prices of factors of production directly depend on their relative scarcities. Sraffa showed that when income distribution changes, there are many complexities developed within the economic syste…
Classical Political Economics and Modern Capitalism
Less Is More
Capital theory and the price effects consequent upon changes in the distributive variables hold center stage when it comes to the internal consistency of both classical and neoclassical theories of value. This paper briefly reviews the literature and then focuses on the detected skew eigenvalue distribution of the vertically integrated technical coefficients matrices of actual economies. The findings prompt the use of the Schur triangularization …
Monetary Expressions of Labour Time and Market Prices
This article presents estimates of labour values and prices of production following two approaches: the first is based on the classical and Marxian theory of value and distribution; the second on the so-called ‘new solution’ to the ‘transformation problem’ and its variant, the Temporary Single-System Interpretation (TSSI). The major advantage of the latter approach is its simplicity, along with the relatively low data requirements. Our empirical …
The Greek economic crisis
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 production and increased unemployment. The resulting recessionary economic environment, in conjunction with …
Classical Theory of Investment
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 well as the Keynesian theory of effective demand, attempts to enhance our empirical understanding of…
Bienenfeld's Approximation of Production Prices and Eigenvalue Distribution
This paper tests Bienenfeld's polynomial approximation of production prices using data from ten symmetric input–output tables of five European economies. The empirical results show that the quadratic formula works extremely well and the degree of its accuracy is connected to the actual distribution of the eigenvalues of the matrices of vertically integrated technical coefficients. It then follows that the number of vertically integrated industrie…
Revisiting Adam Smith's theory of the falling rate of profit
Purpose – This paper aims to present the salient features of Smith's argument of the falling rate of profit. This theory has usually been interpreted as a result of the intensification of competition in the markets of goods and services of the factors of production. This aspect of Adam Smith had been initially posed by Ricardo and subsequently was widely adopted by the major economists of the past as well as from the majority of the modern histor…
Why Capitalism Survives Crises The Shock Absorbers
Chapter 8 On the labor theory of value
This paper subjects to empirical testing the standard (based on the notion of vertical integration) method for the estimation of labor values and prices of production against an alternative one known as the Temporary Single-System Interpretation (TSSI), an approach that finds strong support among a new generation of researchers. Our empirical findings from the Canadian economy suggest that both methods give rise to estimates of labor values and p…
Decomposing the Changes in Production Prices into "Capital-Intensity" and "Price" Effects
This paper deals with the changes in prices of production induced by variations in income distribution on the basis of a linear model of production with circulating capital and homogeneous labour. It is shown that the total effect of income distribution on prices can be decomposed into a “capital-intensity” and a “price” effect and that, in actual economies, the former is expected to dominate the latter. In order to obtain a concrete idea of the …
Price–value deviations
This paper subjects to empirical testing the labour theory of value using input–output data from the economy of Japan for the years 1970, 1975, 1980, 1985 and 1990. The results of the analysis show that labour values and prices of production are extremely good approximations to market prices. In fact, the proximity of prices of production to market prices is closer than that of labour values, a result which suggests that prices of production cons…
Marxian Theory of Competition and the Concept of Regulating Capital
This article discusses the notion of competition as a process of rivalry between firms. This approach was developed initially by the classical economists and continued in the writings of Marx and Schumpeter. More specifically, this article sets out to show that on the one hand, this alternative notion of competition forms a theoretical framework for the understanding of many crucial aspects of modern economies; and on the other hand, on empirical…
Values, prices of production and market prices
This paper extends the empirical investigation of the relation between labour values and different price forms in the case of the Greek economy. Subjecting the labour theory of value to empirical tests with data from various countries helps in the derivation of general conclusions regarding its empirical validity and practical usefulness. Our results on the closeness of values and prices as measured by their absolute deviation and correlation, th…
The Physiocratic Theory of Tax Incidence
Decomposing the Changes in Production Prices into "Capital-Intensity" and "Price" Effects
This paper deals with the changes in prices of production induced by variations in income distribution on the basis of a linear model of production with circulating capital and homogeneous labour. It is shown that the total effect of income distribution on prices can be decomposed into a “capital-intensity” and a “price” effect and that, in actual economies, the former is expected to dominate the latter. In order to obtain a concrete idea of the …
Marxian Theory of Competition and the Concept of Regulating Capital
This article discusses the notion of competition as a process of rivalry between firms. This approach was developed initially by the classical economists and continued in the writings of Marx and Schumpeter. More specifically, this article sets out to show that on the one hand, this alternative notion of competition forms a theoretical framework for the understanding of many crucial aspects of modern economies; and on the other hand, on empirical…
Less Is More
Capital theory and the price effects consequent upon changes in the distributive variables hold center stage when it comes to the internal consistency of both classical and neoclassical theories of value. This paper briefly reviews the literature and then focuses on the detected skew eigenvalue distribution of the vertically integrated technical coefficients matrices of actual economies. The findings prompt the use of the Schur triangularization …
The Greek economic crisis
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 production and increased unemployment. The resulting recessionary economic environment, in conjunction with …
Classical Theory of Investment
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 well as the Keynesian theory of effective demand, attempts to enhance our empirical understanding of…
Bienenfeld's Approximation of Production Prices and Eigenvalue Distribution
This paper tests Bienenfeld's polynomial approximation of production prices using data from ten symmetric input–output tables of five European economies. The empirical results show that the quadratic formula works extremely well and the degree of its accuracy is connected to the actual distribution of the eigenvalues of the matrices of vertically integrated technical coefficients. It then follows that the number of vertically integrated industrie…
The Physiocratic Theory of Tax Incidence
Values, prices of production and market prices
This paper extends the empirical investigation of the relation between labour values and different price forms in the case of the Greek economy. Subjecting the labour theory of value to empirical tests with data from various countries helps in the derivation of general conclusions regarding its empirical validity and practical usefulness. Our results on the closeness of values and prices as measured by their absolute deviation and correlation, th…
Marxian Theory of Competition and the Concept of Regulating Capital
This article discusses the notion of competition as a process of rivalry between firms. This approach was developed initially by the classical economists and continued in the writings of Marx and Schumpeter. More specifically, this article sets out to show that on the one hand, this alternative notion of competition forms a theoretical framework for the understanding of many crucial aspects of modern economies; and on the other hand, on empirical…
Price–value deviations
This paper subjects to empirical testing the labour theory of value using input–output data from the economy of Japan for the years 1970, 1975, 1980, 1985 and 1990. The results of the analysis show that labour values and prices of production are extremely good approximations to market prices. In fact, the proximity of prices of production to market prices is closer than that of labour values, a result which suggests that prices of production cons…
Why Capitalism Survives Crises The Shock Absorbers
Chapter 8 On the labor theory of value
This paper subjects to empirical testing the standard (based on the notion of vertical integration) method for the estimation of labor values and prices of production against an alternative one known as the Temporary Single-System Interpretation (TSSI), an approach that finds strong support among a new generation of researchers. Our empirical findings from the Canadian economy suggest that both methods give rise to estimates of labor values and p…
Decomposing the Changes in Production Prices into "Capital-Intensity" and "Price" Effects
This paper deals with the changes in prices of production induced by variations in income distribution on the basis of a linear model of production with circulating capital and homogeneous labour. It is shown that the total effect of income distribution on prices can be decomposed into a “capital-intensity” and a “price” effect and that, in actual economies, the former is expected to dominate the latter. In order to obtain a concrete idea of the …
Revisiting Adam Smith's theory of the falling rate of profit
Purpose – This paper aims to present the salient features of Smith's argument of the falling rate of profit. This theory has usually been interpreted as a result of the intensification of competition in the markets of goods and services of the factors of production. This aspect of Adam Smith had been initially posed by Ricardo and subsequently was widely adopted by the major economists of the past as well as from the majority of the modern histor…
Bienenfeld's Approximation of Production Prices and Eigenvalue Distribution
This paper tests Bienenfeld's polynomial approximation of production prices using data from ten symmetric input–output tables of five European economies. The empirical results show that the quadratic formula works extremely well and the degree of its accuracy is connected to the actual distribution of the eigenvalues of the matrices of vertically integrated technical coefficients. It then follows that the number of vertically integrated industrie…
Monetary Expressions of Labour Time and Market Prices
This article presents estimates of labour values and prices of production following two approaches: the first is based on the classical and Marxian theory of value and distribution; the second on the so-called ‘new solution’ to the ‘transformation problem’ and its variant, the Temporary Single-System Interpretation (TSSI). The major advantage of the latter approach is its simplicity, along with the relatively low data requirements. Our empirical …
The Greek economic crisis
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 production and increased unemployment. The resulting recessionary economic environment, in conjunction with …
Classical Theory of Investment
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 well as the Keynesian theory of effective demand, attempts to enhance our empirical understanding of…
Less Is More
Capital theory and the price effects consequent upon changes in the distributive variables hold center stage when it comes to the internal consistency of both classical and neoclassical theories of value. This paper briefly reviews the literature and then focuses on the detected skew eigenvalue distribution of the vertically integrated technical coefficients matrices of actual economies. The findings prompt the use of the Schur triangularization …
Classical Political Economics and Modern Capitalism
Capital Theory and Political Economy
In recent years, there have been a number of new developments in what came to be known as the "Capital Theory Debates". The debates took place mainly during the 1960s as a result of Piero Sraffa's critique of the neoclassical theory according to which the prices of factors of production directly depend on their relative scarcities. Sraffa showed that when income distribution changes, there are many complexities developed within the economic syste…
A Model of Economic Growth and Long Cycles
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-…
Revisiting investment and its determinants through threshold analysis
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 19…
Falling Rate of Profit, Non-production Activities and Stagnation in Eleven European Economies and the USA
Economics (16 works) · Economic Theory and Policy (15 works) · Political Economy and Marxism (14 works) · Econometrics (9 works) · Political science (9 works) · Economic Theory and Institutions (7 works) · Mathematics (7 works) · Macroeconomics (6 works) · Microeconomics (6 works) · Economy (5 works)