Lines of Research
Classical Economic Thermodynamics
The central programme of my theoretical work. The classical political economy tradition — Smith, Ricardo, Marx, Sraffa — provides the correct thermodynamic analogue to energy conservation in physics: both a first law (the MELT conservation identity: value is conserved in exchange for any price system) and a second law (labour as irreversible thermodynamic work, abstract labour as metabolic irreversibility). The Hamiltonian formalism of Goodwin and Flaschel–Semmler describes the conservative redistribution dynamics under simple reproduction; Foley’s circuit of capital provides the explicit connection between monetary flows and labour-time accounting. The neoclassical conservation programme fails because its only invariant — the Hicksian expenditure function — exists in unobservable compensated demand space.
Current papers:
- Classical Economic Thermodynamics: The Fundamental Laws of Motion of Value and Social Reproduction — submitted to Physica A
- The Sraffian Economy as an Autocatalytic Set — submitted to Physical Review E
- The Conservation of Value (working paper)
Ecological Macroeconomics and Structural Change
My applied and empirical programme. Capitalist economies are structured through complex networks of intermediate production whose topology shapes how shocks propagate, how policies transmit, and whether decarbonisation is feasible without contraction. I develop multi-sector macroeconomic models — integrating Walrasian price dynamics, classical quantity dynamics, and Keynesian demand features — and calibrate them on large input-output databases (EORA, EU KLEMS, WIOD) to study:
- The stabilisation of economic volatility under sectoral price and profit caps
- The macroeconomic implications of circular economy transitions
- The time scales of low-carbon structural change across industries
Current papers:
- Circular economy demand shocks and the macroeconomic implications of ecological exchange (in revision) — two-region, 54-industry ecological SFC model
- Stabilizing Economic Fluctuations (JEBO 2023)
- Vallès Codina & Semmler (2024). Time Scales of the Low-Carbon Transition. Journal of Economics and Statistics
Production Networks, Complexity, and Crisis
The structure of intermediate production networks determines both the normal dynamics of capitalist economies and the character of their crises. I combine input-output analysis, network theory, and dynamical systems to study:
- Autocatalytic sets and crisis: Sraffa’s basic commodities as the dominant ACS; keystone sector disruptions as phase transitions (discontinuous ACS collapse) rather than smooth departures from equilibrium
- Multi-sector eigenvalue dynamics: how the spectral structure of the input-output matrix (dominant eigenvalue, subdominant eigenvalues, imaginary components) shapes the frequency and amplitude of sectoral oscillations
- Network centrality and systemic risk: which sectors are “too central to fail” in the sense that their disruption severs catalytic closure across the network
History of Economic Thought
Methodological and historical work on the development of value theory, the thermodynamic foundations of political economy, and the relationship between classical and neoclassical research programmes.
- Engagement with Mirowski’s More Heat than Light (1989) — arguing that the classical tradition, not the neoclassical, provides the correct thermodynamic analogy
- The Cambridge capital controversies and the structural relationship between the LTV and the neoclassical aggregate production function
- Georgescu-Roegen’s entropy programme and its relationship to the classical labour theory of value