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Marxian economics

From Wikipedia, the free encyclopedia

Marxian economics, or the Marxian school of economics, is a heterodox school of economic thought. Its foundations can be traced back to the critique of classical political economy in the research by Karl Marx and Friedrich Engels. Marxian economics comprises several different theories and includes multiple schools of thought, which are sometimes opposed to each other, and in many cases Marxian analysis is used to complement or supplement other economic approaches.[1] Because one does not necessarily have to be politically Marxist to be economically Marxian, the two adjectives coexist in usage rather than being synonymous. They share a semantic field while also allowing connotative and denotative differences.

Marxian economics concerns itself variously with the analysis of crisis in capitalism, the role and distribution of the surplus product and surplus value in various types of economic systems, the nature and origin of economic value, the impact of class and class struggle on economic and political processes, and the process of economic evolution.

Marxian economics, particularly in academia, is distinguished from Marxism as a political ideology as well as the normative aspects of Marxist thought, with the view that Marx's original approach to understanding economics and economic development is intellectually independent from Marx's own advocacy of revolutionary socialism.[2][3] Marxian economists do not lean entirely upon the works of Marx and other widely known Marxists, but draw from a range of Marxist and non-Marxist sources.[4]

Although the Marxian school is considered heterodox, ideas that have come out of Marxian economics have contributed to mainstream understanding of the global economy. Certain concepts developed in Marxian economics, especially those related to capital accumulation and the business cycle, have been fitted for use in capitalist systems (for instance, Joseph Schumpeter's notion of creative destruction).

Marx's magnum opus on political economy was Das Kapital (Capital: A Critique of Political Economy) in three volumes, of which only the first volume was published in his lifetime (1867); the others were published by Friedrich Engels from Marx's notes. One of Marx's early works, Critique of Political Economy, was mostly incorporated into Das Kapital, especially the beginning of volume 1. Marx's notes made in preparation for writing Das Kapital were published in 1939 under the title Grundrisse.

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Transcription

Most people agree that we need to improve our economic system somehow. Yet we’re also often keen to dismiss the ideas of capitalism’s most famous and ambitious critic, Karl Marx. This isn’t very surprising. In practice, his political and economic ideas have been used to design disastrously planned economies and nasty dictatorships. Nevertheless, we shouldn’t reject Marx too quickly. We ought to see him as a guide whose diagnosis of Capitalism’s ills helps us navigate towards a more promising future. Capitalism is going to have be reformed - and Marx’s analyse are going to be part of any answer. Marx was born in 1818 in Trier, Germany. Soon he became involved with the Communist party, a tiny group of intellectuals advocating for the overthrow of the class system and the abolition of private property. He worked as a journalist and had to flee Germany, eventually settling in London. Marx wrote an enormous number of books and articles, sometimes with his friend Friedrich Engels Mostly, Marx wrote about Capitalism, the type of economy that dominates the western world. It was, in his day, still getting going, and Marx was one of its most intelligent and perceptive critics. These were some of the problems he identified with it: Modern work is “alienated” One of Marx’s greatest insights is that work can be one of the sources of our greatest joys. But in order to be fulfilled at work, Marx wrote that workers need ‘to see themselves in the objects they have created’. Think of the person who built this chair: it is straightforward, strong, honest and elegant It’s an example of how, at its best, labour offers us a chance to externalise what’s good inside us. But this is increasingly rare in the modern world. Part of the problem is that modern work is incredibly specialised. Specialised jobs make the modern economy highly efficient, but they also mean that it is seldom possible for any one worker to derive a sense of the genuine contribution they might be making to the real needs of humanity. Marx argued that modern work leads to alienation = Entfremdung in other words, a feeling of disconnection between what you do all day and who you feel you really are and would ideally be able to contribute to existence. Modern work is insecure Capitalism makes the human being utterly expendable; just one factor among others in the forces of production that can ruthlessly be let go the minute that costs rise or savings can be made through technology. And yet, as Marx knew, deep inside of us, we don’t want to be arbitrarily let go, we are terrified of being abandoned. Communism isn’t just an economic theory. Understood emotionally, it expresses a deep-seated longing that we always have a place in the world’s heart, that we will not be cast out. Workers get paid little while capitalists get rich This is perhaps the most obvious qualm Marx had with Capitalism. In particular, he believed that capitalists shrunk the wages of the labourers as much as possible in order to skim off a wide profit margin. He called this primitive accumulation = ursprüngliche Akkumulation Whereas capitalists see profit as a reward for ingenuity and technological talent, Marx was far more damning. Profit is simply theft, and what you are stealing is the talent and hard work of your work force. However much one dresses up the fundamentals, Marx insists that at its crudest, capitalism means paying a worker one price for doing something that can be sold for another, much higher one. Profit is a fancy term for exploitation. Capitalism is very unstable Marx proposed that capitalist systems are characterised by series of crises. Every crisis is dressed up by capitalists as being somehow freakish and rare and soon to be the last one. Far from it, argued Marx, crises are endemic to capitalism - and they’re caused by something very odd. The fact that we’re able to produce too much - far more than anyone needs to consume. Capitalist crises are crises of abundance, rather than - as in the past - crises of shortage. Our factories and systems are so efficient, we could give everyone on this planet a car, a house, access to a decent school and hospital. That’s what so enraged Marx and made him hopeful too. Few of us need to work, because the modern economy is so productive. But rather than seeing this need not to work as the freedom it is, we complain about it masochistically and describe it by a pejorative word “unemployment.” We should call it freedom. There’s so much unemployment for a good and deeply admirable reason: because we’re so good at making things efficiently. We’re not all needed at the coal face. But in that case, we should - thought Marx - make leisure admirable. We should redistribute the wealth of the massive corporations that make so much surplus money and give it to everyone. This is, in its own way, as beautiful a dream as Jesus’s promise of heaven; but a good deal more realistic sounding. Capitalism is bad for capitalists Marx did not think capitalists were evil. For example, he was acutely aware of the sorrows and secret agonies that lay behind bourgeois marriage. Marx argued that marriage was actually an extension of business, and that the bourgeois family was fraught with tension, oppression, and resentment, with people staying together not for love but for financial reasons. Marx believed that the capitalist system forces everyone to put economic interests at the heart of their lives, so that they can no longer know deep, honest relationships. He called this psychological tendency commodity fetishism = Warenfetischismus because it makes us value things that have no objective value. He wanted people to be freed from financial constraint so that they could - at last - start to make sensible, healthy choices in their relationships. The 20th century feminist answer to the oppression of women has been to argue that women should be able to go out to work. Marx’s answer was more subtle. This feminist insistence merely perpetuates human slavery. The point isn’t that women should imitate the sufferings of their male colleagues,it’s that men and women should have the permanent option to enjoy leisure. Why don’t we all think a bit more like marx? An important aspect of Marx’s work is that he proposes that there is an insidious, subtle way in which the economic system colours the sort of ideas that we ending up having. The economy generates what Marx termed an “ideology”. A capitalist society is one where most people, rich and poor, believe all sorts of things that are really just value judgements that relate back to the economic system: that a person who doesn’t work is worthless, that leisure (beyond a few weeks a year) is sinful, that more belongings will make us happier and that worthwhile things (and people) will invariably make money. In short, one of the biggest evils of Capitalism is not that there are corrupt people at the top—this is true in any human hierarchy—but that capitalist ideas teach all of us to be anxious, competitive, conformist, and politically complacent. Marx didn’t only outline what was wrong capitalism: we also get glimpses of what Marx wanted the ideal utopian future to be like. In his Communist Manifesto he describes a world without private property or inherited wealth, with a steeply graduated income tax, centralised control of the banking, communication, and transport industries, and free public education. Marx also expected that communist society would allow people to develop lots of different sides of their natures: “in communist society…it is possible for me to do one thing today and another tomorrow, to hunt in the morning, fish in the afternoon, rear cattle in the evening, criticise after dinner, just as I have a mind, without ever becoming hunter, fisherman, herdsman or critic.” After Marx moved to London he was supported by his friend and intellectual partner Friedrich Engels, a wealthy man whose father owned a cotton plant in Manchester. Engels covered Marx’s debts and made sure his works were published. Capitalism paid for Communism. The two men even wrote each other adoring poetry. Marx was not a well-regarded or popular intellectual in his day. Respectable, conventional people of Marx’s day would have laughed at the idea that his ideas could remake the world. Yet just a few decades later they did: his writings became the keystone for some of the most important ideological movements of the 20th century. But Marx was like a brilliant doctor in the early days of medicine. He could recognise the nature of the disease, although he had no idea how to go about curing it. At this point in history, we should all be Marxists in the sense of agreeing with his diagnosis of our troubles. But we need to go out and find the cures that will really work. As Marx himself declared, and we deeply agree: Philosophers until now have only interpreted the world in various ways. The point, however, is to change it.

Contents

Marx's response to classical economics

Marx's economics took as its starting point the work of the best-known economists of his day, the British classical economists Adam Smith, Thomas Robert Malthus and David Ricardo.

In The Wealth of Nations (1776), Smith argued that the most important characteristic of a market economy was that it permitted a rapid growth in productive abilities. Smith claimed that a growing market stimulated a greater "division of labor" (i.e. specialization of businesses and/or workers) and in turn this led to greater productivity. Although Smith generally said little about laborers, he did note that an increased division of labor could at some point cause harm to those whose jobs became narrower and narrower as the division of labor expanded. Smith maintained that a laissez-faire economy would naturally correct itself over time.

Marx followed Smith by claiming that the most important beneficial economic consequence of capitalism was a rapid growth in productivity abilities. Marx also expanded greatly on the notion that laborers could come to harm as capitalism became more productive. Additionally, Marx noted in Theories of Surplus Value: "We see the great advance made by Adam Smith beyond the Physiocrats in the analysis of surplus-value and hence of capital. In their view, it is only one definite kind of concrete labour—agricultural labour—that creates surplus-value... But to Adam Smith, it is general social labour — no matter in what use-values it manifests itself — the mere quantity of necessary labour, which creates value. Surplus-value, whether it takes the form of profit, rent, or the secondary form of interest, is nothing but a part of this labour, appropriated by the owners of the material conditions of labour in the exchange with living labour".

Malthus' claim in An Essay on the Principle of Population (1798) that population growth was the primary cause of subsistence level wages for laborers provoked Marx to develop an alternative theory of wage determination. Whereas Malthus presented an ahistorical theory of population growth, Marx offered a theory of how a relative surplus population in capitalism tended to push wages to subsistence levels. Marx saw this relative surplus population as coming from economic causes and not from biological causes (as in Malthus). This economic-based theory of surplus population is often labeled as Marx's theory of the reserve army of labour.

Ricardo developed a theory of distribution within capitalism—that is, a theory of how the output of society is distributed to classes within society. The most mature version of this theory, presented in On the Principles of Political Economy and Taxation (1817), was based on a labour theory of value in which the value of any produced object is equal to the labor embodied in the object and Smith too presented a labor theory of value, but it was only incompletely realized. Also notable in Ricardo's economic theory was that profit was a deduction from society's output and that wages and profit were inversely related[5]: an increase in profit came at the expense of a reduction in wages. Marx built much of the formal economic analysis found in Capital on Ricardo's theory of the economy.

Marx's theory

Marx employed a labour theory of value, which holds that the value of a commodity is the socially necessary labour time invested in it. In this model, capitalists do not pay workers the full value of the commodities they produce; rather, they compensate the worker for the necessary labor only (the worker's wage, which cover only the necessary means of subsistence in order to maintain him working in the present and his family in the future as a group). This necessary labor is necessarily only a fraction of a full working day - the rest, surplus-labor, would be pocketed by the capitalist as profit.

Marx theorized that the gap between the value a worker produces and his wage is a form of unpaid labour, known as surplus value. Moreover, Marx argues that markets tend to obscure the social relationships and processes of production; he called this commodity fetishism. People are highly aware of commodities, and usually don't think about the relationships and labor they represent.

Marx's analysis leads to the consideration of economic crisis. "A propensity to crisis—what we would call business cycles—was not recognised as an inherent feature of capitalism by any other economist of Marx's time," observed Robert Heilbroner in The Worldly Philosophers, "although future events have certainly indicated his prediction of successive boom and crash."[6] Marx's theory of economic cycles was formalised by Richard Goodwin in "A Growth Cycle" (1967),[7] a paper published during the centenary year of Capital, Volume I.

Methodology

Marx used dialectics, a method that he adapted from the works of Georg Wilhelm Friedrich Hegel. Dialectics focuses on relation and change, and tries to avoid seeing the universe as composed of separate objects, each with essentially stable unchanging characteristics. One component of dialectics is abstraction; out of an undifferentiated mass of data or system conceived of as an organic whole, one abstracts portions to think about or to refer to. One may abstract objects, but also—and more typically—relations, and processes of change. An abstraction may be extensive or narrow, may focus on generalities or specifics, and may be made from various points of view. For example, a sale may be abstracted from a buyer's or a seller's point of view, and one may abstract a particular sale or sales in general. Another component is the dialectical deduction of categories. Marx uses Hegel's notion of categories, which are forms, for economics: The commodity form, the money form, the capital form etc. have to be systematically deduced instead of being grasped in an outward way as done by the bourgeois economists. This corresponds to Hegel's critique of Kant's transcendental philosophy.[8]

Marx regarded history as having passed through several stages. The details of his periodisation vary somewhat through his works, but it essentially is: Primitive CommunismSlave societies – FeudalismCapitalismSocialismCommunism (capitalism being the present stage and communism the future). Marx occupied himself primarily with describing capitalism. Historians place the beginning of capitalism some time between about 1450 (Sombart) and some time in the 17th century (Hobsbawm).[9]

Marx defines a commodity as a product of human labour that is produced for sale in a market, and many products of human labour are commodities. Marx began his major work on economics, Capital, with a discussion of commodities; Chapter One is called "Commodities".

Commodities

"The wealth of those societies in which the capitalist mode of production prevails, presents itself as 'an immense accumulation of commodities,' its unit being a single commodity." (First sentence of Capital, Volume I.)

"The common substance that manifests itself in the exchange value of commodities whenever they are exchanged, is their value." (Capital, I, Chap I, section 1.)

The worth of a commodity can be conceived of in two different ways, which Marx calls use-value and value. A commodity's use-value is its usefulness for fulfilling some practical purpose; for example, the use-value of a piece of food is that it provides nourishment and pleasurable taste; the use value of a hammer, that it can drive nails.

Value is, on the other hand, a measure of a commodity's worth in comparison to other commodities. It is closely related to exchange-value, the ratio at which commodities should be traded for one another, but not identical: value is at a more general level of abstraction; exchange-value is a realisation or form of it.

Marx argued that if value is a property common to all commodities, then whatever it is derived from, whatever determines it, must be common to all commodities. The only relevant thing that is, in Marx's view, common to all commodities is human labour: they are all produced by human labour.

Marx concluded that the value of a commodity is simply the amount of human labour required to produce it. Thus Marx adopted a labour theory of value, as had his predecessors Ricardo and MacCulloch; Marx himself traced the existence of the theory at least as far back as an anonymous work, Some Thoughts on the Interest of Money in General, and Particularly the Publick Funds, &c., published in London around 1739 or 1740.[10]

Marx placed some restrictions on the validity of his value theory: he said that in order for it to hold, the commodity must not be a useless item; and it is not the actual amount of labour that went into producing a particular individual commodity that determines its value, but the amount of labour that a worker of average energy and ability, working with average intensity, using the prevailing techniques of the day, would need to produce it. A formal statement of the law is: the value of a commodity is equal to the average socially necessary labour time required for its production. (Capital, I, Chap I – p. 39 in Progress Publishers, Moscow, ed'n.)

Marx's contention was that commodities tend, at a fairly general level of abstraction, to exchange at value; that is, if Commodity A, whose value is "V", is traded for Commodity B, it will tend to fetch an amount of Commodity B whose value is the same, "V". Particular circumstances will cause divergence from this rule, however.

Money

Marx held that metallic money, such as gold, is a commodity, and its value is the labour time necessary to produce it (mine it, smelt it, etc.). Marx argued that gold and silver are conventionally used as money because they embody a large amount of labour in a small, durable, form, which is convenient. Paper money is, in this model, a representation of gold or silver, almost without value of its own but held in circulation by state decree.

"Paper money is a token representing gold or money." (Capital, I, Chap III, section 2, part c.)

Production

Marx lists the elementary factors of production as:

  1. labour, "the personal activity of man." (Capital, I, VII, 1.)
  2. the subject of labour: the thing worked on.
  3. the instruments of labour: tools, labouring domestic animals like horses, chemicals used in modifying the subject, etc.

Some subjects of labour are available directly from Nature: uncaught fish, unmined coal, etc. Others are results of a previous stage of production; these are known as raw materials, such as flour or yarn. Workshops, canals, and roads are considered instruments of labour. (Capital, I, VII, 1.) Coal for boilers, oil for wheels, and hay for draft horses is considered raw material, not instruments of labour.

"If, on the other hand, the subject of labour has, so to say, been filtered through previous labour, we call it raw material. . . ." (Capital, I, Chap VII, section 1.)

The subjects of labour and instruments of labour together are called the means of productionRelations of production are the relations human beings adopt toward each other as part of the production process. In capitalism, wage labour and private property are part of the relations of production.

Calculation of value of a product (price not to be confused with value):
If labour is performed directly on Nature and with instruments of negligible value, the value of the product is simply the labour time. If labour is performed on something that is itself the product of previous labour (that is, on a raw material), using instruments that have some value, the value of the product is the value of the raw material, plus depreciation on the instruments, plus the labour time. Depreciation may be figured simply by dividing the value of the instruments by their working life; e.g. if a lathe worth £1,000 lasts in use 10 years it imparts value to the product at a rate of £100 per year.
, Where: is the value of the product;
is the value of the means of production;
is the labour time.

Effect of technical progress

According to Marx, the amount of actual product (i.e. use-value) that a typical worker produces in a given amount of time is the productivity of labour. It has tended to increase under capitalism. This is due to increase in the scale of enterprise, to specialisation of labour, and to the introduction of machinery. The immediate result of this is that the value of a given item tends to decrease, because the labour time necessary to produce it becomes less.

In a given amount of time, labour produces more items, but each unit has less value; the total value created per time remains the same. This means that the means of subsistence become cheaper; therefore the value of labour power or necessary labour time becomes less. If the length of the working day remains the same, this results in an increase in the surplus labour time and the rate of surplus value.

Technological advancement tends to increase the amount of capital needed to start a business, and it tends to result in an increasing preponderance of capital being spent on means of production (constant capital) as opposed to labour (variable capital). Marx called the ratio of these two kinds of capital the composition of capital.

Current theorizing in Marxian economics

Marxian economics has been built upon by many others, beginning almost at the moment of Marx's death. The second and third volumes of Das Kapital were edited by his close associate Friedrich Engels, based on Marx's notes. Marx's Theories of Surplus Value was edited by Karl Kautsky. The Marxian value theory and the Perron-Frobenius theorem on the positive eigenvector of a positive matrix [11] are fundamental to mathematical treatments of Marxian economics.

The Universities offering one or more courses in Marxian economics, or teach one or more economics courses on other topics from a perspective that they designate as Marxian or Marxist, include Colorado State University, New School for Social Research, School of Oriental and African Studies, Universiteit Maastricht, University of Bremen, University of California, Riverside, University of Leeds, University of Maine, University of Manchester, University of Massachusetts Amherst, University of Massachusetts Boston, University of Missouri–Kansas City, University of Sheffield, University of Utah, and York University (Toronto).[12]

English-language journals include Capital & Class, Historical Materialism, Monthly Review, Rethinking Marxism, Review of Radical Political Economics, and Studies in Political Economy.

Criticisms

Much of the critique of classical Marxian economics came from Marxian economists that revised Marx's original theory, or by the Austrian school of economics. V. K. Dmitriev, writing in 1898,[13] Ladislaus von Bortkiewicz, writing in 1906–07,[14] and subsequent critics claimed that Marx's value theory and law of the tendency of the rate of profit to fall are internally inconsistent. In other words, the critics allege that Marx drew conclusions that actually do not follow from his theoretical premises. Once these alleged errors are corrected, his conclusion that aggregate price and profit are determined by, and equal to, aggregate value and surplus value no longer holds true. This result calls into question his theory that the exploitation of workers is the sole source of profit.[15]

Whether the rate of profit in capitalism has, as Marx predicted, tended to fall is a subject of debate. N. Okishio, in 1961, devised a theorem (Okishio's theorem) showing that if capitalists pursue cost-cutting techniques and if the real wage does not rise, the rate of profit must rise.[16]

The inconsistency allegations have been a prominent feature of Marxian economics and the debate surrounding it since the 1970s.[17]

Among the critics pointing out internal inconsistencies are former and current Marxian and/or Sraffian economists, such as Paul Sweezy,[18] Nobuo Okishio,[19] Ian Steedman,[20] John Roemer,[21] Gary Mongiovi,[22] and David Laibman,[23] who propose that the field be grounded in their correct versions of Marxian economics instead of in Marx's critique of political economy in the original form in which he presented and developed it in Capital.[24]

Proponents of the Temporal Single System Interpretation (TSSI) of Marx's value theory claim that the supposed inconsistencies are actually the result of misinterpretation; they argue that when Marx's theory is understood as "temporal" and "single-system," the alleged internal inconsistencies disappear. In a recent survey of the debate, a proponent of the TSSI concludes that "the proofs of inconsistency are no longer defended; the entire case against Marx has been reduced to the interpretive issue."[25]

Relevance to economics

Marxist economics was assessed as lacking relevance in 1988 by Robert M. Solow, who criticized the New Palgrave Dictionary of Economics for over-sampling articles on Marxist themes, giving a "false impression of the state of play" in the economics profession. Solow stated that "Marx was an important and influential thinker, and Marxism has been a doctrine with intellectual and practical influence. The fact is, however, that most serious English-speaking economists regard Marxist economics as an irrelevant dead end."[26]

"Economists working in the Marxian-Sraffian tradition represent a small minority of modern economists, and that their writings have virtually no impact upon the professional work of most economists in major English-language universities", according to George Stigler.[27]

Neo-Marxian economics

The terms Neo-Marxian, Post-Marxian, and Radical Political Economics were first used to refer to a distinct tradition of economic thought in the 1970s and 1980s.

In industrial economics, the Neo-Marxian approach stresses the monopolistic rather than the competitive nature of capitalism. This approach is associated with Michal Kalecki, Josef Steindl, Paul A. Baran and Paul Sweezy.[28][29]

See also

Footnotes

  1. ^ Wolff and Resnick, Richard and Stephen (August 1987). Economics: Marxian versus Neoclassical. The Johns Hopkins University Press. p. 130. ISBN 0801834805. Marxian theory (singular) gave way to Marxian theories (plural).
  2. ^ "The Neo-Marxian blood Schools". The New School. Archived from the original on 2008-04-29. Retrieved 2007-08-23.
  3. ^ Munro, John. "Some Basic Principles of Marxian Economics" (PDF). University of Toronto. Retrieved 2007-08-23.
  4. ^ Described in Duncan Foley and Gérard Duménil, 2008, "Marx's analysis of capitalist production," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
  5. ^ Schefold, Bertram (1992). The Relation between the Rate of Profit and the Rate of Interest: A Reassessment after the Publication of Marx’s Manuscript of the Third Volume of Das Kapital. Springer Link. pp. 127–129.
  6. ^ Heilbroner 2000, p. 164.
  7. ^ Screpanti & Zamagni 2005, p. 474.
  8. ^ See Helmut Reichelt, quoted in: Kubota, Ken: Die dialektische Darstellung des allgemeinen Begriffs des Kapitals im Lichte der Philosophie Hegels. Zur logischen Analyse der politischen Ökonomie unter besonderer Berücksichtigung Adornos und der Forschungsergebnisse von Rubin, Backhaus, Reichelt, Uno und Sekine, in: Beiträge zur Marx-Engels-Forschung. Neue Folge 2009, pp. 199–224, here p. 199.
  9. ^ Angus Maddison, Phases of Capitalist Development. Oxford, 1982. p. 256, note.
  10. ^ Capital, Vol I, Chap I (p. 39 in the Progress Publishers, Moscow, edition).
  11. ^ Fujimori, Y. (1982). "Modern Analysis of Value Theory". Lecture Notes in Economics and Mathematical Systems. Springer.
  12. ^ Schools. HETecon.com. Retrieved on: August 23, 2007.
  13. ^ V. K. Dmitriev, 1974 (1898), Economic Essays on Value, Competition and Utility. Cambridge: Cambridge Univ. Press.
  14. ^ Ladislaus von Bortkiewicz, 1952 (1906–1907), "Value and Price in the Marxian System", International Economic Papers 2, 5–60; Ladislaus von Bortkiewicz, 1984 (1907), "On the Correction of Marx’s Fundamental Theoretical Construction in the Third Volume of Capital". In Eugen von Böhm-Bawerk 1984 (1896), Karl Marx and the Close of his System, Philadelphia: Orion Editions.
  15. ^ M. C. Howard and J. E. King. (1992) A History of Marxian Economics: Volume II, 1929–1990, chapter 12, sect. III. Princeton, NJ: Princeton Univ. Press.
  16. ^ M. C. Howard and J. E. King. (1992) A History of Marxian Economics: Volume II, 1929–1990, chapter 7, sects. II–IV. Princeton, NJ: Princeton Univ. Press.
  17. ^ See M. C. Howard and J. E. King, 1992, A History of Marxian Economics: Volume II, 1929–1990. Princeton, NJ: Princeton Univ. Press.
  18. ^ "Only one conclusion is possible, namely, that the Marxian method of transformation [of commodity values into prices of production] is logically unsatisfactory." Paul M. Sweezy, 1970 (1942), The Theory of Capitalist Development, p. 15. New York: Modern Reader Paperbacks.
  19. ^ Nobuo Okishio, 1961, "Technical Changes and the Rate of Profit," Kobe University Economic Review 7, pp. 85–99.
  20. ^ "[P]hysical quantities ... suffice to determine the rate of profit (and the associated prices of production) .... [I]t follows that value magnitudes are, at best, redundant in the determination of the rate of profit (and prices of production)." "Marx’s value reasoning––hardly a peripheral aspect of his work––must therefore be abandoned, in the interest of developing a coherent materialist theory of capitalism." Ian Steedman, 1977, Marx after Sraffa, pp. 202, 207. London: New Left Books.
  21. ^ "[The falling-rate-of-profit] position is rebutted in Chapter 5 by a theorem which states that ... competitive innovations result in a rising rate of profit. There seems to be no hope for a theory of the falling rate of profit within the strict confines of the environment that Marx suggested as relevant." John Roemer, Analytical Foundations of Marxian Economic Theory, p. 12. Cambridge: Cambridge Univ. Press, 1981.
  22. ^ Mongiovi, Gary (2002). "Vulgar economy in Marxian garb: a critique of Temporal Single System Marxism". Review of Radical Political Economics. 34 (4): 393–416. doi:10.1177/048661340203400401. Archived from the original on 2006-05-06. "Marx did make a number of errors in elaborating his theory of value and the profit rate .... [H]is would-be Temporal Single System defenders ... camouflage Marx’s errors." "Marx’s value analysis does indeed contain errors." (abstract)
  23. ^ "An Error II is an inconsistency, whose removal through development of the theory leaves the foundations of the theory intact. Now I believe that Marx left us with a few Errors II." David Laibman, "Rhetoric and Substance in Value Theory" in Alan Freeman, Andrew Kliman, and Julian Wells (eds.), The New Value Controversy and the Foundations of Economics, Cheltenham, UK: Edward Elgar, 2004, p. 17
  24. ^ See Andrew Kliman, Reclaiming Marx's "Capital": A Refutation of the Myth of Inconsistency, esp. pp. 210–11.
  25. ^ Andrew Kliman, Reclaiming Marx's "Capital", Lanham, MD: Lexington Books, p. 208, emphases in original.
  26. ^ Robert M. Solow, "The Wide, Wide World of Wealth, "New York Times, March 28, 1988, excerpt (from a review of The New Palgrave: A Dictionary of Economics, 1987).
  27. ^ Stigler, George J. (December 1988). "Palgrave's Dictionary of Economics". Journal of Economic Literature. American Economic Association. 26 (4): 1729–36. JSTOR 2726859.
  28. ^ Baran, P. and Sweezy, P. (1966). Monopoly Capital: An essay on the American economic and social order, Monthly Review Press, New York
  29. ^ Jonathan Nitzan and Shimshon Bichler. Capital as power: a study of order and creorder. Taylor & Francis, 2009, p. 50

References

Further reading

  • Althusser, Louis and Balibar, Étienne. Reading Capital. London: Verso, 2009.
  • Bottomore, Tom, ed. A Dictionary of Marxist Thought. Oxford: Blackwell, 1998.
  • Cochrane, James L. (1970). "Marxian Macroeconomics". Macroeconomics Before Keynes. Glenview: Scott, Foresman & Co. pp. 43–58. OCLC 799965716.
  • Fine, Ben. Marx's Capital. 5th ed. London: Pluto, 2010.
  • Harvey, David. A Companion to Marx's Capital. London: Verso, 2010.
  • Harvey, David. The Limits of Capital. London: Verso, 2006.
  • Mandel, Ernest. Marxist Economic Theory. New York: Monthly Review Press, 1970.
  • Mandel, Ernest. The Formation of the Economic Thought of Karl Marx. New York: Monthly Review Press, 1977.
  • Morishima, Michio. Marx's Economics: A Dual Theory of Value and Growth. Cambridge: Cambridge University Press, 1973.
  • Postone, Moishe. Time, Labor, and Social Domination: A Reinterpretation of Marx's Critical Theory. Cambridge [England]: Cambridge University Press, 1993.
  • Saad-Filho, Alfredo. The Value of Marx: Political Economy for Contemporary Capitalism. London: Routledge, 2002.
  • Wolff, Richard D. and Resnick, Stephen A. Contending Economic Theories: Neoclassical, Keynesian, and Marxian. The MIT Press, 2012. ISBN 0262517833

External links

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