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Marx and Non-equilibrium Economics
This new volume develops a rigorous equilibrium-free political economy based on labour values. Rooted in a non-dualistic approach restoring money to its central role in a commodity economy, Marx and Non-Equilibrium Economics is the fruit of extensive international collaboration reflecting a profound critical reappraisal of Marx’s theoretical work and its relation to modern economics.
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Critical Acclaim
Contents
More Information
This major volume develops a rigorous equilibrium-free political economy based on labour values. Rooted in a non-dualistic approach restoring money to its central role in a commodity economy, Marx and Non-Equilibrium Economics is the fruit of extensive international collaboration reflecting a profound critical reappraisal of Marx''s theoretical work and its relation to modern economics.
This major book reconstructs classical Marxist explanations for many of the most important phenomena of the day, including mass poverty, unequal development, and endemic economic crisis. The authors vindicate Marx''s most contentious propositions, showing how the profit rate falls despite continuous technical innovation and how values are transformed into prices, preserving his famous ''two equalities''.
Destined to become a reference text for both Marxists and non-Marxists dissatisfied with the neoclassical synthesis, Marx and Non-Equilibrium Economics is a decisive break with the economic conventions of the Twentieth Century.
This major book reconstructs classical Marxist explanations for many of the most important phenomena of the day, including mass poverty, unequal development, and endemic economic crisis. The authors vindicate Marx''s most contentious propositions, showing how the profit rate falls despite continuous technical innovation and how values are transformed into prices, preserving his famous ''two equalities''.
Destined to become a reference text for both Marxists and non-Marxists dissatisfied with the neoclassical synthesis, Marx and Non-Equilibrium Economics is a decisive break with the economic conventions of the Twentieth Century.
Critical Acclaim
‘This volume deserves the attention of Marxist economists because, despite the considerable diversity of the contributors, these essays put forward a more or less unified version of Marxian value theory that offers unconventional and creatively new insights.’
– Bruce Roberts, Science and Society
‘. . . this volume represents a significant contribution to the rejuvenation of Marxist Value theory. The views expressed in it are novel and thought-provoking. . .’
– Stavros Mavroudeas, Capital and Class
‘This provocative collection has a definite “attitude”; no reader will fail to note the authors’ intention to claim a place at the table where Marx and value theory are debated. And one need not endorse their arguments in every particular to agree that that place is deserved. This volume deserves the attention of Marxist economists because, despite the considerable diversity of the contributors, these essays put forward a more or less unified vision of Marxian value theory that offers unconventional and creatively new insights.’
– Bruce Roberts, Science and Society
‘I was pleasantly surprised to find a fresh, frank defense of Marx’s explanation of what moved capitalism and why. The contributors argue, in their treatments of several different issues, that Marx’s analysis of capitalism is not logically unsound as claimed by his critics. Instead, the logical deficiency arises only when Marx’s analysis is forced into a general equilibrium framework of simultaneous equations in which markets instantly clears and Say’s Law holds. . . this collection is a good read.’
– W.M. Dugger, Southern Economic Journal
‘The contributions of this volume to the reading of Marx’s theory of value are solid and considerable.’
– Duncan Foley, Eastern Economic Journal
‘. . . a provocative book.’
– John E. King, Economic Record
‘This volume will be of interest to graduate students and faculty.’
– A. Balinky, Choice
– Bruce Roberts, Science and Society
‘. . . this volume represents a significant contribution to the rejuvenation of Marxist Value theory. The views expressed in it are novel and thought-provoking. . .’
– Stavros Mavroudeas, Capital and Class
‘This provocative collection has a definite “attitude”; no reader will fail to note the authors’ intention to claim a place at the table where Marx and value theory are debated. And one need not endorse their arguments in every particular to agree that that place is deserved. This volume deserves the attention of Marxist economists because, despite the considerable diversity of the contributors, these essays put forward a more or less unified vision of Marxian value theory that offers unconventional and creatively new insights.’
– Bruce Roberts, Science and Society
‘I was pleasantly surprised to find a fresh, frank defense of Marx’s explanation of what moved capitalism and why. The contributors argue, in their treatments of several different issues, that Marx’s analysis of capitalism is not logically unsound as claimed by his critics. Instead, the logical deficiency arises only when Marx’s analysis is forced into a general equilibrium framework of simultaneous equations in which markets instantly clears and Say’s Law holds. . . this collection is a good read.’
– W.M. Dugger, Southern Economic Journal
‘The contributions of this volume to the reading of Marx’s theory of value are solid and considerable.’
– Duncan Foley, Eastern Economic Journal
‘. . . a provocative book.’
– John E. King, Economic Record
‘This volume will be of interest to graduate students and faculty.’
– A. Balinky, Choice
Contents
Contents: Foreword (A. Freeman, G. Carchedi) Introduction 1. The Psychopathology of Walrasian Marxism (A. Freeman) 2. One System or Two? The Transformation of Values into Prices of Production Versus the Transformation Problem (T. McGlone, A. Kliman) 3. The Transformation of Values into Prices of Production: A Different Reading of Marx’s Text (A. Ramos-Martinez, A. Rodriguez-Herrera) 4. Money, the Postulates of Invariance and the Transformation of Marx into Ricardo (A. Rodriguez-Herrera) 5. Time, Money, Equilibrium: Methodology and the Labour Theory of the Profit Rate (M.I. Naples) 6. The Value of Money, the Value of Labour Power and the Net Product: An Appraisal of the ‘New Approach’ to the Transformation Problem (A. Saad-Filho) 7. The Transformation Procedure: A Non-Equilibrium Approach (A. Carchedi, W. de Haan) 8. Non-Equilibrium Market Prices (A. Carchedi) 9. Demand, Supply and Market Prices (P. Giussani) 10. A Value-Theoretic Critique of the Okishio Theorem (A. Kliman) 11. Price, Value and Profit – A Continuous, General, Treatment (A. Freeman) Bibliography Index
Contributors: A. Carchedi, W. de Haan, A. Freeman, P. Giussani, A. Kliman, A. Ramos-Martinez, T. McGlone, M.I. Naples, A. Rodríguez-Herrera, A. Saad-Filho
Contributors: A. Carchedi, W. de Haan, A. Freeman, P. Giussani, A. Kliman, A. Ramos-Martinez, T. McGlone, M.I. Naples, A. Rodríguez-Herrera, A. Saad-Filho