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The New Value Controversy and the Foundations of Economics
This sequel to Marx and Non-Equilibrium Economics introduces the key advances in modern value theory. Leading authors with contrasting theoretical viewpoints debate equilibrium and non-equilibrium approaches, abstract labour and money, and provide an invaluable introduction to the rapidly growing body of new work in these fields.
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Critical Acclaim
Contributors
Contents
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This sequel to Marx and Non-Equilibrium Economics introduces the key advances in modern value theory. Leading authors with contrasting theoretical viewpoints debate equilibrium and non-equilibrium approaches, abstract labour and money, and provide an invaluable introduction to the rapidly growing body of new work in these fields.
The authors cover cutting-edge topics in value theory including gender and money, crisis theory, the impact of technology, skilled and complex labour, and the effect of international transfers of value.
All of the papers in The New Value Controversy and the Foundations of Economics concentrate on new research. The mathematical content is minimal, allowing both active researchers and new students to introduce themselves to the burgeoning critical reappraisal of the foundations of Twentieth Century economic thinking.
The authors cover cutting-edge topics in value theory including gender and money, crisis theory, the impact of technology, skilled and complex labour, and the effect of international transfers of value.
All of the papers in The New Value Controversy and the Foundations of Economics concentrate on new research. The mathematical content is minimal, allowing both active researchers and new students to introduce themselves to the burgeoning critical reappraisal of the foundations of Twentieth Century economic thinking.
Critical Acclaim
‘The New Value Controversy and the Foundation of Economics constitutes a useful benchmark for some recent work in Marxian value theory.’
– Fletcher Baragar, Research in the History of Economic Thought and Methodology
‘This volume promotes an open dialogue between the Temporal Single-System (TSS) versus the traditional-Sraffian interpretation of Marx’s labor theory of value. It does so by first setting out the basis for the debate, secondly by extensively developing the TSS interpretation, and lastly by inviting those who disagree to engage in an open dialogue. It is by moving towards a critical Marxist pluralism, the editors believe, that Marxist scholarship will be lifted from its current hidebound stupor. Questioning tradition and providing the basis of an alternative, The New Value Controversy and the Foundations of Economics is a book that all heterodox economists should read.’
– Frederic S. Lee, University of Missouri, Kansas City, US
‘A well focused debate over the key issue in Marx’s economics by some of the world’s leading Marxist economists. I can’t think of a better way (or work) to introduce students to the intricacies of Marx’s value theory and the controversies it has spawned. Highly recommended!’
– Bertell Ollman, New York University, US
‘This rich set of essays breathes new life into Marxian economics by demonstrating the range and veracity of Marx’s theory of value as well as a steadfast commitment to open dialogue and fair-minded debate on these fundamental issues. As practiced here, value theory is a vehicle for rigorous analysis and conversation within and across paradigms. This alone is an enormous contribution to heterodox economics and to contemporary economics at large, where questions of value are enduringly central yet rarely discussed in a cogent and pluralistic manner.’
– Robert F. Garnett, Texas Christian University, US
‘Rather than disappearing, Marxian value theory has experienced a new surge of interest, interpretations, and dispute since the end of the Cold War. A considerable amount of this dispute has centered on the Temporal Single-System Interpretation (TSSI). This volume brings together in one place most of the leading participants in these discussions, both those who advocate this approach as well as those who have been most articulate in their disagreements with it on a variety of grounds. Among the issues involved in these debates are the role of time, the role of money, the role of inputs, the role and nature of economic equilibrium, and broader philosophical, ideological, and historical questions. Besides the comprehensive coverage of this debate, this volume also provides a "snapshot" of views on other Marxian economics issues by various other leading individuals. This is clearly the definitive volume on controversies over Marxian value theory available at this time.’
– J. Barkley Rosser Jr., James Madison University, US
‘This book assembles – in an impressively undogmatic and theoretically self-conscious way – an excellent set of mutually engaged articles. Well chosen to highlight the central claims and debates surrounding them, the articles document the dramatic recent renewal of Marxian value theories, extend them provocatively to important issues, and thereby effectively challenge Marxian economics’ censorious exclusion from the academic mainstream.’
– Richard D. Wolff, University of Massachusetts, US
– Fletcher Baragar, Research in the History of Economic Thought and Methodology
‘This volume promotes an open dialogue between the Temporal Single-System (TSS) versus the traditional-Sraffian interpretation of Marx’s labor theory of value. It does so by first setting out the basis for the debate, secondly by extensively developing the TSS interpretation, and lastly by inviting those who disagree to engage in an open dialogue. It is by moving towards a critical Marxist pluralism, the editors believe, that Marxist scholarship will be lifted from its current hidebound stupor. Questioning tradition and providing the basis of an alternative, The New Value Controversy and the Foundations of Economics is a book that all heterodox economists should read.’
– Frederic S. Lee, University of Missouri, Kansas City, US
‘A well focused debate over the key issue in Marx’s economics by some of the world’s leading Marxist economists. I can’t think of a better way (or work) to introduce students to the intricacies of Marx’s value theory and the controversies it has spawned. Highly recommended!’
– Bertell Ollman, New York University, US
‘This rich set of essays breathes new life into Marxian economics by demonstrating the range and veracity of Marx’s theory of value as well as a steadfast commitment to open dialogue and fair-minded debate on these fundamental issues. As practiced here, value theory is a vehicle for rigorous analysis and conversation within and across paradigms. This alone is an enormous contribution to heterodox economics and to contemporary economics at large, where questions of value are enduringly central yet rarely discussed in a cogent and pluralistic manner.’
– Robert F. Garnett, Texas Christian University, US
‘Rather than disappearing, Marxian value theory has experienced a new surge of interest, interpretations, and dispute since the end of the Cold War. A considerable amount of this dispute has centered on the Temporal Single-System Interpretation (TSSI). This volume brings together in one place most of the leading participants in these discussions, both those who advocate this approach as well as those who have been most articulate in their disagreements with it on a variety of grounds. Among the issues involved in these debates are the role of time, the role of money, the role of inputs, the role and nature of economic equilibrium, and broader philosophical, ideological, and historical questions. Besides the comprehensive coverage of this debate, this volume also provides a "snapshot" of views on other Marxian economics issues by various other leading individuals. This is clearly the definitive volume on controversies over Marxian value theory available at this time.’
– J. Barkley Rosser Jr., James Madison University, US
‘This book assembles – in an impressively undogmatic and theoretically self-conscious way – an excellent set of mutually engaged articles. Well chosen to highlight the central claims and debates surrounding them, the articles document the dramatic recent renewal of Marxian value theories, extend them provocatively to important issues, and thereby effectively challenge Marxian economics’ censorious exclusion from the academic mainstream.’
– Richard D. Wolff, University of Massachusetts, US
Contributors
Contributors: P. Chattopadhyay, E.B. Chilcote, W.P. Cockshott, P. Cooney, A.F. Cottrell, A. Davis, M. De Angelis, A. Freeman, R. Kalmans, A. Kliman, D. Laibman, S.D. Mavroudeas, T. McGlone, F. Moseley, M. Perelman, A. Ramos Martinez, B. Roberts, M.L. Robles-Baez, J. Wells
Contents
Contents: 1. Rhetoric and Substance in Value Theory: An Appraisal of the New Orthodox Marxism 2. Marx versus the ‘20th-Century Marxists’: A Reply to Laibman 3. The Return to Marx: Retreat or Advance 4. The Case for Simplicity: A Paradigm for the Political Economy of the 21st Century 5. Labour, Money, Labour-saving Innovation and the Falling Rate of Profit 6. The Other Side of the Class Relation: Women, Money and Commodities in Capitalism 7. Value, Abstract Labour and Exchange Equivalence 8. The Duality of Labour 9. On the Abstraction of Labour as a Social Determination 10. Defining the Concreteness of the Abstract and its Measure: Notes on the Relation between Key Concepts in Marx’s Theory of Capitalism 11. Forms of Existence of Abstract Labour and Value-form 12. Calculating Labour Values Empirically 13. Socialism and Value Categories in the Early Soviet Doctrine: Lenin, Trotsky, Buharin and Preobrazhensky 14. Value’s Law, Value’s Metric 15. Towards an Empirical Measurement of International Transfers of Value 16. Some Empirical Considerations for the Question of Transformation 17. Devalorisation, Crises, and Capital Accumulation in the Late 19th Century US Bibliography Index