Marx and Non-equilibrium Economics


Book Description

A equilibrium-free political economy based on the labour theory of value is developed in this volume which brings together authors who have worked in this framework for the last ten years.




Knowledge, Class, and Economics


Book Description

Knowledge, Class, and Economics: Marxism without Guarantees surveys the "Amherst School" of non-determinist Marxist political economy, 40 years on: its core concepts, intellectual origins, diverse pathways, and enduring tensions. The volume’s 30 original essays reflect the range of perspectives and projects that comprise the Amherst School—the interdisciplinary community of scholars that has enriched and extended, while never ceasing to interrogate and recast, the anti-economistic Marxism first formulated in the mid-1970s by Stephen Resnick, Richard Wolff, and their economics Ph.D. students at the University of Massachusetts-Amherst. The title captures the defining ideas of the Amherst School: an open-system framework that presupposes the complexity and contingency of social-historical events and the parallel "overdetermination" of the relationship between subjects and objects of inquiry, along with a novel conception of class as a process of performing, appropriating, and distributing surplus labor. In a collection of 30 original essays, chapters confront readers with the core concepts of overdetermination and class in the context of economic theory, postcolonial theory, cultural studies, continental philosophy, economic geography, economic anthropology, psychoanalysis, and literary theory/studies. Though Resnick and Wolff’s writings serve as a focal point for this collection, their works are ultimately decentered—contested, historicized, reformulated. The topics explored will be of interest to proponents and critics of the post-structuralist/postmodern turn in Marxian theory and to students of economics as social theory across the disciplines (economics, geography, postcolonial studies, cultural studies, anthropology, sociology, political theory, philosophy, and literary studies, among others).




Marx, Veblen, and the Foundations of Heterodox Economics


Book Description

John F. Henry is an eminent economist who has made important contributions to heterodox economics drawing on Adam Smith, Karl Marx, Thorstein Veblen, and John Maynard Keynes. His historical approach offers radical insights into the evolution of ideas (ideologies and theories) giving rise to and/or induced by the changes in capitalist society. Essays collected in this festschrift not only evaluate John Henry’s contributions in connection to Marx’s and Veblen’s theories, but also apply them to the socio-economic issues in the 21st century. In Part I leading heterodox economists in the traditions of Marxism, Post Keynesianism, and Institutionalism critically examine Marx’s and Veblen’s theoretical frameworks (and their connections to each other) that have become the foundations of heterodox economics. Chapters in Part II showcase alternative theoretical explanations inspired by Marx, Veblen, and Henry. Topics in this Part include financial crisis, financialization, capital accumulation, economics teaching, and the historical relationship between money and class society. Part III is devoted to John Henry’s heterodox economics encapsulated in his "farewell" lecture, interview, and bibliography. Essays in this book, individually and collectively, make an important point that the history of economic thought (or historical analysis of economic theory and policy) is an integral part of developing heterodox economics as an alternative theoretical framework. Anyone who is troubled by the recurring failure of capitalism as well as mainstream economics will find this book well worth reading.




Karl Marx's Economics


Book Description




The Political Economy of Marx (2nd Edition)


Book Description

"This edition of The political economy of Marx, Second edition is published by arrangement with Longman Group UK Limited"--T.p. verso.




The New Value Controversy and the Foundations of Economics


Book Description

The papers that comprise this collection introduce key advances in modern value theory. Equilibrium and non-equilibrium approaches are discussed alongside the theory behind abstract labour and money.




Formation of Econ Thought of Karl Marx


Book Description

In this book, Mandel discusses the development of Marx's economic ideas from their beginnings to the completion of the Grundrisse. He combines a historical retrospective and a review of current discussions on each of the subjects and problems central to Marxist economic theory. He traces the development of the concept of "alienation" in Marx, and its fate in the hands of succeeding generations, down to the present discussion in East and West Europe, summarizes the fascinating debates over the "Asiatic mode of production," and discusses labor theory of value, the problem of periodic crises, the theory of wages and the polarization of wealth and poverty, and the problem of progressive "disalienation" through the building of socialist society.




Karl Marx and the Close of His System


Book Description

Eugen Von Böhm-Bawerk, economist of the Austrian school, wrote this incisive critique of Marxist economics amid rising public support for socialism, communism and state-controlled markets in Europe. Published in 1896, this work criticizes Marxist theory from two angles: firstly, that the notion of value which Marx puts forward contradict his own ideas. The author asserts that the link between the price of producing goods and the value produced by labor are not consistently dealt with in Marx's works. This inconsistency in assigning value to economic production leads onto the second critique: Supply and demand is a theory whereby an equilibrium between goods supplied to a market and goods demanded by consumers in said market is established, with changes in the quantity or price of a good being in reaction to demand. Böhm-Bawerk discusses how Marx underestimates this law, and how his lack of appreciation for an economy which flexibly meets the shifting demands of consumers undermines his notions of price and value. From the perspective of a free market capitalist, Marxist theory is inadequate and insufficient as a system of economics.




Marx and Modern Economics


Book Description




Marx's Economics


Book Description

Professor Morishima concentrates on the three volumes of Das Kapital and their contributions to the major topics of traditional Marxian economics. He provides a rigorous mathematisation of the labour theory of value, the theory of exploitation, the transformation problem, the reproduction scheme, the law of relative surplus population, the falling rate of capital and the turnover of capital. After proving Marxian propositions in a rigorous way, he argues that in order to combine Marx's model with von Neumann's in a new growth theory it is necessary to abandon the labour theory of value. Professor Morishima feels that this sacrifice is well worth making, because it enables Marxian economics to be integrated with orthodox theory into a new Marx-von Neumann theory of growth, and this to make an important contribution to the development of the subject.