Many scholars discuss Marx's Capital from many perspectives, but
Accounting for Value uniquely advances and defends an 'accounting
interpretation' of his theory of value, that he used it to explain
capitalists' accounts. It confirms and builds on the Temporal
Single-System Interpretation's refutation of the charge that Marx's
illustration of the 'transformation from values to prices' is
inconsistent, and its defense of his 'Law of the Tendential Fall in
the Rate of Profit'. It rejects other interpretations by showing
that only a 'temporal', 'single-system' interpretation is
consistent with Marx's accounting. The book shows that Marx became
seriously interested in accounts from the late 1850s during an
important period in the development of his critique of political
economy, asking Engels for information and explanations. Examining
their letters in the context of Marx's evolving work, it argues,
supports the hypothesis that discovering he could explain them with
his theory of value gave him the breakthrough he needed to decide
how to present his work and explains why, in 1862, he decided to
change its title to Capital. Marx's explanations of capitalist
accounting, it concludes, amount to an 'accounting theory' that
explains how individual capitalists and the capital market use what
is, for many, the 'invisible hand' of accounting to control the
production and distribution of surplus value. Marx claimed his
theory of value was a work of 'science', a critique of political
economy that would deliver a 'theoretical blow' from which the
bourgeoisie would 'never recover'. He failed, critics argue,
because his critique depends on hypothetical entities, which we
cannot directly observe, such as 'value' and 'abstract labour',
'surplus value', which means his theory is not open to empirical
refutation. The book, however, argues that he used his theory of
value to explain the 'phenomenal forms' of 'profit', 'rate of
profit', etc., by explaining the observable accounting principles
and practices capitalists use to calculate and control them, in
which, as he said, we can 'glimpse' the determination of value by
socially necessary labor time, which experience could have refuted.
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