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Written before the impressive collapse of the socialist system in
Eastern Europe, this book offers a quite objective and serious
systematic analysis of the Marxian labor theory of value, Marx's
main scientific legacy. After reconstructing the prototype' of this
theory -- which is the theory as it was left by Marx himself in
Capital -- the author proceeds to a careful and detailed analysis
of its foundational problems, taking into account BAhm-Bawerk's
important criticisms. After introducing advanced contemporary
formal tools, the author proceeds to a thorough discussion of the
dialectical method, just in order to tackle the foundational
problems of the theory. He provides a formally precise and well
motivated definition of abstract labor, and then proceeds to prove
the existence of a measurement of abstract labor -- i.e. the
existence of numerical labor-values. Using this result, the author
provides rigorous axiomatic foundations for the theory of value and
then proves the existence of a Marxian competitive equilibrium,
which is tantamount to the proof of the possibility of reproduction
for a capitalist economy. The author finishes the book by showing
in detail how the problems of the prototype are solved, by
reconstructing the Leontief model of the labor theory of value on
the new logical bases. Written in a very clear style, in the
language of contemporary philosophy of science, the book is of
interest to philosophers of science and economists, applied
logicians and all those interested in the scientific legacy of Karl
Marx.
Economists have long grappled with the problem of how economic
theories relate to empirical evidence: how can abstract
mathematized theories be used to produce empirical claims? How are
such theories applied to economic phenomena? What does it mean to
"test" economic theories? This book introduces, explains, and
develops a structural philosophy of economics which addresses these
questions and provides a unifying philosophical/logical basis for a
general methodology of economics. The book begins by introducing a
rigorous view of the logical foundations and structure of
scientific theories based upon the work of Alfred Tarski, Patrick
Suppes, Karl Marx, and others. Using and combining their methods,
the book then goes on to reconstruct important economic theories -
including utility theory, game theory, Marxian economics, Sraffian
economic theory, and econometrics - proving all the main theorems
and discussing the key claims and the empirical applicability of
each theory. Through these discussions, this book presents, in a
systematic fashion, a general philosophy of economics grounded in
the structural view. Offering rigorous formulations of important
economic theories, A Structuralist Theory of Economics will be
invaluable to all readers interested in the logic, philosophy, and
methodology of economics. It will also appeal particularly to those
interested in economic theory.
Economists have long grappled with the problem of how economic
theories relate to empirical evidence: how can abstract
mathematized theories be used to produce empirical claims? How are
such theories applied to economic phenomena? What does it mean to
"test" economic theories? This book introduces, explains, and
develops a structural philosophy of economics which addresses these
questions and provides a unifying philosophical/logical basis for a
general methodology of economics. The book begins by introducing a
rigorous view of the logical foundations and structure of
scientific theories based upon the work of Alfred Tarski, Patrick
Suppes, Karl Marx, and others. Using and combining their methods,
the book then goes on to reconstruct important economic theories -
including utility theory, game theory, Marxian economics, Sraffian
economic theory, and econometrics - proving all the main theorems
and discussing the key claims and the empirical applicability of
each theory. Through these discussions, this book presents, in a
systematic fashion, a general philosophy of economics grounded in
the structural view. Offering rigorous formulations of important
economic theories, A Structuralist Theory of Economics will be
invaluable to all readers interested in the logic, philosophy, and
methodology of economics. It will also appeal particularly to those
interested in economic theory.
Mter the impressive collapseoftheSovietUnionand the Eastern
European socialist countries, it is more pertinent than ever to
recover the scientific legacy ofKarl Marx. This legacy is mainly
(if not exclusively) constituted by his work in the field of eco-
nomic theory. Marx's economic theory was intended by his au- thor
as a scientific objective theory about the nature ofcapitalist
economies, a theory that was going to serve as the foundation ofthe
critique ofbourgeois political economy. His "laws" about the demise
ofcapitalism, like the tendency ofthe profit rate to fall or the
lawofthe cyclical crises, have been shown to hold un- der certain
conditions but not in general. At any rate, it is likely that had
not the industrialized countries changed the situation ofthe
working class, and allowed some intervention ofthe State in the
economy (especially after the Great Depression), capital- ism would
have hardly survived, even though it is impossible to guess what
kind of regime would have been instaurated in its place. The
present book is concerned with the very foundations of Marx's
economics, hence with the very foundations ofhis scien- tific
legacy. I hope that after reading the book the reader will be
convinced that Marx's scientific work was indeed serious and that
this is the time to recover it as an important paradigm in
INTRODUCTION 2 scientific research. I think that the reader will be
convinced that Marx's economic theory is no less serious and
mathematically tractable than, say, general equilibrium theory.
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