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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 recent financial crisis and Great Recession have been analysed
endlessly in the mainstream and academia, but this is the first
book to conclude, on the basis of in-depth analyses of official US
data, that Marx's crisis theory can explain these events. Marx
believed that the rate of profit has a tendency to fall, leading to
economic crises and recessions. Many economists, Marxists among
them, have dismissed this theory out of hand, but Andrew Kliman's
careful data analysis shows that the rate of profit did indeed
decline after the post-World War II boom and that free-market
policies failed to reverse the decline. The fall in profitability
led to sluggish investment and economic growth, mounting debt
problems, desperate attempts of governments to fight these problems
by piling up even more debt -- and ultimately to the Great
Recession. Kliman's conclusion is simple but shocking: short of
socialist transformation, the only way to escape the 'new normal'
of a stagnant, crisis-prone economy is to restore profitability
through full-scale destruction of existing wealth, something not
seen since the Depression of the 1930s.
This collection focuses on a long-running debate over the logical
validity of Karl Marx's theory that exploitation is the exclusive
source of capitalists' profits. The "Fundamental Marxian Theorem"
was long thought to have shown that orthodox Marxian economics
succeeds in replicating Marx's conclusion. The debate begins with
Andrew Kliman's disproof of that claim. On one side of the debate,
representing orthodox Marxian economics, are contributions by Simon
Mohun and Roberto Veneziani. Although they concede that their
simultaneist models cannot replicate Marx's theory of profit in all
cases, they insist that this is as good as it gets. On the other
side, representing the temporal single-system interpretation of
Marx's theory (TSSI), are contributions by Kliman and Alan Freeman.
They argue that his theory is logically valid, since it can indeed
be replicated when it is understood in accordance with the TSSI.
While the debate initially focused on logical concerns, issues of
pluralism, truth, and scientificity increasingly assumed center
stage. In his introduction to the volume, Nick Potts situates the
debate in its historical context and argues forcefully that the
arguments of the orthodox Marxist economists, and the manner in
which those arguments were couched, were "suppressive and contrary
to scientific norms." The volume concludes with a 2014 debate, in
which many of the same issues re-surfaced, between the philosopher
Robert Paul Wolff and proponents of the TSSI.
This collection focuses on a long-running debate over the logical
validity of Karl Marx's theory that exploitation is the exclusive
source of capitalists' profits. The "Fundamental Marxian Theorem"
was long thought to have shown that orthodox Marxian economics
succeeds in replicating Marx's conclusion. The debate begins with
Andrew Kliman's disproof of that claim. On one side of the debate,
representing orthodox Marxian economics, are contributions by Simon
Mohun and Roberto Veneziani. Although they concede that their
simultaneist models cannot replicate Marx's theory of profit in all
cases, they insist that this is as good as it gets. On the other
side, representing the temporal single-system interpretation of
Marx's theory (TSSI), are contributions by Kliman and Alan Freeman.
They argue that his theory is logically valid, since it can indeed
be replicated when it is understood in accordance with the TSSI.
While the debate initially focused on logical concerns, issues of
pluralism, truth, and scientificity increasingly assumed center
stage. In his introduction to the volume, Nick Potts situates the
debate in its historical context and argues forcefully that the
arguments of the orthodox Marxist economists, and the manner in
which those arguments were couched, were "suppressive and contrary
to scientific norms." The volume concludes with a 2014 debate, in
which many of the same issues re-surfaced, between the philosopher
Robert Paul Wolff and proponents of the TSSI.
This book seeks to reclaim Capital from the myth of internal
inconsistency, a myth that serves to justify the censorship of
Marx's critique of political economy and present-day research based
upon it. Andrew Kliman shows that the alleged inconsistencies are
actually caused by misinterpretation. By modifying the standard
interpretation of Marx's value theory in two simple ways, the
recent "temporal single-system interpretation" eliminates all of
the alleged inconsistencies. Written especially for the
non-specialist reader, in a clear, accessible style and with the
bare minimum of mathematics, Reclaiming Marx's "Capital" introduces
readers to Marx's value theory and contrasting interpretations of
it, the history of the internal inconsistency controversy, and
interpretive standards and methods. Kliman then surveys Marx's
falling-rate-of-profit theory, the relationship of prices to values
(the "transformation problem"), Marx's exploitation theory of
profit, and other topics. The book ends with a discussion of why
the myth of inconsistency persists, and a call to set the record
straight.
This book seeks to reclaim Capital from the myth of internal
inconsistency, a myth that serves to justify the censorship of
Marx's critique of political economy and present-day research based
upon it. Andrew Kliman shows that the alleged inconsistencies are
actually caused by misinterpretation. By modifying the standard
interpretation of Marx's value theory in two simple ways, the
recent 'temporal single-system interpretation' eliminates all of
the alleged inconsistencies. Written especially for the
non-specialist reader, in a clear, accessible style and with the
bare minimum of mathematics, Reclaiming Marx's 'Capital' introduces
readers to Marx's value theory and contrasting interpretations of
it, the history of the internal inconsistency controversy, and
interpretive standards and methods. Kliman then surveys Marx's
falling-rate-of-profit theory, the relationship of prices to values
(the 'transformation problem'), Marx's exploitation theory of
profit, and other topics. The book ends with a discussion of why
the myth of inconsistency persists, and a call to set the record
straight.
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