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The 2008 financial crisis presented the opportunity to overturn and
rethink much of the stale or misguided parts of economic theory
and, in so doing, build a rich and empirically meaningful social
science. This never happened. By reconsidering the
classical-Marxian tradition using modern tools of economic
analysis, this book offers an alternative to the mainstream
understanding of notions of value, price, and competition, concepts
which serve as the foundation for a theoretically and empirically
robust economic theory. Providing a unique synthesis of modern
input-output analysis and classical political economics, this book
combines current economic theory with historical economic thought.
In this way, Value, Competition and Exploitation offers a deeper
and more nuanced understanding of today's economic problems than
can be gained through mainstream approaches. With a rigorous and
empirically informed approach to classical theories of value and
price, this book demonstrates that Marx's labor theory of value
remains a valuable tool in understanding the structure and dynamics
of capitalist economies. Written in an accessible style and
presented with a clear structure, this book will be invaluable to
economics students of all levels. The topics analyzed will also be
of interest to scholars of classical and Marxian economics, as well
as scholars of economics more widely.
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.
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