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Marx's Theory of Price and its Modern Rivals by H. Nicholas Pdf
Marx's Theory of Price and its Modern Rivals provides an original look at how Marx understood the role of money, extending his theory to consider how prices move over the course of business cycles. Key modern theories of price are also analysed; Neoclassical, Post Keynesian and Sraffian theories are contrasted with Marxian thought.
Explorations in Marx’s Theory of Price—Why Marx Is Still Relevant for Understanding the Modern Economy by Howard Nicholas Pdf
This book is the first volume in a three-volume series that takes an in-depth look at the relevance of Marx's economics for understanding the modern economy. The focus of this volume is the money prices of commodities. In light of the failure of central banks to stimulate inflation through printing of money, it is now accepted that there are problems with the mainstream approach to the explanation of prices. Howard Nicholas underlines the shortcomings of this and other approaches to the explanation of prices, particularly their concepts of the value of the commodity and money. He argues the problems with all other approaches are manifest in their inability to explain the changes in the relative prices of commodities, taking place in the context of changes in the aggregate money price level as well as independently. He contends that of paramount importance in Marx’s explanation is that prices are set by producers prior to putting their commodities into the process of circulation, undermining the notion they are determined by the supply of and demand for the commodities in the process of exchange. Marx’s approach to the explanation of prices is also contrasted with those of Neoclassicals, Post-Keynesians and Sraffa, with a view to highlighting the shortcomings in these approaches as bases for their understanding and explanations of money and prices. This book will be of interest to academics and students of price theory, money and finance, political economy, and the history of economic thought.
Explorations in Marx's Theory of Price-Why Marx Is Still Relevant for Understanding the Modern Economy by Howard Nicholas Pdf
This book is the first volume in a three-volume series that takes an in-depth look at the relevance of Marx's economics for understanding the modern economy. The focus of this volume is the money prices of commodities. In light of the failure of central banks to stimulate inflation through printing of money, it is now accepted that there are problems with the mainstream approach to the explanation of prices. Howard Nicholas underlines the shortcomings of this and other approaches to the explanation of prices, particularly their concepts of the value of the commodity and money. He argues the problems with all other approaches are manifest in their inability to explain the changes in the relative prices of commodities, taking place in the context of changes in the aggregate money price level as well as independently. He contends that of paramount importance in Marx's explanation is that prices are set by producers prior to putting their commodities into the process of circulation, undermining the notion they are determined by the supply of and demand for the commodities in the process of exchange. Marx's approach to the explanation of prices is also contrasted with those of Neoclassicals, Post-Keynesians and Sraffa, with a view to highlighting the shortcomings in these approaches as bases for their understanding and explanations of money and prices. This book will be of interest to academics and students of price theory, money and finance, political economy, and the history of economic thought. Howard Nicholas retired in 2020 as associate professor in economics at the International Institute of Social Studies, Erasmus University of Rotterdam, The Netherlands. He has published in the areas of inflation, development theory, financial markets, the global economy, and the macro dynamics of a number of countries. He is the author of Marx's Theory of Price and its Modern Rivals (Palgrave Macmillan).
Explorations in Marx's Theory of Price-Why Marx Is Still Relevant for Understanding the Modern Economy by Howard Nicholas Pdf
This book is the first volume in a three-volume series that takes an in-depth look at the relevance of Marx's economics for understanding the modern economy. The focus of this volume is the money prices of commodities. In light of the failure of central banks to stimulate inflation through printing of money, it is now accepted that there are problems with the mainstream approach to the explanation of prices. Howard Nicholas underlines the shortcomings of this and other approaches to the explanation of prices, particularly their concepts of the value of the commodity and money. He argues the problems with all other approaches are manifest in their inability to explain the changes in the relative prices of commodities, taking place in the context of changes in the aggregate money price level as well as independently. He contends that of paramount importance in Marx's explanation is that prices are set by producers prior to putting their commodities into the process of circulation, undermining the notion they are determined by the supply of and demand for the commodities in the process of exchange. Marx's approach to the explanation of prices is also contrasted with those of Neoclassicals, Post-Keynesians and Sraffa, with a view to highlighting the shortcomings in these approaches as bases for their understanding and explanations of money and prices. This book will be of interest to academics and students of price theory, money and finance, political economy, and the history of economic thought. Howard Nicholas retired in 2020 as associate professor in economics at the International Institute of Social Studies, Erasmus University of Rotterdam, The Netherlands. He has published in the areas of inflation, development theory, financial markets, the global economy, and the macro dynamics of a number of countries. He is the author of Marx's Theory of Price and its Modern Rivals (Palgrave Macmillan).
This book provides a contemporary assessment of Marx's theory of money. This theory is often praised as one of Marx's greatest achievements, especially when compared with either classical or neoclassical economics. On the other hand, Marx's theory of money has also been severely criticized, especially that it seems to require that money be a produced commodity. The contributors to the volume provide a wide-ranging and in-depth appraisal of the strengths and weaknesses of Marx's theory of money, compared to other theories of money.
Karl Marx and the Close of His System by Eugen von Böhm-Bawerk Pdf
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.
This book constitutes an overview of recent developments in political economy in general, and Marxist value theory in particular. The implications of value theory for bank credit, inflation and deflation are fully explored.
Author : Eugen von Böhm-Bawerk Publisher : Ludwig von Mises Institute Page : 258 pages File Size : 47,5 Mb Release : 1949 Category : Economics ISBN : 9781610164184
A History of Underdevelopment and Political Economy of Inflation in Sri Lanka by Dhanusha Gihan Pathirana,Chandana Aluthge Pdf
The book provides a new conceptualisation of inflation in underdeveloped economies, through Sri Lanka’s historical experience. It outlines a general theory of nationalisms in their diverse manifestations across the world, within a historical perspective of capitalist development and underdevelopment. The book, therefore, seeks to capture the production mode holistically, within both its infrastructural and superstructural levels probing their interactions. The theoretical structure through which inflation is analysed synthesises the theory of unproductive labour and Marxian theory of prices of production with labour surplus theory of late Dr. S. B. D. De Silva in the context of underdevelopment. In this light, Professor David Laibman’s Allocation Problem is resolved within a Marxist framework to provide an operational significance to the theory and its application. In the same vein the book also provides a new theoretical interpretation of Sri Lanka’s historical development from the British period onwards through application of theories of capitalist development and surplus labour.
The early Marx called for the "realization of philosophy" through revolution. Revolution thus becomes a critical philosophical concept for Marxism, a view elaborated in the later praxis philosophies of Lukcs, and the Frankfurt School. These philosophers argue that fundamental philosophical problems are, in reality, social problems abstractly conceived. This argument has two implications: on the one hand, philosophical problems are significant insofar as they reflect real social contradictions; on the other hand, philosophy cannot resolve the problems it identifies because only social revolution can eliminate their causes. Realizing Philosophy traces the evolution of this argument in the writings of Marx, Lukcs, Adorno and Marcuse. This reinterpretation of the philosophy of praxis shows its continuing relevance to contemporary discussions in Marxist political theory, continental philosophy and science and technology studies.
Capital as Power by Jonathan Nitzan,Shimshon Bichler Pdf
Conventional theories of capitalism are mired in a deep crisis: after centuries of debate, they are still unable to tell us what capital is. Liberals and Marxists both think of capital as an ‘economic’ entity that they count in universal units of ‘utils’ or ‘abstract labour’, respectively. But these units are totally fictitious. Nobody has ever been able to observe or measure them, and for a good reason: they don’t exist. Since liberalism and Marxism depend on these non-existing units, their theories hang in suspension. They cannot explain the process that matters most – the accumulation of capital. This book offers a radical alternative. According to the authors, capital is not a narrow economic entity, but a symbolic quantification of power. It has little to do with utility or abstract labour, and it extends far beyond machines and production lines. Capital, the authors claim, represents the organized power of dominant capital groups to reshape – or creorder – their society. Written in simple language, accessible to lay readers and experts alike, the book develops a novel political economy. It takes the reader through the history, assumptions and limitations of mainstream economics and its associated theories of politics. It examines the evolution of Marxist thinking on accumulation and the state. And it articulates an innovative theory of ‘capital as power’ and a new history of the ‘capitalist mode of power’.
In Marx Matters noted scholars explore the way a Marxian political economy addresses contemporary social problems, demonstrating the relevance of Marx today and outlining how his work can frame progressive programs for social change.
