The New Value Controversy And The Foundations Of Economics
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The New Value Controversy and the Foundations of Economics by Alan Freeman,Andrew Kliman,Julian Wells Pdf
The papers that comprise this collection introduce key advances in modern value theory. Equilibrium and non-equilibrium approaches are discussed alongside the theory behind abstract labour and money.
One of the fruits of the revival of socialist economic theory over the past decade has been a wide-ranging debate about the validity of Marx’s labour theory of value. At the heart of the discussion stands the theoretical work of Piero Sraffa and the conclusions drawn from it by such economists as Ian Steedman. Initially confined to a relatively narrow circle of specialists, the controversy about value theory has since spread to wider circles of the left. But although general awareness that the stakes of the dispute are of concern to all socialists is now extensive, understanding of the issues involved has remained more restricted than need be. This volume presents, for the first time, a comprehensive yet accessible overview of the discussion. The essays discuss not only the value debate itself, but also its relevance to such issues as capitalist crisis, the theory of exploitation, and historical materialism. Comprehensible to the non-specialist, but without sacrificing rigour or oversimplifying the issues, the articles assembled here offer a definitive summary of the current state of one of the crucial aspects of Marxist thought.
An argument that conceiving of economic value as a social force makes it possible to develop a new and more powerful theory of market behavior. With the advent of the 2007–2008 financial crisis, the economics profession itself entered into a crisis of legitimacy from which it has yet to emerge. Despite the obviousness of their failures, however, economists continue to rely on the same methods and to proceed from the same underlying assumptions. André Orléan challenges the neoclassical paradigm in this book, with a new way of thinking about perhaps its most fundamental concept, economic value. Orléan argues that value is not bound up with labor, or utility, or any other property that preexists market exchange. Economic value, he contends, is a social force whose vast sphere of influence, amounting to a kind of empire, extends to every aspect of economic life. Markets are based on the identification of value with money, and exchange value can only be regarded as a social institution. Financial markets, for example, instead of defining an extrinsic, objective value for securities, act as a mechanism for arriving at a reference price that will be accepted by all investors. What economists must therefore study, Orléan urges, is the hold that value has over individuals and how it shapes their perceptions and behavior. Awarded the prestigious Prix Paul Ricoeur on its original publication in France in 2011, The Empire of Value has been substantially revised and enlarged for this edition, with an entirely new section discussing the financial crisis of 2007–2008.
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’.
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.
The Empire of Value by André Orléan,M. B. DeBevoise Pdf
With the advent of the 2007--2008 financial crisis, the economics profession itself entered into a crisis of legitimacy from which it has yet to emerge. Despite the obviousness of their failures, however, economists continue to rely on the same methods and to proceed from the same underlying assumptions. André Orléan challenges the neoclassical paradigm in this book, with a new way of thinking about perhaps its most fundamental concept, economic value. Orléan argues that value is not bound up with labor, or utility, or any other property that preexists market exchange. Economic value, he contends, is a social force whose vast sphere of influence, amounting to a kind of empire, extends to every aspect of economic life. Markets are based on the identification of value with money, and exchange value can only be regarded as a social institution. Financial markets, for example, instead of defining an extrinsic, objective value for securities, act as a mechanism for arriving at a reference price that will be accepted by all investors. What economists must therefore study, Orléan urges, is the hold that value has over individuals and how it shapes their perceptions and behavior. Awarded the prestigious Prix Paul Ricoeur on its original publication in France in 2011, The Empire of Value has been substantially revised and enlarged for this edition, with an entirely new section discussing the financial crisis of 2007--2008.
Attempts to reclaim Marx's Capital from the myth of inconsistency. This book is intended for non-specialist readers, and shows that the inconsistencies are actually caused by misinterpretation; the temporal single-system interpretation eliminates all of the alleged inconsistencies.
Marx and Non-equilibrium Economics by Alan Freeman,Guglielmo Carchedi Pdf
A equilibrium-free political economy based on the labour theory of value is developed in this volume which brings together authors who have worked in this framework for the last ten years.
Exploring the origins and development of the labour theory of value, Peter Dooley examines its emergence from the natural law philosopher of the sixteenth and seventeenth century and its domination of the classical school of economics. This book will prove to be essential reading for all students of the history of economics.
David M. Brennan,David Kristjanson-Gural,Catherine P. Mulder,Erik K. Olsen
Author : David M. Brennan,David Kristjanson-Gural,Catherine P. Mulder,Erik K. Olsen Publisher : Taylor & Francis Page : 436 pages File Size : 40,6 Mb Release : 2017-03-16 Category : Business & Economics ISBN : 9781317683728
Routledge Handbook of Marxian Economics by David M. Brennan,David Kristjanson-Gural,Catherine P. Mulder,Erik K. Olsen Pdf
Most developed economies are characterized by high levels of inequality and an inability to provide stability or opportunity for many of their citizens. Mainstream economics has proven to be of little assistance in addressing these systemic failures, and this has led both scholars and students to seek alternatives. One such alternative is provided by Marxian economics. In recent decades the field has seen tremendous theoretical development and Marxian perspectives have begun to appear in public discourse in unprecedented ways. This handbook contains thirty-seven original essays from a wide range of leading international scholars, recognized for their expertise in different areas of Marxian economics. Its scope is broad, ranging from contributions on familiar Marxist concepts such as value theory, the labor process, accumulation, crisis and socialism, to others not always associated with the Marxian canon, like feminism, ecology, international migration and epistemology. This breadth of coverage reflects the development of Marxian economic and social theory, and encompasses both the history and the frontiers of current scholarship. This handbook provides an extensive statement of the current shape and future direction of Marxian economics. The Routledge Handbook of Marxian Economics is an invaluable resource for students, researchers and policy makers seeking guidance in this field. It is designed to serve both as a reference work and as a supplementary text for classroom use, with applications for courses in economics, sociology, political science, management, anthropology, development studies, philosophy and history.
Value and the World Economy Today by R. Westra,A. Zuege Pdf
Value and the World Economy Today brings together a diverse group of globally renowned scholars of international political economy and critical economics to examine the relevance of value theory for understanding the world economy today. The book is unique in the way that it connects literatures that have for the most part developed in isolation from each other and therefore brings questions of theory to bear directly upon the problems of analyzing current global trends and formulating responses to them.
Foundations of Economics breathes life into the discipline by linking key economic concepts with wider debates and issues. By bringing to light delightful mind-teasers, philosophical questions and intriguing politics in mainstream economics, it promises to enliven an otherwise dry course whilst inspiring students to do well. The book covers all the main economic concepts and addresses in detail three main areas: * consumption and choice * production and markets * government and the State. Each is discussed in terms of what the conventional textbook says, how these ideas developed in historical and philosophical terms and whether or not they make sense. Assumptions about economics as a discipline are challenged, and several pertinent students' anxieties ('Should I be studying economics?') are discussed.
Value, Money and Capital by Guido Starosta,Gastón Caligaris,Alejandro Fitzsimons Pdf
The book presents a high-impact re-reading of core topics in the Marx and Marxist debates including: value-theory, the commodity-nature of money, complex or skilled labour, the determination of the value of labour-power and the nature of extraordinary surplus value. Drawing on this literature, the book provides original and innovative insights into key controversies in contemporary capitalism such as the increasingly intellectual character of commodity-producing labour, the emergence of global value chains, the relevance of ground-rent bearing commodities, and the specific, uneven developmental dynamics of "resource-rich" countries in the global process of capital accumulation. Contributing to the renewed vitality of critical studies of the economic works of Karl Marx, this book will be essential reading for all those interested in contemporary debates within Marxism, as well as readers of political economy, economics, development studies and economic sociology.
