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Value, Competition and Exploitation

Marx's Legacy Revisited Jonathan F. Cogliano, Department of Economics, Dickinson College, US, Peter Flaschel, Professor Emeritus, Bielefeld University, Germany, Reiner Franke, Department of Economics, University of Kiel, Nils Fröhlich, University of Cooperative Education Glauchau, Germany and Roberto Veneziani, School of Economics and Finance, Queen Mary University of London, UK
This book provides a comprehensive and rigorous, yet accessible, analysis of classical and Marxian price and value theory using the tools of contemporary economic analysis. The broad conceptual framework and methodology of Marx and the classical authors offers interesting and relevant perspectives on the basic structure and evolution of modern capitalist economies. Arguably, the book provides a deeper and more nuanced understanding of today's economic problems than can be gained via mainstream approaches.
Extent: c 432 pp
Hardback Price: $165.00 Web: $148.50
Publication Date: July 2018
ISBN: 978 1 78643 063 2
Availability: Not yet published

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  • eISBN: 978 1 78643 064 9

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  • Economics and Finance
  • History of Economic Thought
  • Radical and Feminist Economics
‘Economics has been searching for a new paradigm to understand the world around us. The Great Moderation failed. Now comes the most innovative response to the challenge of constructing that new paradigm. The authors reinvent the Classical and Marxian paradigm, give it a rigorous mathematical structure and demonstrate its effective superiority to the Walrasian alternative. The outstanding merit of this book is that it is able to relate the theoretical structure to Contemporary data for the German economy. There are fruitful insights on productivity growth, technical progress and profitability. This book will be a great asset to teachers, research students and the next generation of budding economists.’
– Lord Meghnad Desai, London School of Economics, UK
Contents: Preface Part I Classical Competition: Theory, Evidence, and Criticism 1. François Quesnay: Circular Flow and Input-Output 2. Adam Smith: The ‘Invisible Hand’ and Accumulation 3. Adam Smith II: The ‘Invisible Hand’ and ‘Natural Prices’ 4. David Ricardo: Prices, Accumulation, and Value 5. The von Neumann-Sraffa Model Part II Value and Exploitation: Marx’s Legacy 6. Labor Values: An Axiomatic Approach 7. Labor Productivity and the Law of Decreasing Labor Content 8. The Sources of Aggregate Profitability 9. Actual Labor Values with Multiple Activities 10. Joint Production in a (Marxian) SNA 11. Actual Labor Values with Joint Production 12. Production Prices and Imperfect Competition, Part I 13. Production Prices and Imperfect Competition, Part II 14. Conclusions References Index