Download A History of Marxian Economics, Volume 1: 1883-1929 (Radical by M. C. Howard, John E. King PDF

By M. C. Howard, John E. King

This ebook covers the background and improvement of Marxian economics from Marx's loss of life in 1883 until eventually 1929. research starts with Engel's improvement of Marxism and early controversies within the concept of worth. Following chapters care for the paintings of major Marxist economists within the moment foreign concentrating upon the paintings of German and Russian theorists and it concludes with a reveiw fo highbrow advancements in political economic system through the Nineteen Twenties. the second one quantity covers the interval 1929 to the current.

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Additional info for A History of Marxian Economics, Volume 1: 1883-1929 (Radical Economics Series)

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Is the organic composition. Hence the rate of profit will be higher, the lower the organic composition of capital. But this is inconsistent with competition in commodity markets, which, underpinned by the free mobility of capital from one industry to another, tends to equalise the rate of profit in all branches of p r o d u c t i o n . ' i i , < J t ( ( The resolution of the contradiction, M a r x argues in volume III, requires an explicit recognition that l a b o u r values diverge systematically from longrun equilibrium prices.

And it does contain three of the central elements of M a r x ' s volume III analysis. First, Schmidt specifies the profits of the individual capitalist as a multiple of capital employed and the general rate of profit. Second, he argues for the equality of aggregate prices and aggregate values, and of total profits a n d total surplus value. Finally, he a p p e a r s to assert (albeit unclearly) the logical priority of value magnitudes in calculating the general rate of profit. His chief failing is his inability to transform input as well as o u t p u t values into prices, a n d this he shares with M a r x himself.

His calculations for an equilibrium situation are true by definition: Stiebeling does not solve the transformation problem, he abolishes it. 36 37 IV Round 2: Wolf, Loria, Fireman and Letir Although seemingly unaware of Stiebeling's w o r k , Julius Wolf used very similar arguments. " Wolf was professor of economics at the University of Zurich, where he expounded the marginal utility theory of Cart Menger. In 1891 his opposition to the a p p o i n t m e n t of C o n r a d Schmidt was overruled by a full meeting of the faculty, but Wolf had his revenge three years later when he secured Schmidt's dismissal.

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