(Historical
Perspective on Modern Economics)
The Economics of
Karl Marx : Analysis and Application
Samuel Hollander
Cambridge
University Press 2008
Introduction
1
PART ONE. CAPITAL.
PRINCIPLE FEATURES OF THE MARXIAN “CANON”
1
Value and Distribution 11
A
Introduction 11
B
On “Demand-Supply” Analysis 13
C
TheTransformation of Values into Prices: Formal Analysis 17
D
The Transformation and the Allocation Mechanism 23
E
Competition Constrained: Land Scarcity and Firm Size 28
F
On“MarketValue” and Competition 31
G
The InverseWage-Profit Relation and Profit-Rate Equalization 38
H
Materials, the Luxury-Goods Sector, and the General Profit
Rate
40
I
The Rate of Surplus Value as Endogenous Variable 42
J
More on Final Demand and Distribution 46
K
Marx’s Strategy 48
L
Concluding Comment: The Baumol-Samuelson Exchange 53
2
Elements of Growth Theory 55
A
Introduction 55
B
Setting the Stage: Stationary Reproduction as Circular-Flow
Process
55
C
Capital Accumulation 59
D
Determinants of the Rate of Accumulation 61
E
The “Simple Reproduction” Scheme 68
F
The“Extended Reproduction” Scheme 75
G Concluding
Comment
3
Economic Growth and the Falling Real-Wage Trend 85
A
Introduction 85
B
The FallingWage Trend 88
C
The SubsistenceWage and the Value of Labor Power 90
D
The FallingWage Trend and Population Growth 94
E
The Industrial Reserve Army and CyclicalWage Fluctuations 100
F
Inter-Sectoral Labor Movements 102
G
The Participation Rate 104
H
Concluding Comments: Objections to Malthus 106
4
Economic Growth and the Falling Rate of Profit 110
A
Introduction 110
B
The Basic Analysis 111
C
The Conditions for a Falling: Rate of Profit 114
D
Increasing Rate of Surplus Value and Cheapening of Constant
Capital
118
E
The Limited Impact of a Rising Rate of Surplus Value 120
F
Implications of Differential Rates of Productivity Increase 123
G
Technical Progress and the Falling Profit Rate: An Overview 127
H
OnSecular Underconsumption 129
I
Concluding Comments: On the Significance of the Falling
Profit
Rate 132
5
The Cyclical Dimension 134
A
Introduction 134
B
The Cyclical Chronology 135
C
Trend and Cycle: Causal Mechanisms 139
D
The Raw Material Constraint and Upper Turning Point 143
E
The Labor Constraint and Upper Turning Point 145
F
The Monetary Dimension 150
G
Inter- and Intra-Departmental Imbalance 157
H
ANoteonthe “Echo Effect” 159
I
Concluding Remarks 160
PART TWO. ORIGINS: MARX IN THE 1840s
6
Marx’s Economics 1843–1845 165
A
Introduction 165
B
PriceTheory 166
C
Wage-Rate and Profit-Rate Trends 171
D
The Private Property System: Ricardo as bˆete
noire 176
E
On Aggregate Demand and “Overproduction” 182
F
In Partial Defence of Proudhon 184
G
Objections to Friedrich List 188
H Summary and
Conclusion 190
7
A“First Draft” of Capital 1847–1849
194
A
Introduction 194
B
Allocation, Cost Price, and the Labor Theory 195
C
Differential Rent 204
D
Labor as Commodity 206
E
On“Labor Power” and the Source of Surplus Value 207
F
TheInverse Wage-Profit Relation 212
G
The Falling Real-Wage Trend 214
H
More on the Real-Wage Trend: Increasing Organic
Composition,
Demographic Patterns, and the Reserve Army 218
I
Profit-Rate Determination: “Competition of Capitals” 223
J
Labor and Free Trade: On Marx’s Ricardian bonˆa
fides 224
K
Summary and Conclusion 227
PART THREE. A “SECOND DRAFT” OF CAPITAL: THE
GRUNDRISSE 1857–1858
8
1857–1858 I: Surplus Value 235
A
Introduction 235
B
The Basic Doctrine 236
C
Surplus Value and the Transition to Growth 244
D
Elements of a Growth Model: Productivity Increase,
Population
Growth and the Reserve of Unemployed 246
E
The Falling Rate of Profit 252
F
The“Transformation” 254
G
AMarxian “Reply” to B¨ohm-Bawerk 256
H
Surplus Value: Matters of Timing and Indebtedness 258
I
On Ricardo and Surplus Value: An Excursus 260
J
Summary and Conclusion 265
9
1857–1858 II: Value “Realization” 268
A
Introduction 268
B
Capital Turnover: A Circular-Flow Process 268
C
Obstacles to Value Realization 273
D
Onthe Law of Markets and Overproduction Literature 280
E
OnWorking-Class Consumption 285
F
Summary and Conclusion 289
PART FOUR. A “THIRD DRAFT” OF CAPITAL: THE
ECONOMIC MANUSCRIPTS 1861–1863
10
1861–1863 I: Surplus Value – Profit, Rent, and Interest 293
A
Introduction 293
B
Profit-Rate Equalization and the Transformation 293
C
The Transformation Aborted: Absolute Rent and the Priority
of the Industrial Sector 297
D
The Falling Rate of Profit and Its Significance 306
E
Materials, the Luxury Sector, and the General Profit Rate 311
F
TheRateofInterest 312
G
Commercial Capital and the Surplus-Value Doctrine 318
H
Summary and Conclusion 324
11
1861–1863 II: Sectoral Analysis, Accumulation, and Stability 326
A
Introduction 326
B
Sectoral Analysis and the Constant Capital “Riddle” 326
C
Conditions for “Continuous” Accumulation 334
D
Aggregate Demand Constraints 338
E
The Secular-Cyclical Nexus 341
F
Sources of Cyclical Instability 344
G
The Recovery Process: Corrective Mechanisms 347
H
Onthe “Overproduction” Literature 349
I
Summary and Conclusion 351
12
1861–1863 III: The Labor Market 353
A
Introduction 353
B
The “Wage-Fund” Doctrine Rejected: Synchronized Activity
vs.
Advances 353
C
Labor Demand and Technical Change 360
D
Labor Supply: Population Growth and the “Reserve Army” 368
E
The Mechanics of Population Growth and the FallingWage
Trend
375
F
Summary and Conclusion 380
PART FIVE. TOPICS IN APPLICATION
13
Economic Organization and the Equality Issue 385
A
Introduction 385
B
Objections to Egalitarian Reform 386
C
TheAllocative Role of the Free Market vs. Central Control 396
D
SomeUnexpected Parallels 401
E
Summary and Conclusion: The Evolutionary Dimension 406
14
Is There a Marxian “Entrepreneur”? On the Functions of the
Industrial
Capitalist 409
A
Introduction 409
B
Preliminaries: Industrial Organization 411
C
TheSupervisory and Allocative Function 414
D
Science and the Sources of New Technology 419
E
Innovatory Investment 425
F
TheCategoryof “Minor” Improvement 428
G
OnMeasurable Risk and Insurance 429
H On “Profit of Enterprise” in Capital 3 430
I
OnCooperation 435
J
On Joint-Stock Organization and Limited Liability 435
K
Conclusion: The Industrial Capitalist and Uncertainty
Revisited
438
15
Principles of Social Reform 444
A
Introduction 444
B
Early Statements 444
C
Marx’s “Revisionism”: The 1860s and 1870s 449
D
Summary and Conclusion 461
Conclusion:
A Recapitulation and Overview 463
A
TheTheory of Surplus Value 463
B
Marx and the Classical Canon: The Theory of Value 471
C
Marx and the Classical Canon: The Trend Path of the Factor
Returns
477
D
Marx as “Revisionist” 479
E
Marxand the Moderns 483
F
Epilogue: On Engels and the “Closure” of Marx’s System 488
Appendices 493
Bibliography 501
Index 519
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