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Marx and Modern Economics is a 1968 book about the philosopher Karl Marx edited by David Horowitz. Reception. Marx and Modern Economics received a positive review from the economist Shigeto Tsuru in the Journal of Economic Literature.
- David Horowitz
- 1968
Mar 10, 2020 · Introduction to the Critique of political economy / Karl Marx -- Classical political economy and Marx / Maurice Dobb -- Marxian economics and modern economic theory / Oskar Lange -- The significance of Marxian economics for present-day economic theory / Wassily Leontief -- Marx and Keynes.
- Domination in Liberal Society
- The Politics of Production
- The Exercise of Power
- Microeconomist Or Precursor to Modern Micro?
- Political and Economic Problems
- References
Marx used the labour theory of value to demonstrate that the exploitation of workers is a necessary condition for profits (Yoshihara 2017). The normative term 'exploitation' is justified by the claim that profit arises from a system of domination in which the wealthy, as owners of capital goods, direct the activities and limit the choices of employ...
Marx did not explain why the labour contract was incomplete. He assumed this was an uncontroversial empirical observation and used it as the starting point for his economic theory. In this, he resembles Charles Darwin who advanced a powerful theory of natural selection without an understanding of the mechanism by which it occurred. Genetic inherita...
This explanation requires a demonstration that power – in some well-defined sense – can be exercised by employers over employees in the equilibrium of a competitive economy. It is nevertheless puzzling that power is exercised in a competitive economy, in which each actor engages voluntarily in exchanges, from which each is equally free to walk away...
Marx was a pioneer in the study of principal-agent relationships, though of course he did not use the term. Principal-agent models now form the microeconomic foundation for the study of relationships among classes (though economists do not use that term) in capitalist and other economies, for example the standard treatments of the exchanges between...
In 1972 Abba Lerner astutely identified one of the limits of the neoclassical paradigm. A contract transforms “a political problem into an economic problem. An economic transaction is a solved political problem ... Economics has gained the title Queen of the Social Sciences by choosing solved political problems as its domain.” (Lerner 1972) Whether...
Alchian, A A and H Demsetz (1972), "Production, Information Costs, and Economic Organization", American Economic Review 62(5): 777-95. Bowles, S (1981), "Technical Change and the Profit Rate: A Simple Proof of the Okishio Theorem", Cambridge Journal of Economics5(2): 183–186. Bowles, S (1985), "The Production Process in a Competitive Economy: Walra...
Presents an account and technical assessment of Marx's economic analysis in Capital, with particular reference to the transformation and the surplus-value doctrine, the reproduction schemes, the falling real-wage and profit rates, and the trade cycle.
- Samuel Hollander
- 2008
Aug 26, 2003 · The themes picked out here include Marx’s philosophical anthropology, his theory of history, his economic analysis, his critical engagement with contemporary capitalist society (raising issues about morality, ideology, and politics), and his prediction of a communist future.
Presents an account and technical assessment of Marx's economic analysis in Capital, with particular reference to the transformation and the surplus-value doctrine, the reproduction schemes, the falling real-wage and profit rates, and the trade cycle.
It is generally agreed that modern economics was born around 1870, with the almost simultaneous achievements of Jevons in England, Walras in Switzerland, and Menger in Austria. Political bias apart, Marx's economic theory fell on deaf ears because it came at the wrong time.
