Marxian Economics: A Reappraisal

1. Front Matter

   Pages i-xxv

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2. Prices and Values

   1. Front Matter

      Pages 1-1

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   2. Profitability, Prices and Values

      • Meghnad Desai

      Pages 3-13

   3. Marx’s Logic in Capital and the ‘Transformation Problem’

      • Fred Moseley

      Pages 14-28

   4. Value, Exchange Value and the Internal Consistency of Volume III of Capital: A Refutation of Refutations

      • Andrew J. Kliman

      Pages 29-42

   5. The Transformation Trinity: Value, Value Form and Price

      • Antonino Callari, Bruce Roberts, Richard Wolff

      Pages 43-56

   6. Socially Contingent Value

      • Carole Biewener

      Pages 57-69

   7. Does Marx Need to Transform?

      • Paul Cockshott, Allin Cottrell

      Pages 70-85

   8. The Distinction between Social Value, Individual Value, Market Value and Market Price in Volume III of Capital

      • Chai-on Lee

      Pages 86-100

   9. Time and Equilibrium in Neoclassical Price Theory and Volume III of Capital

      • Guglielmo Carchedi

      Pages 101-115

3. Dynamics

   1. Front Matter

      Pages 117-117

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   2. Marx on Technological Change: The Ricardian Heritage

      • Heinz D. Kurz

      Pages 119-138

   3. A General Refutation of Okishio’s Theorem and a Proof of the Falling Rate of Profit

      • Alan Freeman

      Pages 139-162

   4. Decentring the Marxian Debate over the Falling Rate of Profit: A New Approach

      • Stephen Cullenberg

      Pages 163-176

   5. Destructive Creativity: Institutional Arrangements of Banking and the Logic of Capitalist Technical Change in the Perspective of Marx’s 1894 Law of Profit

      • Geert Reuten

      Pages 177-193

   6. Marx or Hicks? Structural Proportions and Crisis: The Transition from the First to the Third Volume of Capital

      • Joseph Halevi, Peter Kriesler

      Pages 194-205

4. Empirical Approaches

   1. Front Matter

      Pages 207-207

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   2. The Dynamics of Historical Tendencies in Volume III of Capital: An Application to the US Economy since the Civil War

      • Gérard Duménil, Dominique Lévy

      Pages 209-224

   3. The Empirical Strength of the Labour Theory of Value

      • Anwar M. Shaikh

      Pages 225-251

   4. Unproductive Labour and the Rate of Profit in Australia, 1966/67–1991/92

      • Simon Mohun

      Pages 252-275

Springing from a conference held in Bergamo University on the occasion of the centenary of the publication by Engels of the third book of Capital, the papers collected in these two volumes reinstate Marx's as the first genuinely evolutionary economic theory. In this, the capitalist process incessantly brings about states which will by themselves generate the next ones. Thus as Schumpeter remarked, Marx was the first to 'visualise what even at the present time is still the economic theory of the future for which we are slowly and laboriously accumulating stone and mortar, statistical facts and functional equations'.

• economic theory
• economics
• equilibrium
• Friedrich Engels
• Karl Marx
• logic
• Marx
• Schumpeter

• Department of Economics, University of Bergamo, Italy

  Riccardo Bellofiore

RICCARDO BELLOFIORE, the editor, is Professor in the Department of Economics at the University of Bergamo in Italy. His main research interests are monetary theory, value theory and the history of economic analysis.

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