<p><strong><font size="3"><span id="btAsinTitle">The Economics of Karl Marx: Analysis and Application (Historical Perspectives on Modern Economics) (Hardcover)</span>
<br/></font></strong>by <a href="http://www.amazon.co.uk/exec/obidos/search-handle-url?%5Fencoding=UTF8&amp;search-type=ss&amp;index=books-uk&amp;field-author=Samuel%20Hollander"><font color="#003399">Samuel Hollander</font></a> (Author) <br/><img height="430" alt=" " src="http://ecx.images-amazon.com/images/I/41mqCK2w4CL.jpg" width="266"/></p><li><b>Hardcover:</b> 552 pages </li><li><b>Publisher:</b> Cambridge University Press; 1 edition (30 April 2008) </li><li><b>Language</b> English </li><li><strong>Synopsis<br/></strong>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. The focus is on criticisms that Marx himself might have been expected to face in his day and age. In addition, it offers a chronological study of the evolution of that analysis from the early 1840s through three 'drafts': documents of the late 1840s, the Grundrisse of 1857-1858, and the Economic Manuscripts of 1861-1863. It also provides three studies in application, focusing on Marx's 'evolutionary' orientation in his evaluation of the transition to communism and his rejection of 'egalitarianism' under both capitalist and communist regimes; his evolving perspective on the role of the industrial 'entrepreneur'; and his evolving appreciation of the prospects for welfare reform within capitalism. </li><li> </li><li><strong><font size="4">Contents</font></strong><br/>Preface page xv<br/><strong>Introduction 1<br/>PART ONE. CAPITAL. PRINCIPLE FEATURES OF THE MARXIAN “CANON”</strong><br/><strong>1 Value and Distribution 11</strong><br/>A Introduction 11<br/>B On “Demand-Supply” Analysis 13<br/>C TheTransformation of Values into Prices: Formal Analysis 17<br/>D The Transformation and the Allocation Mechanism 23<br/>E Competition Constrained: Land Scarcity and Firm Size 28<br/>F On“MarketValue” and Competition 31<br/>G The InverseWage-Profit Relation and Profit-Rate Equalization 38<br/>H Materials, the Luxury-Goods Sector, and the General Profit<br/>Rate 40<br/>I The Rate of Surplus Value as Endogenous Variable 42<br/>J More on Final Demand and Distribution 46<br/>K Marx’s Strategy 48<br/>L Concluding Comment: The Baumol-Samuelson Exchange 53<br/><strong>2 Elements of Growth Theory 55<br/></strong>A Introduction 55<br/>B Setting the Stage: Stationary Reproduction as Circular-Flow<br/>Process 55<br/>C Capital Accumulation 59<br/>D Determinants of the Rate of Accumulation 61<br/>E The “Simple Reproduction” Scheme 68<br/>F The“Extended Reproduction” Scheme 75<br/>G Concluding Comment 83<br/><strong>3 Economic Growth and the Falling Real-Wage Trend 85</strong><br/>A Introduction 85<br/>B The FallingWage Trend 88<br/>C The SubsistenceWage and the Value of Labor Power 90<br/>D The FallingWage Trend and Population Growth 94<br/>E The Industrial Reserve Army and CyclicalWage Fluctuations 100<br/>F Inter-Sectoral Labor Movements 102<br/>G The Participation Rate 104<br/>H Concluding Comments: Objections to Malthus 106<br/><strong>4 Economic Growth and the Falling Rate of Profit 110</strong><br/>A Introduction 110<br/>B The Basic Analysis 111<br/>C The Conditions for a Falling: Rate of Profit 114<br/>D Increasing Rate of Surplus Value and Cheapening of Constant<br/>Capital 118<br/>E The Limited Impact of a Rising Rate of Surplus Value 120<br/>F Implications of Differential Rates of Productivity Increase 123<br/>G Technical Progress and the Falling Profit Rate: An Overview 127<br/>H OnSecular Underconsumption 129<br/>I Concluding Comments: On the Significance of the Falling<br/>Profit Rate 132<br/><strong>5 The Cyclical Dimension 134</strong><br/>A Introduction 134<br/>B The Cyclical Chronology 135<br/>C Trend and Cycle: Causal Mechanisms 139<br/>D The Raw Material Constraint and Upper Turning Point 143<br/>E The Labor Constraint and Upper Turning Point 145<br/>F The Monetary Dimension 150<br/>G Inter- and Intra-Departmental Imbalance 157<br/>H ANoteonthe “Echo Effect” 159<br/>I Concluding Remarks 160<br/><strong>PART TWO. ORIGINS: MARX IN THE 1840s<br/>6 Marx’s Economics 1843–1845 165</strong><br/>A Introduction 165<br/>B PriceTheory 166<br/>C Wage-Rate and Profit-Rate Trends 171<br/>D The Private Property System: Ricardo as bˆete noire 176<br/>E On Aggregate Demand and “Overproduction” 182<br/>F In Partial Defence of Proudhon 184<br/>G Objections to Friedrich List 188<br/>H Summary and Conclusion 190<br/><strong>7 A“First Draft” of Capital 1847–1849 194</strong><br/>A Introduction 194<br/>B Allocation, Cost Price, and the Labor Theory 195<br/>C Differential Rent 204<br/>D Labor as Commodity 206<br/>E On“Labor Power” and the Source of Surplus Value 207<br/>F TheInverse Wage-Profit Relation 212<br/>G The Falling Real-Wage Trend 214<br/>H More on the Real-Wage Trend: Increasing Organic<br/>Composition, Demographic Patterns, and the Reserve Army 218<br/>I Profit-Rate Determination: “Competition of Capitals” 223<br/>J Labor and Free Trade: On Marx’s Ricardian bonˆa fides 224<br/>K Summary and Conclusion 227<br/><strong>PART THREE. A “SECOND DRAFT” OF CAPITAL: THE GRUNDRISSE 1857–1858<br/>8 1857–1858 I: Surplus Value 235</strong><br/>A Introduction 235<br/>B The Basic Doctrine 236<br/>C Surplus Value and the Transition to Growth 244<br/>D Elements of a Growth Model: Productivity Increase,<br/>Population Growth and the Reserve of Unemployed 246<br/>E The Falling Rate of Profit 252<br/>F The“Transformation” 254<br/>G AMarxian “Reply” to B¨ohm-Bawerk 256<br/>H Surplus Value: Matters of Timing and Indebtedness 258<br/>I On Ricardo and Surplus Value: An Excursus 260<br/>J Summary and Conclusion 265<br/><strong>9 1857–1858 II: Value “Realization” 268</strong><br/>A Introduction 268<br/>B Capital Turnover: A Circular-Flow Process 268<br/>C Obstacles to Value Realization 273<br/>D Onthe Law of Markets and Overproduction Literature 280<br/>E OnWorking-Class Consumption 285<br/>F Summary and Conclusion 289<br/><strong>PART FOUR. A “THIRD DRAFT” OF CAPITAL: THE<br/>ECONOMIC MANUSCRIPTS 1861–1863<br/>10 1861–1863 I: Surplus Value – Profit, Rent, and Interest 293</strong><br/>A Introduction 293<br/>B Profit-Rate Equalization and the Transformation 293<br/>C The Transformation Aborted: Absolute Rent and the Priority<br/>of the Industrial Sector 297<br/>D The Falling Rate of Profit and Its Significance 306<br/>E Materials, the Luxury Sector, and the General Profit Rate 311<br/>F TheRateofInterest 312<br/>G Commercial Capital and the Surplus-Value Doctrine 318<br/>H Summary and Conclusion 324<br/><strong>11 1861–1863 II: Sectoral Analysis, Accumulation, and Stability 326</strong><br/>A Introduction 326<br/>B Sectoral Analysis and the Constant Capital “Riddle” 326<br/>C Conditions for “Continuous” Accumulation 334<br/>D Aggregate Demand Constraints 338<br/>E The Secular-Cyclical Nexus 341<br/>F Sources of Cyclical Instability 344<br/>G The Recovery Process: Corrective Mechanisms 347<br/>H Onthe “Overproduction” Literature 349<br/>I Summary and Conclusion 351<br/><strong>12 1861–1863 III: The Labor Market 353</strong><br/>A Introduction 353<br/>B The “Wage-Fund” Doctrine Rejected: Synchronized Activity<br/>vs. Advances 353<br/>C Labor Demand and Technical Change 360<br/>D Labor Supply: Population Growth and the “Reserve Army” 368<br/>E The Mechanics of Population Growth and the FallingWage<br/>Trend 375<br/>F Summary and Conclusion 380<br/><strong>PART FIVE. TOPICS IN APPLICATION</strong><br/><strong>13 Economic Organization and the Equality Issue 385<br/></strong>A Introduction 385<br/>B Objections to Egalitarian Reform 386<br/>C TheAllocative Role of the Free Market vs. Central Control 396<br/>D SomeUnexpected Parallels 401<br/>E Summary and Conclusion: The Evolutionary Dimension 406<br/><strong>14 Is There a Marxian “Entrepreneur”? On the Functions of the<br/>Industrial Capitalist 409</strong><br/>A Introduction 409<br/>B Preliminaries: Industrial Organization 411<br/>C TheSupervisory and Allocative Function 414<br/>D Science and the Sources of New Technology 419<br/>E Innovatory Investment 425<br/>F TheCategoryof “Minor” Improvement 428<br/>G OnMeasurable Risk and Insurance 429<br/>H On “Profit of Enterprise” in Capital 3 430<br/>I OnCooperation 435<br/>J On Joint-Stock Organization and Limited Liability 435<br/>K Conclusion: The Industrial Capitalist and Uncertainty<br/>Revisited 438<br/><strong>15 Principles of Social Reform 444</strong><br/>A Introduction 444<br/>B Early Statements 444<br/>C Marx’s “Revisionism”: The 1860s and 1870s 449<br/>D Summary and Conclusion 461<br/>Conclusion: A Recapitulation and Overview 463<br/>A TheTheory of Surplus Value 463<br/>B Marx and the Classical Canon: The Theory of Value 471<br/>C Marx and the Classical Canon: The Trend Path of the Factor<br/>Returns 477<br/>D Marx as “Revisionist” 479<br/>E Marxand the Moderns 483<br/>F Epilogue: On Engels and the “Closure” of Marx’s System 488<br/>Appendices 493<br/>Bibliography 501<br/><strong>Index 519</strong></li>