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Full Description
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'.
Contents
Notes on the Contributors Introduction; R.Bellofiore Acknowledgements PART 1: PRICES AND VALUES Profitability, Prices and Values; M.Desai Marx's Logic in Capital and the 'Transformation Problem'; F.Moseley Value, Exchange Value and the Internal Consistency of Volume III of Capital: A Refutation of Refutations; A.J.Kliman The Transformation Trinity: Value, Value Form and Price; A.Callari, B.Roberts & R.Wolff Socially Contingent Value; C.Biewener Does Marx Need to Transform?; P.Cockshott & A.Cottrell The Distinction Between Social Value, Individual Value, Market Value and Market Price in Volume III of Capital; C-O.Lee Time and Equilibrium in Neoclassical Price Theory and Volume III of Capital; G.Carchedi PART 2: DYNAMICS Marx on Technological Change: The Ricardian Heritage; H.D.Kurz A General Refutation of Okishio's Theorem and a Proof of the Falling Rate of Profit; A.Freeman Decentring the Marxian Debate over the Falling Rate of Profit: A New Approach; S.Cullenberg Destructive Creativity: Institutional Arrangements of Banking and the Logic of Capitalist Technical Change in the Perspective of Marx's 1894 Law of Profit; G.Reuten Marx or Hicks? Structural Proportions and Crisis: The Transition from the First to the Third Volume of Capital; J.Halevi & P.Kriesler PART 3: EMPIRICAL APPROACHES The Dynamics of Historical Tendencies in Volume III of Capital: An Application to the US Economy since the Civil War; G.Dum�l & D.L� The Empirical Strength of the Labour Theory of Value; A.M.Shaikh Unproductive Labour and the Rate of Profit in Australia, 1966/67-1991/2; S.Mohun The Transformation of Prices into Values: Comment on the Chapters by Simon Mohun and Anwar M. Shaikh; A.Freeman Burning Questions of an Old Rock: Commodity Fetishism and Class Relations in Volume III of Capital; M.De Angelis Profitability and the Persistence of Capitalism; M.Desai Index
