The Economics of Karl Marx: Analysis and Application / Edition 1

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This book 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, with reference to 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. Throughout, Hollander emphasizes Marx's relation with orthodox canonical classicism.

About the Author:
Samuel Hollander is University Professor Emeritus at the University of Toronto, Canada, where he served on the faculty from 1963 to 1998, and is currently affiliated with the Department of Economics at Ben-Gurion University, Israel. An Officer of the Order of Canada and a Fellow of the Royal Society of Canada, Professor Hollander holds an honorary Doctorate of Laws from McMaster University, Ontario, Canada

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Editorial Reviews

From the Publisher
“This is vintage Hollander: beautifully written, highly opinionated and extremely well researched. It is the culmination of decades of scholarship on classical and post-classical political economy. Many readers will question Hollander's interpretation of Marx as an unsuccessful predecessor of Walras, but few will fail to be stimulated, or provoked, by this book.” - John King, La Trobe University

"For those hoping for an understanding of Marx and Marx’s economics, the long wait is over. Samuel Hollander has delivered a masterpiece. All of the old disturbing puzzles are revealed and resolved: from value and distribution, to the falling rate of profit, growth and cycle and the thorny and infamous transformation problem itself. From cover-to-cover, the care and breadth of exposition, the insight and the scholarship are nothing short of breathtaking. This is truly a major event for economists, social and political scientists and intellectual historians, and no less a landmark achievement in the history of economic thought. All those interested not only in the historical Marx, but also in the true nature and significance of his work to modern economics and present-day concerns (including Marx on equity, the role of the entrepreneur and the process of social reform) will relish at the turn of every page of this wonderful book." - Tom Kompas, The Australian National University

"How splendid to read a book on Marx that takes him seriously as an economist and plays proper respect to the logical structure of his economic theory... my advice is to read this book and to study it carefully because it is full of insights gathered over a lifetime of study of the classical economists." - Mark Blaug, Journal of the History of Economic Thought

"Whatever one's view of Marx's exploitation theory and the 'continuity thesis,' as well as the many other topics covered in The Economics of Karl Marx, the book remains a superb achievement. The detailed arguments are typically first class, and always well presented.... All in all, this is a fine piece of scholarship of enduring value. Historians of economic thought will benefit most, but scholars from other disciplines will also find Samuel Hollander's book to be an excellent reference source." - Michael Howard, University of Waterloo, Journal of the History of Economic Thought

"Hollander works through... topics with copious and helpful quotations from Marx's texts, which will make the book a very useful resource for students and scholars who want to make a preliminary survey of some aspect of Marx's economic thought. Another pervasive strength of the book is Hollander's knowledge of the classical political economy tradition, which allows him to situate Marx's thought in the matrix of the literature Marx worked from.... It will be well worth the trouble of anyone interested in navigating the huge volume of Marx's writings to consult this book." - Duncan K. Foley, New School for Social Research and Santa Fe Institute, Journal of the History of Economic Thought

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Product Details

Table of Contents

Introduction 1

Pt. 1 Capital. Principle Features of the Marxian "Canon"

1 Value and Distribution 11

2 Elements of Growth Theory 55

3 Economic Growth and the Falling Real-Wage Trend 85

4 Economic Growth and the Falling Rate of Profit 110

5 The Cyclical Dimension 134

Pt. 2 Origins: Marx in the 1840s

6 Marx's Economics 1843-1845 165

7 A "First Draft" of Capital 1847-1849 194

Pt. 3 A "Second Draft" Of Capital: The Grundrisse 1857-1858

8 1857-1858 I: Surplus Value 235

9 1857-1858 II: Value "Realization" 268

Pt. 4 A "Third Draft" Of Capital: The Economic Manuscripts 1861-1863

10 1861-1863 I: Surplus Value- Profit, Rent, and Interest 293

11 1861-1863 II: Sectoral Analysis, Accumulation, and Stability 326

12 1861-1863 III: The Labor Market 353

Pt. 5 Topics in Application

13 Economic Organization and the Equality Issue 385

14 Is There a Marxian "Entrepreneur"? On the Functions of the Industrial Capitalist 409

15 Principles of Social Reform 444

Conclusion: A Recapitulation and Overview 463

Appendices 493

Bibliography 501

Index 519

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