Marx's Economics
A Dual Theory of Value and Growth

Professor Morishima concentrates on the three volumes of Das Kapital and their contributions to the major topics of traditional Marxian economics.

Michio Morishima (Author)

9780521293037, Cambridge University Press

Paperback, published 30 March 1978

208 pages
21.6 x 14 x 1.2 cm, 0.27 kg

Professor Morishima concentrates on the three volumes of Das Kapital and their contributions to the major topics of traditional Marxian economics. He provides a rigorous mathematisation of the labour theory of value, the theory of exploitation, the transformation problem, the reproduction scheme, the law of relative surplus population, the falling rate of capital and the turnover of capital. After proving Marxian propositions in a rigorous way, he argues that in order to combine Marx's model with von Neumann's in a new growth theory it is necessary to abandon the labour theory of value. Professor Morishima feels that this sacrifice is well worth making, because it enables Marxian economics to be integrated with orthodox theory into a new Marx–von Neumann theory of growth, and this to make an important contribution to the development of the subject.

Preface
Introduction
Part I. The Labour Theory of Value: 1. Dual definition of value
2. Hidden assumptions
3. Quantitative determination of relative value
4. Value, use-value and exchange-value
Part II. The Theory of Exploitation: 5. Surplus value and exploitation
6. The rate of profit
Part III. The Transformation Problem: 7. The static transformation problem
8. The aggregation problem
Part IV. The Reproduction Scheme: 9. Simple reproduction
10. Extended reproduction
11. The reserve army and the falling rate of profit
12. The dynamic transformation problem
Part V. Capital and Value: 13. The turnover of capital
14. The labour theory of value revisited
Index.

Subject Areas: Economics [KC]