From Classical Market View to Marxian Market View: Reinterpreting the Theory of Market Value

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World Review of Political Economy

Volume 9, Issue 3

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From Classical Market View to Marxian Market View: Reinterpreting the Theory of Market Value

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Author(s): Kei Ehara

Publication date (Print): 1 October 2018

Journal: World Review of Political Economy

Publisher: Pluto Journals

Keywords: Marx, capitalism, market, classical political economy, technological change

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Abstract

This article aims at reconstructing theoretical viewpoint of the market in Marxian economics. We usually assume that the asset of Marxian economics should be the theory of exploitation, which must be proved under the condition of the market equilibrium. In this article, however, we think Marxian economics should provide the whole set of apparatus to criticise capitalism as a social science. To construct Marxian economics as a general social science, we need to develop not only Marxian theory of production but also Marxian theory of market, which can be substituted for the equilibrating theory of market. Here we focus on the theory of market value in Capital Volume III and consider how technological factors affect the market in Marxian terms.

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Author and article information

Journal

Journal ID (doi): 10.2307/j50005553

Journal ID (jcode): worlrevipoliecon

Title: World Review of Political Economy

Publisher: Pluto Journals

ISSN: 2042-891X

ISSN: 2042-8928

Publication date (Print): 1 October 2018

Volume: 9

Issue: 3 ( doiID: 10.13169/worlrevipoliecon.9.issue-3 )

Pages: 387-409

Article

Publisher ID: worlrevipoliecon.9.3.0387

DOI: 10.13169/worlrevipoliecon.9.3.0387

SO-VID: ee2dd583-d9b7-4a50-ab6a-8704313d76d5

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ScienceOpen disciplines: Political economics

Keywords: classical political economy,technological change,market,capitalism,Marx

References

Dobb, M. 1970. “The Sraffa System and Critique of the Neo-classical Theory of Distribution.” De Economist 118 (4): 347–362.
Ehara, K. 2018. Capitalist Market and Crisis. [In Japanese.] Tokyo: Nihon-Keizai-Hyoron-Sha.
Harvey, D. 2010. A Companion to Marx's Capital. London: Verso.
Hilferding, R. 1981. Finance Capital. New York: Routledge.
Itoh, M. 1980. Value and Crisis. New York: Monthly Review Press.
Itoh, M. 1981. Theory of Value and Capital. [In Japanese.] Tokyo: Iwanami-Shoten.
Mainwaring, L. 1984. Value and Distribution in Capitalist Economies. Cambridge: Cambridge University Press.
Marx, K. 1990. Capital. Vol. 1. London: Penguin Classics.
Marx, K. 1991. Capital. Vol. 3. London: Penguin Classics.
Obata, M. 2009. The Principles of Political Economy. [In Japanese.] Tokyo: The University of Tokyo Press.
Okishio, N. 1978. Basic Theory of Capitalist Economy. [In Japanese.] Tokyo: Sobun-sha.
Onishi, H. 2015. Marxian Economics. [In Japanese.] Tokyo: Keio University Press.
Pasinetti, L. L. 1977. Lectures on the Theory of Production. New York: Columbia University Press.
Ricardo, D. 1951. “On the Principles of Political Economy and Taxation.” In The Works and Correspondence of David Ricardo, vol. I, edited by P. Sraffa, 1–626. London: Cambridge University Press.
Rozenberg, D. I. 1962. Comments on Karl Marx's Capital. [In Japanese.] Translated by M. Udaka and T. Soejima. Tokyo: Aoki Shoten.
Samuelson, P. A. 1951. “Abstract of a Theorem concerning Substitutability in Open Leontief Models.” In Activity Analysis of Production and Allocation, edited by T. C. Koopmans, 142–146. New York: John Wiley.
Sraffa, P. 1960. Production of Commodities by Means of Commodities. Cambridge: Cambridge University Press.
Steedman, I. 1977. Marx after Sraffa. London: New Left Books.
Uno, K. 1980. Principles of Political Economy. Hemel Hempstead: Harvester.
Yamaguchi, S. 1985. The Principles of Political Economy. [In Japanese.] Tokyo: The University of Tokyo Press.

Comments

Comment on this article

[1] Dobb, M. 1970. “The Sraffa System and Critique of the Neo-classical Theory of Distribution.” De Economist 118 (4): 347–362.

[2] Ehara, K. 2018. Capitalist Market and Crisis. [In Japanese.] Tokyo: Nihon-Keizai-Hyoron-Sha.

[3] Harvey, D. 2010. A Companion to Marx's Capital. London: Verso.

[4] Hilferding, R. 1981. Finance Capital. New York: Routledge.

[5] Itoh, M. 1980. Value and Crisis. New York: Monthly Review Press.

[6] Itoh, M. 1981. Theory of Value and Capital. [In Japanese.] Tokyo: Iwanami-Shoten.

[7] Mainwaring, L. 1984. Value and Distribution in Capitalist Economies. Cambridge: Cambridge University Press.

[8] Marx, K. 1990. Capital. Vol. 1. London: Penguin Classics.

[9] Marx, K. 1991. Capital. Vol. 3. London: Penguin Classics.

[10] Obata, M. 2009. The Principles of Political Economy. [In Japanese.] Tokyo: The University of Tokyo Press.

[11] Okishio, N. 1978. Basic Theory of Capitalist Economy. [In Japanese.] Tokyo: Sobun-sha.

[12] Onishi, H. 2015. Marxian Economics. [In Japanese.] Tokyo: Keio University Press.

[13] Pasinetti, L. L. 1977. Lectures on the Theory of Production. New York: Columbia University Press.

[14] Ricardo, D. 1951. “On the Principles of Political Economy and Taxation.” In The Works and Correspondence of David Ricardo, vol. I, edited by P. Sraffa, 1–626. London: Cambridge University Press.

[15] Rozenberg, D. I. 1962. Comments on Karl Marx's Capital. [In Japanese.] Translated by M. Udaka and T. Soejima. Tokyo: Aoki Shoten.

[16] Samuelson, P. A. 1951. “Abstract of a Theorem concerning Substitutability in Open Leontief Models.” In Activity Analysis of Production and Allocation, edited by T. C. Koopmans, 142–146. New York: John Wiley.

[17] Sraffa, P. 1960. Production of Commodities by Means of Commodities. Cambridge: Cambridge University Press.

[18] Steedman, I. 1977. Marx after Sraffa. London: New Left Books.

[19] Uno, K. 1980. Principles of Political Economy. Hemel Hempstead: Harvester.

[20] Yamaguchi, S. 1985. The Principles of Political Economy. [In Japanese.] Tokyo: The University of Tokyo Press.