Professor Roemer's goal in this book is to give a rigorous view of classical Marxian economic theory by presenting specific analytic models. The theory is not extended to deal with new problems, but it is deepened: Marxian theory is given micro-foundations and upon those foundations the author begins to rebuild a tightly constructed Marxian economics. The book begins, after a methodological introduction, with an examination of the Marxian notion of equilibrium and the theory of exploitation, (...) and goes on to deal with the theory of the falling rate of profit. The next section explores one of the points made in the first section of the book, that the Marxian theory of exploitation can be constructed completely independently of the labor theory of value as a theory of exchange. Technical study of this problem allows comment on various issues, such as the relative importance of 'marginal utilities' and 'class struggle' in determining relative prices. The final part examines models of various Marxian concepts. (shrink)

A careful and tough-minded analysis of Marxian economics from within. Wolfson treats Marx's economic theory as worthy of serious discussion and not just as an obsolete curiosity in the history of economic thought. His thorough analysis shows what elements in the theory are empirically confirmable and what elements are not. Ultimately, Wolfson feels Marx fails to make a convincing case for his most critical prediction: the progressive immiseration of the proletariat and the consequent break-up of the capitalist form (...) of social organization.--J. T. (shrink)

This article analyzes the temporal single-system interpretation (TSSI) of Marx’s economics. From a methodological viewpoint, the TSSI lacks both a clear definition of equilibrium and a rigorous analysis of disequilibrium dynamics, and the dynamic framework is incomplete. From a substantive viewpoint, temporal single-system (TSS) claims are trivially obtained by assuming that goods exchange at values, apart possibly from out-of-steady-state random deviations. Finally, the proof of the law of the tendential fall in the profit rate is tautologically true, but its (...) theoretical relevance is unclear. (shrink)

In this paper I seek to establish that a widely held criticism of postmodern Marxism – that it is morally relativist and does not offer a basis for a systematic analysis of capitalism – is not warranted. I provide a systematic review of the postmodern Marxist literature in three distinct areas – value theory, class analysis of the household and state, and class justice – and I draw on these contributions to show that postmodern Marxism offers new insights into problems (...) of concern to Marxian theorists. I argue, further, that it provides the normative grounds for a class politics that is open to new alliances and new strategies for engaging in class struggle. (shrink)

By exploring the strengths and weaknesses of a Marxist approach to economic development, this book presents a balanced treatment of development issues within the area of 'rational choice Marxism'.

In softening Marx' economic determinism, Engels appears to have rescued it from absurdity. In fact, he has condemned it to vacuity: it seems to explain everything, while in fact explaining nothing.

Reviews : Kozo Uno, Principles of Political Economy : Theory of a Purely Capitalist Society, Make to Itoh, Value and Crisis: Essays on Marxian Economics in Japan.

The capitalist mode of production and consumption is caught in a double bind: its expansion destabilises natural systems and fails to curb social inequities, while slowdown destabilises the inner workings of the economic system itself. To better understand what is happening in this phase of instability, this article proposes a System Dynamics representation that combines elements of Georgescu-Roegen's Ecological Economics with Marxian theory. Specifically it draws from a diagram recently developed by David Harvey to communicate Marx's political economy (...) in its totality; Harvey's diagram is then adapted to incorporate the flow-fund model developed by Georgescu-Roegen. The contribution made by this adaptation is twofold: first, it allows us to emphasise key connections and discrepancies between the two traditions; second, it extends System Dynamics into (eco-)Marxian analysis, which serves to visualise the fundamental causes and consequences of a spiralling, ever-expanding capitalist economy. (shrink)

Over the last twenty-five years, Stephen Resnick and Richard Wolff have developed a groundbreaking interpretation of Marxian theory generally and of Marxian economics in particular. This book brings together their key contributions and underscores their different interpretations. In facing and trying to resolve contradictions and lapses within Marxism, the authors have confronted the basic incompatibilities among the dominant modern versions of Marxian theory, and the fact that Marxism seemed cut off from the criticisms of determinist modes (...) of thought offered by post-structuralism and post-modernism and even by some of Marxisms greatest theorists. (shrink)

In the economic debate, power is defined and studied mainly as an interpersonal relation occurring out of perfect competition. This is a consequence of the combination of methodological individualism and the assumption of competition as a natural and everlasting coordinating mechanism, operating without any sort of coercion. This methodology, however, is not adequate to analyze the forms of social coercion that characterize capitalism. " Economics and Power" criticizes the main theories of power developed in economic literature, analyzing ultraliberal contractualism (...) to radical political economics, and ultimately suggesting a Marxist conception of power and coercion in capitalism. Palermo s ontological argument is rooted in the philosophy of critical realism.This unique volume presents his main finding as being that the essential coercive mechanism of capitalism is competition. Capitalist power is not caused by a lack of competition, but by the central role it plays in this mode of production. Following this, the chapters reconstruct a Marxian conception of power where it is analyzed as a social relation and argues that perfect competition does in fact exist under the disguise of capitalist power. This book criticizes the construct of power and the underlying ideas surrounding perfect competition. This book is of interest to those who study political economy, as well as economic theory and philosophy. ". (shrink)

This chapter contains sections titled: Property and Subjugation The Limits of Property The Marxian Theory of the Conditions of Liberty Inside the Marxian‐Liberal Original Position The Difference Principle as a Historical Principle of Justice.

The fact that half of the world is ruled under the banner of Marxism and that there were no easily comprehensible and thorough studies of Marxist theory of law makes it worth investigating in some detail whether there is a Marxian theory of law, and, if so, what a Marxian theory of law would be like. Although Marx's and Engels' writings broadly relevant to law amount to some two hundred pages, it is clear that in these writings neither (...) Marx nor Engels has put forward anything like a theory of law. If there is a Marxian theory of law to be discovered, it would have to be extracted, extrapolated and reconstructed from these writings. ;The reconstruction undertaken here has turned out to be fruitful. It seeks to demystify and explain the phenomenon of law. It is argued that one major function of law is to promote and stabilize the economic realm of society, and that law exists in order that the economic realm can be developed. And hence the various features of law as a whole are to be explained functionally by the needs and dynamics of the economic realm. ;The second, equally vital, role of law is its class character. It is argued that there is a ruling class in pre-socialist societies, and that the ruling class uses the law to maintain and further its own interest. How the law is used as a ruling-class instrument is examined in some detail. ;Further, it is explained how various legal ideas are delusive, and how the process of trial is prone to the pervasiveness of the dominant ideology. It is shown that many phenomena in law cannot be satisfactorily accounted for except via a Marxian perspective. Especially true is the absence of a starvation defence in criminal law. For if there is the provocation defence, an analogous reasoning makes the case for a starvation defence compelling. And while the absence of the starvation defence cannot be justified, it can be explained on a Marxian perspective. ;The focus of the dissertation is on the law in capitalist societies, especially in England, because Marx and Engels wrote mostly on the English society, and because the development of law reaches its highest point in capitalism. Another reason is that the author is most familiar with English law. (shrink)

Neoclassical economics remains the leading theoretical alternative to Marxian economics. In this article I shall contrast the accounts of technical change in capitalism proposed by both theories. I shall introduce five criteria relevant to a comparison of competing social theories, and argue that the Marxian perspective on technical change in capitalism is superior on all five counts.

Hermeneutics has become a major topic of debate throughout the scholarly community. What has been called the "interpretive turn" has led to interesting new approaches in both the human and social sciences, and has helped to transform divided disciplines by bringing them closer together. Yet one of the largest and most important social sciences economics has so far been almost completely left out of the transformation. Economics and Hermeneutics takes a significant step towards filling this gap by introducing (...) scholars on both sides of the divide to ways that hermeneutics might help economists address some of their most important problems. Among the topics addressed are entrepreneurship, price theory, rational expectations, monetary theory, welfare economics, and economic policy. The approaches to economics represented include the Austrian school, McCloskey's "rhetoric" approach, Marxian critical theory and institutionalism. (shrink)

It is a commonplace of academic conventional wisdom that Marxian theory is not to be judged by the historical experience of actually existing socialist societies. The reasons given in support of this view are familiar enough, but let us rehearse them. Born in adversity, encircled by hostile powers, burdened with the necessity of defending themselves against foreign enemies and with the massive task of educating backward and reactionary populations, the revolutionary socialist governments of this century were each of them (...) denied any real opportunity to implement Marxian socialism in its authentic form. Nowhere has socialism come to power as Marx expected it would – on the back of the organized proletariat of an advanced capitalist society. For this reason, the historical experience of the past sixty years can have no final authority in the assessment of Marxian theory. The failings of Marxist regimes – their domination by bureaucratic elites, their economic crises, their repression of popular movements and of intellectual freedoms, and their dependency on imports of Western technology and capital – are all to be explained as historical contingencies which in no way threaten the validity of Marx's central conceptions. It is not that Marxian socialism has been tried and found wanting but, rather, that it has never been tried. (shrink)

Economists have long grappled with the problem of how economic theories relate to empirical evidence: how can abstract mathematized theories be used to produce empirical claims? How are such theories applied to economic phenomena? What does it mean to "test" economic theories? This book introduces, explains, and develops a structural philosophy of economics which addresses these questions and provides a unifying philosophical/logical basis for a general methodology of economics. The book begins by introducing a rigorous view of the (...) logical foundations and structure of scientific theories based upon the work of Alfred Tarski, Patrick Suppes, Karl Marx, and others. Using and combining their methods, the book then goes on to reconstruct important economic theories - including utility theory, game theory, Marxian economics, Sraffian economic theory, and econometrics - proving all the main theorems and discussing the key claims and the empirical applicability of each theory. Through these discussions, this book presents, in a systematic fashion, a general philosophy of economics grounded in the structural view. Offering rigorous formulations of important economic theories, A Structuralist Theory of Economics will be invaluable to all readers interested in the logic, philosophy, and methodology of economics. It will also appeal particularly to those interested in economic theory. (shrink)

Introduction Marxism is a set of ideas from which sprang particular approaches to economics, sociology, anthropology, political theory, literature, art, ...

In lieu of an abstract, here is a brief excerpt of the content:Buddhist-Christian Studies 22 (2002) 17-29 [Access article in PDF] A Christian Critique of Economics Carol Johnston Christian Theological Seminary Introduction: A Word About History Contrary to the assertions of many contemporary economists, no economic model is "value-free." Both of the major models in the world today, capitalism (or neoclassical economic theory) and Marxism (or Marxian economics), have a long history in which basic assumptions and value (...) choices were made that govern the models. Those assumptions and value choices have deep roots in Western culture, and were certainly shaped by Christianity as it has been practiced in the West (as opposed, often, to how it should have been practiced!). But in both cases, alternative choices were possible, and, as we shall see, some opportunities were missed. However, it is not my purpose to attempt to determine to what extent Christianity can be blamed or credited with the economics we must live with today. Rather, I hope to examine economics from the perspective of my Christian faith to ask how the economic models so powerful today have missed (or worked against) crucial elements of Jewish and Christian standards of justice, and how they might be transformed to create economies that are healthier for human and natural communities, and ecologically sustainable.When Adam Smith published his Inquiry into the Nature and Causes of the Wealth of Nations in 1776, he was asking if there could be a better way to run economies than the entrenched mercantilism of his day, which operated through state monopolies to benefit an elite. He and many others in his time were frustrated with mercantilism and searching for alternatives. They never imagined that the ideas they wrote about would some day coalesce into what we now call "capitalism," and succeed beyond their wildest dreams. They were just trying to make the system more open to more participation by a wider range of people. I believe that today we are in a similar situation. Capitalism has been wildly successful in its single goal: constant growth in the production of "goods." From a Christian perspective, this is an ambiguous goal and in and of itself cannot be supported. In addition, capitalism also has serious negative effects on both communities and the natural environment that must be dealt with, and it has a built-in tendency to leave many people marginalized—not only unemployed and often unemployable within the capitalist market system, but even worse, [End Page 17] stripped of traditional access to subsistence living. Consequently, many of us are searching for solutions—for ways to go beyond cosmetic reforms and really transform capitalism to make it a more equitable and environmentally sustainable system. Surely if Adam Smith and others of his day could think their way through to better ideas about economics than those offered in mercantilism, we can do the same with the economic models available to us today. If they could do it, we can do it. Thinking Theologically About Economics and Acting Responsibly As a Christian, I already approach economics with a number of assumptions, value choices, and perspectives that come from my tradition. I hope to be clear about what those are and compare them with those that are embedded in economics.First of all, the world (which is both material and spiritual) is created by God, who recognizes it as "good" (Gen. 1). This world then is not something to be escaped (contrary to the beliefs of some Christians), but is to be lived in as fully as possible as the gracious gift of a generous and loving God. From a Christian perspective, science has for the most part focused solely on the material aspect of creation and ignored the spiritual. Insofar as economics has tried to be "scientific," it has also worked within a narrow framework of "facts" that focuses solely on "natural laws" and how things work at a material level. This is very inadequate from a Christian perspective, but as far as it goes, it is true enough. If economics would carefully stay within its own realm of "facts," Christians could have little to quarrel with. However... (shrink)

In the first stage of his thinking Karl Marx founded his revolutionary politics on philosophical speculation, while in the second (mature) stage he relied on economics and the theory of exploitation based on his theory of surplus value. Marxism, however, developed in the opposite direction. After Marx's economic doctrine became vulnerable to powerful objections, Marxists tried to find a refuge in his early philosophical writings and in this way avoid refutation. Ultimately this attempt proved unsuccessful too.

This book rejects the commonly encountered perception of Friedrich Engels as perpetuator of a 'tragic deception' of Marx, and the equally persistent body of opinion treating him as 'his master's voice'. Engels' claim to recognition is reinforced by an exceptional contribution in the 1840s to the very foundations of the Marxian enterprise, a contribution entailing not only the 'vision' but some of the building blocks in the working out of that vision. Subsequently, he proved himself to be a sophisticated (...) interpreter of the doctrine of historical materialism and an important contributor in his own right. This volume serves as a companion to Samuel Hollander's The Economics of Karl Marx. (shrink)

The principles of historical materialism involve Marx in making two crucial claims about freedom. The first is that the revolutionary proletariat is, in an important sense, more free than its class antagonist the bourgeoisie. The second is that the beneficiaries of a successful proletarian revolution—the members of a solidly established communist society—enjoy a greater freedom than even proletarians engaged in revolutionary praxis. It is perhaps natural to take Marx to be operating here with what might be called a logically continuous (...) notion of freedom, established communists enjoying to perfection what revolutionary proletarians merely imperfectly experience and what the bourgeoisie entirely misses. But whatever one's views might be about what Marx in fact says about freedom this cannot be what he ought to say for his theory of freedom to work. The kind of line Marx need to take finds a significant precedent in his economics where we find a theory implying two quite distinct logical dimensions in that the principles and concepts designed to apply to the transactions of capitalism necessarily lack descriptive purchase on communist economic reality. The existence of these two dimensions, and particularly Marx's comparative silence as to the nature of the second, reflect his conviction that the transition between the two systems must be marked by a profound conceptual as well as material break. Consequently it is not unreasonable, perhaps, to look for an analogous discontinuity in his metaphysics and to expect to find two distinct varieties of freedom, the one reflecting the nature of class society, the other of human community. (shrink)

I have chosen to approach the Marxian alienation theory from a historical angle and recount its evolution in Marx’s Economic and Philosophic Manuscripts of 1844 and the Grundrisse, wherein it develops into a theory regulating the co-creation of conditions for “freedom” in the choice of processes that lead to de-alienation. I will attempt to present the alienation theory as an aspect of a broader anti-metaphysical critique of all substantialism, According to Marx, the substantialist approach to history could at most (...) only pretend to be dynamic and ignored the structural complexity of being, whereas the true idea was to notice and keep track of the structural and qualitative changes brought to being by the genetic, structural, social, economic, class and institutional conditionings of human history. (shrink)

The aim of this paper is to paraphrase Theda Skocpol’s theory of social revolutions with the use of the conceptual apparatus of non-Marxian historical materialism. In the successive sections of this paper, the concepts of modernization, the nature of state power, an agrarian bureaucracy, and the mechanism of a victorious revolution are paraphrased. This paraphrase makes it possible to distinguish two kinds of agrarian bureaucracies, each resulting in social revolutions with different outcomes. A victorious revolution led to successful modernization (...) in the case of an economic agrarian bureaucracy, but not in the case of a political agrarian bureaucracy. (shrink)

Chapter 5 is an essay on the methodology of equilibrium theory. In the course of examining recent controversies concerning lawlike claims and "assumptions" in economic theory, I reach a position similar to J. S. Mill's. Neo-classical economics is what Mill would call "a separate science." It follows a deductive method, since its basic laws supported by everyday experience. In its general equilibrium formulation, equilibrium theory possesses, however, no explanatory worth and very little explanatory importance, since its idealizations are not (...) legitimate. General equilibrium theory ought fundamentally to be regarded as an explanation of how economic equilibrium is possible. ;In conclusion I argue that Sraffa's contribution is a legitimate form of economic theorizing. Those methodological views, like Lionel Robbins', which would proscribe the sort of piecemeal theorizing Sraffa exemplifies, are, as methodological strictures, unjustified. In fact they involve an ideological distortion. Given the weaknesses in general equilibrium theory identified in Chapters 3 and 5, one has good reason to be eclectic. The Austrian theory, despite the Cambridge criticisms, may be useful in some investigations. A much more segmented economics built around Sraffa's work may have a great deal to teach us. Theories of capital, interest and exchange value currently are underdeveloped, unsupported, and subject to ideological influence. ;In Chapter 3 one special formulation of intertemporal general equilibrium theory is examined. I argue that general equilibrium theory may be taken as a theory of the rate of interest to which the Cambridge criticisms do not apply. Puzzles remain, however, concerning both the apparently lawlike claims and the unrealistic stipulations concerning background conditions that general equilibrium theory makes. ;In Chapter 4 Sraffa's system in The Production of Commodities by Means of Commodities is presented and tentatively assessed. I argue that it is consistent with equilibrium theory, but may be combined with other claims that are not consistent with equilibrium theory. What is puzzling but, I argue, methodologically legitimate in Sraffa's work is that he takes as givens factors like the composition of output, that are themselves subject to further economic analysis. Sraffa's work, when properly understood, can prove valuable to Marxian economists. ;Chapter 1 establishes a contrast between physical cost and marginal utility theories of exchange value and examines why issues concerning capital and interest are theoretically central to both theories. I point out that physical cost theories of value are not tenable. ;Chapter 2 is concerned with simplified aggregate capital theories, especially Wicksell's Austrian theory of capital, and with the Cambridge criticisms of such theories. The Cambridge criticisms show, I conclude, that aggregative capital theories make unwarranted economic claims. ;This dissertation examines from both an economic and a philosophical perspective controversies concerning the theory of capital and interest and the relationship of capital and interest to exchange value. The fundamentals of the neo-classical and neo-Ricardian approaches to economic theory are made explicit and compared. The neo-Ricardian approach is partially defended. (shrink)

The existence and unity of a discipline called economics reside in the eye and mind of the beholder. The perception of economics's unity and disciplinarity itself arises in some, but not all, of the different schools of thought that we would loosely categorize as economic. Indeed, as we hope to show, the presumption of unity and disciplinarity—the idea that there is a center or “core” of propositions, procedures, and conclusions or a shared historical “object” of theory and practice—is (...) suggested in the concepts and methods of some schools of economic thought, but is opposed by others. Further, we argue that the portrayal of economics as a discipline with distinct boundaries is often a discursive strategy by one school or another to hegemonize the field of economic discourse. In this way, the issue of the existence of an economics discipline and its principles of unity or dispersion is in part a political question. Its effects are felt in the hiring and firing of economics professors and practitioners, the determination of what comprises an economics curriculum, the determination of what is a legitimate economic argument and what is not, the dispensation of public and private grant monies, and the differential entry into or exclusion from ideological, political, and economic centers of power and decision making.Our view is that no discipline of economics exists. Or, rather, no unified discipline exists. The “discipline” of economics is actually an agonistic and shifting field of fundamentally different and often conflicting discourses. The dispersion and divisions that exist between the schools of thought we discuss here as “economic” may have some regularities. But we do not see closer contiguity of these economic schools when placed on a horizontal scale than, to take just one example, among all of the many different "disciplinary" forms of Marxian thought. That is, in our view, Marxian economic thought shares more concepts, approaches, and methods—may have more discursive regularity—with Marxian literary theory than do Marxian economic thought and neoclassical economic theory. Jack Amariglio is associate professor of economics at Merrimack College and the editor of Rethinking Marxism: A Journal of Economics, Culture, and Society. He is working on a book entitled Modernism and Postmodernism in Economics with Arjo Klamer. Stephen Resnick and Richard Wolff are professors of economics at the University of Massachusetts, Amherst. Their recent coauthored books are Knowledge and Class: A Marxian Critique of Political Economy and Economics: Marxian versus Neoclassical. (shrink)

In launching modern economics, Adam Smith paved the way for laissez-faire capitalism, Marxism, and contemporary social science. This book scrutinizes Smith's disparagement of politics and religion to illuminate the subtlety of his rhetoric, the depth of his thought, and the ultimate shortcomings of his project. The author analyzes Smith's ideas on government, justice, human psychology, and international relations, stressing Smith's efforts to elevate wealth at the expense of citizenship and to replace normative political philosophy with historical theorizing and empirical (...) modeling that emphasize economic causes. The book also provides the most comprehensive interpretation available of Smith's views on religion, examining the discrepancies between The Wealth of Nations and The Theory of Moral Sentiments. The concluding chapter appraises the demise of communism in light of the Marxian emancipation of economics from politics and religion. (shrink)

The aim of the dissertation is to show that the logical foundations of the Marxian Theory of Value are reasonably sound. The first chapter presents a concise history of MTV and formulates in a detailed way the problem of foundations in MTV. This is the problem of proving the existence of labor-values in a general economy in which joint products, alternative techniques, and heterogeneous labor are allowed. ;In the second chapter the problem is tackled through the demonstration that there (...) is a measurement of abstract labor in such general systems, where abstract labor is understood as a binary relation over the set of labor expenditures induced by a system of prices, in a commodity economy, that satisfies certain properties. It is also shown that whenever the rate of profit is uniform the price system satisfies such properties. ;Using the results of the second chapter, in the last chapter an axiomatization of MTV is provided and two of the most typical models of MTV are reconstructed in terms of abstract labor in a very detailed way. The first of these is the classical Leontief model and the second one is a more general model due to John K. Roemer. The conclusion of the dissertation is that the foundations of MTV are as sound as those of Neo-classical Economics. (shrink)

Introduction: Eurocentrism, capitalism and modernity -- The emergence of Eurocentrism: fragments and contradictions -- Anthropocentrism and Europic universals -- Marxism and the Europic problematic -- The dual dialectics of Europic theory -- Critique of the Eurocentrism of civil society -- Ethical economic symbolic representation: Eurocentrism and imaginary dialectical universalisation -- Capital: Marx's anti-Europic theory of modernity -- Conclusion: Eurocentrism, capitalism and the end of modernity (and post-modernity).

This paper explicates a Marxian theory of management that suggests that the social relation to be managed in capitalism is the separation of the political from the economic. While it is commonly understood that this must be an active process of management taken up on behalf of modern capitalist states, this paper suggests that the market mechanism itself also assumes this role without the active intervention of any managerial direction. The intensive expansion of the market facilitates a management function (...) of subverting the political deliberation which challenges the political-economic separation that could otherwise be expected in neoliberal restructuring. Both the changing nature of consumption and the growth of the small business sector are cited as examples of ways in which neoliberalism reproduces itself in the presence of social contradiction but in the absence of any actively planned strategy of management to deal with those contradictions. (shrink)

Shigeto Tsuru is one of Japan's most respected senior economists. In these lectures, he provides a reappraisal of institutionalism as a school of thought and discusses its relevance for the issues which the economic profession today must tackle. Tsuru reconsiders Marxian political economy as an 'institutionalist school', which provides a context for the following discussion of J. M. Keynes, Joseph Schumpeter and Thorstein Veblen. He goes on to present the four key elements of modern institutionalism - i.e., the open-system (...) character of the economy; the problem of planning; the evolutionary process of modern economics; and the normative character of economics - by way of an examination of three present-day institutionalists, Gunnar Myrdal, John K. Galbraith, and K. William Kapp. Tsuru concludes with an evaluation of modern institutionalism and the future of institutional economics. (shrink)

This book covers a broad range of topics in the history of economics that have relevance to economic theories. The author believes that one of the tasks for a historian of economics is to analyze and interpret theories currently outside the mainstream of economic theory, in this case non-Walrasian economics. By doing so, he argues, new directions and new areas for research can be developed that will extend the current theories. Familiar topics covered include: the division of (...) labor, economies of scale, wages, profit, international trade, market mechanisms, and money. These are considered in the light of the well-known non-Walrasian schools of thought: the classical, Marxian, Austrian, and Cambridge schools. (shrink)

I T I S S T A R T L I N G T O realize that the concept of economic exploitation, which has been the focus of intense philosophical debate for what seems like decades now, was barely touched on in John Rawls's 1971 masterwork, A Theory o f Justice, the book that ushered in the present era of Anglo - American social and political philosophy. The subject was broached just once by Rawls, and only to be dismissed as (...) being of such secondary importance as to be "out of place here."1 The concept, however, had begun to attract the attention of a generation of students and young faculty who were rediscovering Marx, to the point that it could not much longer be ignored, not even in Harvard Yard. Robert Nozick, in his famous juniorcolleague, neoconservative rebuttal to the liberal Rawls, devoted a full nine pages to attacking "Marxian exploitation," concluding that "Marxian exploitation is the exploitation of people's lack of understanding of economics.". (shrink)

This contribution to economic philosophy considers Marx's pronouncements on the organization of future society, and in this context re-examines the long-lasting debate triggered by Mises's argument that modern industrial production requires a system of spontaneously-formed market prices. In an undogmatic, non-technical treatment, Steele contends that both the Marxian conception of future society and the Misesian argument against its feasibility have frequently been misunderstood. The work scrutinizes the replies to Mises, and explores some of the wider issues raised by the (...) economic calculation debate. (shrink)

An examination of the relationship between philosophical and economic thought in the nineteenth century, Economy and Self explores how the free enterprise theory of Classical Economy influenced and was in turn influenced by the philosophical notion of alienation common in the writings of the age.