The Paradox Of Marxist Economics

This book explains the inherent contradictions of Marxist economic theory and how they became apparent when the theory was applied in practice. It introduces the main theories and authors of Marxist economic thought, explores its implementation in the Soviet Union and the People's Republic of China, and offers a comparative analysis of the main distinctive features of socialist and capitalist economic systems. In turn, the book provides answers to the following questions: What has happened to the "socialist reality" and why has it become unacceptable for society? What are the causes of the collapse of the socialist economic system? This book appeals to scholars and students of economics and anyone interested in Marxist economic thinking and the practice of socialism.

More and more people have turned to Marxian economics in recent years. But isn’t it a defunct branch of the ‘dismal science’, disproven by the experience of the past 150 years, of no interest to anyone except historians? In this book, David Ruccio demonstrates why the answer to that question is a resounding ‘no’. He offers a clear and accessible introduction to the basic concepts and theoretical strategies of Marxian economics, its key differences from mainstream economics, and its many applications to the real world. Focusing on Marx’s critique of both mainstream economic theory and capitalism, Ruccio extends that analysis to contemporary topics—from inequality and economic crises to racial capitalism and the climate crisis—and outlines the key debates among Marxian economists. He concludes with a discussion of the ways Marxian economists today think about the possibility of moving beyond capitalism. The book is suitable for students and professors, as well as readers outside the academy interested in learning about Marxian economics. It will be useful both as a stand-alone text and as a companion to reading Capital.

Eugen Von Böhm-Bawerk, economist of the Austrian school, wrote this incisive critique of Marxist economics amid rising public support for socialism, communism and state-controlled markets in Europe. Published in 1896, this work criticizes Marxist theory from two angles: firstly, that the notion of value which Marx puts forward contradict his own ideas. The author asserts that the link between the price of producing goods and the value produced by labor are not consistently dealt with in Marx's works. This inconsistency in assigning value to economic production leads onto the second critique: Supply and demand is a theory whereby an equilibrium between goods supplied to a market and goods demanded by consumers in said market is established, with changes in the quantity or price of a good being in reaction to demand. Böhm-Bawerk discusses how Marx underestimates this law, and how his lack of appreciation for an economy which flexibly meets the shifting demands of consumers undermines his notions of price and value. From the perspective of a free market capitalist, Marxist theory is inadequate and insufficient as a system of economics.

'The Value of Radical Theory' explains Marx's economic theory, providing the reader with a solid foundation of his critique on capitalism, and also offers insights and a framework where anarchists might learn aspects of Marxist theory while remaining anarchists. This erudite primer sidesteps the typical anarchist vs. Marxist debates, presenting Marx's theory as an enduring explanation of contemporary capitalism, one that will aid in the task of overcoming the market and ushering in an era of participatory control of the economy inspired by anarchist ethics.

This book explains the inherent contradictions of Marxist economic theory and how they became apparent when the theory was applied in practice. It introduces the main theories and authors of Marxist economic thought, explores its implementation in the Soviet Union and the People's Republic of China, and offers a comparative analysis of the main distinctive features of socialist and capitalist economic systems. In turn, the book provides answers to the following questions: What has happened to the "socialist reality" and why has it become unacceptable for society? What are the causes of the collapse of the socialist economic system? This book appeals to scholars and students of economics and anyone interested in Marxist economic thinking and the practice of socialism.

"Marx's ideas on capitalism and its crises are more relevant today than for many years. But they are also sometimes obscure. In Marxist Economics for Socialists, John Harrison introduces the basic concepts of Marx's economics in simple language -- as political ideas, part of a constant battle against reformism: from Proudhon in France of the 1840s, through Bernstein in Germany of the 1890s, to Crosland and Holland in Britain of the 1950s and today."--Back cover.

Game theory may be used to explore how capitalist economies function, but the individual human actor will often not be the relevant unit for investigation. The second part of the book explores value and exploitation in Marxian economics, surveying a number of approaches to the former before evaluating Roemer's game-theoretic contributions to exploitation and class. The importance of the notion of surplus labour time is made clear in the context of conflict over the length of the working day, before considering working class 'preferences' for hours. Finally, the paradox of the 'falling rate of profit' controversy is reconsidered. Of interest to economists and specialists in Marxist theory, Philip's book advances this key critical area.