Economics : Marxian versus neoclassical / Richard D. Wolff and Stephen A. Resnick.

Format:

Book

Author/Creator:

Wolff, Richard D.

Contributor:

Resnick, Stephen A.

Language:

English

Subjects (All):

Comparative economics.

Economics.

Marxian economics.

Neoclassical school of economics.

Physical Description:

xiv, 279 pages : illustrations ; 24 cm

Place of Publication:

Baltimore : Johns Hopkins University Press, [1987]

Summary:

Economics: Marxian versus Neoclassical is an economics text with a difference--a concise, systematic comparison of the two major contending economic theories in the world today.

Richard Wolff and Stephen Resnick provide a unique and balanced explication of the differing assumptions, logical structures, and arguments of neoclassical and Marxian economics. Their treatment of Marxian theory assumes no familiarity with the subject, proceeding from first principles through analysis and social implications and integrating the important developments of the past twenty-five years. The discussion of neoclassical theory includes a coherent overview often obscured in standard introductions to economics. Throughout, math is used simply and sparingly.

Wolff and Resnick address broader aspects of evaluating or choosing between alternative theories, but their conclusions are nonpolemical. Economics: Marxian versus Neoclassical provides not just an explanation but an appreciation of the two great traditions in modern political economy.

Contents:

Chapter 1. Two Different Theories 1

A. This Book and Theories of Economics 1

A.1. Theories: Economic and Otherwise 1

A.2. Economic Theories in Disagreement 3

A.3. Are We All Economic Theorists? 4

A.4. Theories and Society 5

B. Theoretical Differences 7

B.1. Neoclassical Theory 7

B.2. Marxian Theory 9

B.3. Theoretical Differences Today 10

C. Comparing Different Economic Theories 10

C.1. Comparing Theories in General 11

C.2. The Logics of Different Theories 13

C.3. How Theoretical Differences Matter 13

D. An Overview of Two Theories 14

D.1. The Objects and Logic of Neoclassical Theory 14

D.2. The Objects of Marxian Theory 17

D.3. A Digression: Theories and Their Objects 17

D.4. The Logic of Marxian Theory 19

D.5. Communication between Neoclassical and Marxian Economists 22

E. The History of Two Theories 23

E.1. Transition from Feudalism to Capitalism in Europe 23

E.2. The New Economic Theories 25

E.3. Classical Political Economy 27

E.4. The History of Neoclassical Economics 27

E.5. The History of Marxian Economics 30

Chapter 2. Neoclassical Theory 38

A. The Neoclassical Tradition 38

A.1. Neoclassical Theory's Contributions 39

A.2. Neoclassical Theory since Adam Smith 40

A.3. Which Economic Theory Shall We Present? 41

B. Market Values: The Analytics of Supply and Demand 41

B.1. The Determinants of Supply and Demand 45

B.2. Markets, Private Property, Conservatives, and Liberals 47

B.3. Preferences: Determining the Demand for Commodities 50

B.4. Preferences: Determining the Supply of Labor 61

B.5. Preferences and Scarcity: Determining the Demand for Labor 64

B.6. The Determination of Wages and Commodity Demands 70

B.7. Preferences: Determining the Supply of Capital 72

B.8. Preferences and Scarcity: Determining the Demand for Capital 79

B.9. The Determination of Profits 79

B.10. The Distribution of Income in Society: Wages and Profits 80

B.11. Preferences and Scarcity: Determining the Supply of Commodities 82

B.12. Demand and Supply Again: The Determination of Prices 85

C. Efficiency and Markets: Adam Smith's "Invisible Hand" 88

C.1. Pareto Optimality 92

C.2. Criticisms of Neoclassical Theory 95

D. The Challenge of Keynes 99

D.1. The Neoclassical Answer to Capitalist Recessions 102

D.2. The Keynesian Answer to Capitalist Recessions 109

D.3. Reactions to Keynesian Theory 118

D.4. The Role of the State in Capitalist Society 120

Appendix. Rational Expectations 123

Chapter 3. Marxian Theory 125

A. The Marxian Tradition and Its Theories 125

A.1. Marx's Contributions 127

A.2. Marxism since Marx 129

A.3. Which Marxian Theory Shall We Present? 131

B. The Logical Structure of Marxian Theory 133

B.1. The Basic Concepts of Marxian Economics 133

B.2. Overdetermination and Process 134

B.3. Contradictions 138

B.4. Processes, Activities, and Relationships 139

B.5. A Theoretical Dilemma 141

B.6. Marxian Theory and Its Entry Point 142

B.7. The Class Process 143

C. The Marxian Concept of Class 144

C.1. The Fundamental Class Process and Exploitation 146

C.2. The Subsumed Class Process 148

C.3. Different Forms of the Fundamental Class Process 151

C.4. Social Formations and Social Transitions 153

D. The Capitalist Fundamental Class Process and Commodities 155

D.1. Products, Markets, and Commodities 155

D.2. Commodity Values 156

D.3. Commodities and Fundamental Class Processes 158

D.4. Marx's Labor Theory of Commodity Values 158

D.5. The Surplus Value of Capitalist Commodities 160

D.6. A Summary of Marxian Value Theory 162

E. Capitalists and Laborers 163

E.1. What are Capitalists? 163

E.2. What are Laborers? 166

E.3. Exploitation 167

E.4. Class Struggles 171

E.5. The Complexity of Industrial Capitalist Firms 173

E.6. Competition 175

E.7. Competition and the Accumulation of Capital 177

F. Capitalist Economies and Social Development 179

F.1. Growth of a Capitalist World Economy 179

F.2. Capitalism and Real Incomes 182

F.3. The Cycles or Crises of Capitalist Economies 185

G. Capitalist Subsumed Classes 192

G.1. Moneylenders and Subsumed Classes 193

G.2. Managers and Subsumed Classes 195

G.3. Merchants and Subsumed Classes 197

G.4. Other Capitalist Subsumed Classes 200

H. Class Positions and Individuals' Incomes 204

H.1. Class Processes and the Distribution of Income 204

H.2. Occupying Multiple Class and Nonclass Positions 206

I. The Complex Class Structure of Capitalist Firms 208

I.1. The Class Analysis of Capitalist Firms 209

I.2. Capitalists and Corporate Boards of Directors 211

I.3. A Marxian Theory of Industrial Profit 213

J. The Complex Class Structure of Other Social Sites 218

J.1. Class Analysis and Households 218

J.2. Class Analysis and the State 222

J.3. Class Analysis and International Relations 230

Appendix 1. Why Does Marxian Theory Make Class Its Entry Point? 236

Appendix 2. Rising Exploitation with Rising Real Wages 237

Chapter 4. The Importance of Theoretical Differences 239

A. Marxism versus Neoclassical Theory 239

A.1. Different Points of Entry 239

A.2. Different Logics 240

A.3. Different Objects of Analysis 242

A.4. Different Theories of Value 243

B. Analytical Consequences of Contending Theories 244

B.1. Income Distribution: The Neoclassical View 244

B.2. Capitalism: The Neoclassical View 247

B.3. Poverty: The Neoclassical View 248

B.4. Income Distribution: The Marxian View 249

B.5. Different Explanations of Profit 252

C. Political Consequences of Contending Theories 253

D. Which Theory Do We Choose? 256

D.1. Choosing Theories Because of Their Consequences 258

D.2. Choosing Theories Based on an Absolute Standard 261

D.3. Choosing Economic Theories and Choosing Epistemologies 264.

Notes:

Includes bibliographies and index.

ISBN:

0801834791

0801834805

OCLC:

15195873