Marx And Non-Equilibrium Economics

Contents
......Page 5
Foreword
......Page 7
Introduction
......Page 21
1.1 Introduction......Page 28
1.2 the equations of the labour process......Page 31
1.3 the equations of circulation......Page 32
1.4 the Equations of accumulation......Page 33
1.6 competition......Page 34
1.7 The Expert Refutation......Page 35
1.8 Marx’s transformation of inputs......Page 36
Market prices and the transformation of inputs......Page 37
The circuit of capital and the price-value distinction......Page 40
1.9 Marx’s rate of profit......Page 41
1.10 Marx’s concept of determination......Page 42
1.11 birth of A fixation: the presuppositions of simultaneous determination......Page 44
Demand, Supply, and Say’s Law Marxism......Page 46
1.12 from fixation to neurosis: the Walrasian Concept of Price......Page 47
1.13 from neurosis to perversion: The Bortkiewiczian concept of value......Page 49
Variant 7a.I: the economist as cynic......Page 51
Variant 7b.III: fake materialist......Page 52
1.15 Marxism, money and the dementia of modern economics......Page 53
2.1 Introduction......Page 57
2.2 The transformation non-problem and the non-transformation problem......Page 60
2.3 The transformation of input prices: an illustration......Page 66
2.5 Appendix......Page 73
3.1 Introduction......Page 77
3.2 Value and Price in Marx......Page 79
3.3 The methodological meaning of the transformation......Page 83
3.4 Tugan Baranowsky’s and Bortkiewicz’s critiques of Marx’s method......Page 85
3.5 A material reproduction schema......Page 89
3.6 An alternative procedure for completing Marx’s transformation......Page 90
First problem: is there double counting of profit when all commodities (including the inputs) are exchanged at their production prices?......Page 93
Second Problem: when all commodities (including the inputs) are exchanged at production prices, is there a global cancellation of the divergences between values and prices of production?......Page 97
Third Problem: what would happen if the cost price of a commodity is equated to the value of its material elements?......Page 99
3.8 CONCLUSIONS......Page 100
4.1 Introduction......Page 105
4.2 The separation of prices from values......Page 106
4.3 Value and the exchange value of money......Page 109
4.4 The postulates of invariance......Page 115
4.5 Conclusions......Page 120
5.1 Introduction......Page 123
5.2 Marx’s Method of Abstraction......Page 124
5.3 Equilibrium and Time......Page 126
5.4 Equilibrium and Rationality......Page 128
5.5 Essentialism versus Structural Causation......Page 129
5.6 Equilibrium, the Money-of-account, and Inflation......Page 131
5.7 Gold as the Money-of-account......Page 132
5.8 The Historical Development of a Conventional Money-of-account......Page 134
5.9 A Non-equilibrium Model......Page 137
5.10 Conclusion......Page 140
6 The value of money, the value of labour power and the net product:  an appraisal of the ‘New Approach’ to the transformation problem......Page 144
6.1 THE CONTEXT OF THE New Approach......Page 145
6.2 THE New Approach: AN INTRODUCTION......Page 146
6.3 GENERAL EQUILIBRIUM AND THE DERIVATION OF PRICES OF PRODUCTION......Page 149
6
.4 tHE OPERATION ON THE NET PRODUCT......Page 152
6.5 THE VALUE OF MONEY AND COMMODITY PRICES......Page 155
1.6 THE VALUE OF LABOUR POWER......Page 156
6.7 CONCLUDING REMARKS......Page 159
7.1 Introducing some basic concepts and results......Page 164
7.2 Individual and social values......Page 168
7.3 The actual transformation......Page 170
7.4 The tendential transformation......Page 173
7.5 From money to labour quantities......Page 182
7.6 Conclusions......Page 187
8.1 Introduction......Page 193
8.2 Partial equilibrium price theory:  a methodological critique......Page 194
8.3 Partial equilibrium price theory:  an immanent critique......Page 197
8.4 The social content of partial equilibrium price theory......Page 198
8.5 Non-equilibrium market prices......Page 203
8.6 Equilibrium versus non-equilibrium prices......Page 207
9.1 Demand......Page 212
9.2 Supply......Page 215
9.3 Intersection......Page 217
9.4 Market values......Page 221
9.5 Market prices......Page 225
9.6 Professor Itoh’s criticism......Page 231
10.1 Introduction......Page 235
10.2 Critique of other critiques......Page 237
10.3 Contrasting concepts of the rate of profit......Page 239
10.4 The profit rate under continuous mechanization......Page 242
The path of unit value and price......Page 243
Capital itself as the barrier to capitalist production......Page 245
10.5 Micro-enforcement of the law......Page 248
II. Mathematical fine points......Page 251
11.1 Introduction......Page 254
The use and limits of mathematics......Page 255
Capital as such: stocks, flows and accumulation......Page 256
11.3 sequential values: An illustration......Page 257
Difference equations and the sequential method......Page 260
Notation......Page 261
Sign convention and the problem of the stock-flow relation......Page 262
11.5 circulation and market prices......Page 263
Circulation as such......Page 264
Exchange at market prices......Page 265
Simple exchange with a variable value of money......Page 267
Why do ‘total prices equal total values’?......Page 268
Value redistribution with a variable value of money......Page 269
The material origin of liquidity preference......Page 270
11.6 the origin of profit......Page 271
The origin and nature of price-value deviations......Page 272
Price as the outcome of value transfers......Page 273
Profit as surplus value plus value transfers.......Page 274
The transfer vector and constant capital......Page 275
The transfer vector and variable capital......Page 276
Surplus value......Page 277
Profit, surplus value, and Marx’s second equality......Page 278
What is capital?......Page 279
Capital as a stock of commodities and the dynamics of the stock-flow relation......Page 280
Stocks, value transfers and accumulation......Page 281
Age doesn’t matter: money does......Page 283
11.9 Value in the presence of stocks......Page 284
The value calculation......Page 285
Surplus value and profit......Page 287
What is fixed capital? the period of reproduction and continuous time......Page 289
11.10 The mathematics of accumulation......Page 292
Relative surplus value......Page 293
The representation of stocks and flows......Page 295
The reproduction of use values......Page 296
The calculation of value in the presence of fixed capital......Page 297
Surplus value and profit with fixed capital......Page 299
The general law governing the rate of profit......Page 301
11.11 Changes in the value of money......Page 302
Bibliography......Page 310
Index......Page 321