scholarly journals Karl Marx, ein klassischer Ökonom?

1998 ◽  
Vol 28 (110) ◽  
pp. 139-162
Author(s):  
Eckhard Hein
Keyword(s):  
Capital Accumulation ◽  
Karl Marx ◽  
Monetary Theory ◽  
Real Analysis ◽  
Monetary Analysis ◽  
Money Economy ◽  
Theory Of Value ◽  
The Interest Rate ◽  
Rate Of Profit

In Marxian economic analysis, especially in the theories of accumulation and crisis, money and a monetary rate of interest are usually introduced as only modifying elements after the dominant tendencies have been derived from real analysis. Contrary to such an interpretation this paper starts from the observation that there is solid ground for monetary analysis in Marx’s economics especially if his theory of value is understood as a monetary theory of value. The role of credit and the relation between the interest rate and the rate of profit in Marx’s theory are discussed and compared to post-keynesian approaches. Finally, the implications of Marx’s monetary analysis for the theory of capital accumulation are analysed and it is shown that no general laws of accumulation can be derived when the independence of accumulation from savings in a credit-money-economy and the effects of an exogenously determined rate of interest are introduced.

scholarly journals Adam Smith’s concept of labour: value or measure?

2016 ◽  
Vol 34 (2) ◽  
pp. 152-165
Author(s):  
Adolfo Rodríguez Herrera
Keyword(s):  
Karl Marx ◽  
John Stuart Mill ◽  
Production Theory ◽  
Real Price ◽  
Cost Of Production ◽  
Theory Of Value ◽  
The One ◽  
The Cost ◽  
David Ricardo

Smith is considered the father of the labour theory of value developed by David Ricardo and Karl Marx and simultaneously of the cost-of-production theory of value developed by John Stuart Mill and Alfred Marshall. This polysemy is partly because Smith is developping the terminology to refer to value and measure of value, and often uses it with much imprecision. That has led to different interpretations about his position on these issues, most of them derived from an error of interpretation of Ricardo and Marx. This paper reviews the concepts developed by Smith to formulate his theory of value (value, real price and exchangeable value). Our interpretation of his texts on value does not coincide with what has traditionally been done. According to our interpretation, it would not be correct the criticism made by Ricardo and Marx on Smith’s position about the role of labour as measure of value. For these authors, Smith is not consistent in proposing that the value of a commodity is defined or measured as the amount of labour necessary to produce it and simultaneously as the amount of labour that can be purchased by this commodity. We try to show that for Smith the labour has a double role –as source and measure of value–, and that to it is due the confusion that generates his use of some terms: Smith proposes labour as a measure of value because he conceives it as a source of value. With this interpretation it becomes clear, paradoxically, that Smith holds a labour theory of value that substantially corresponds to the one later developed by Ricardo and Marx.

scholarly journals Karl Marx and the Study of Media and Culture Today

2014 ◽  
Vol 6 (1) ◽  
pp. 39-76 ◽  
Author(s):  
Christian Fuchs
Keyword(s):  
Cultural Studies ◽  
Media Studies ◽  
Karl Marx ◽  
Blind Spot ◽  
Media Culture ◽  
Future Tense ◽  
Global Crisis ◽  
The Media ◽  
Theory Of Value

The task of this paper discusses the role of Marx in analysing media, communica-tion and culture today. An analysis of three contemporary Cultural Studies works – Lawrence Grossberg’s monograph Cultural Studies in the Future Tense, John Hartley’s monograph Digital Futures for Cultural and Media Studies and Paul Smith’s edited volume The Renewal of Cultural Studies – shows that there is an agreement that the economy needs to be taken more into account by Cultural Studies, but disagreement on which approach should be taken and what the role of Karl Marx’s works shall be. The paper argues that Marx’s labour theory of value is especially important for critically analysing the media, culture and communica-tion. Labour is still a blind spot of the study of culture and the media, although this situation is slowly improving. It is maintained that the turn away from Marx in Cultural and Media Studies was a profound mistake that should be reverted. Only an engagement with Marx can make Cultural and Media Studies topical, politically relevant, practical and critical, in the current times of global crisis and resurgent critique.

scholarly journals Zur Aktualität Sraffas

1994 ◽  
Vol 24 (94) ◽  
pp. 143-165
Author(s):  
Klaus Schabacker
Keyword(s):  
General Equilibrium ◽  
Wage Rate ◽  
Monetary Theory ◽  
Price Determination ◽  
Neoclassical Theory ◽  
Alternative Approach ◽  
Intertemporal Equilibrium ◽  
Theory Of Value ◽  
Rate Of Profit ◽  
Special Case

Sraffa's Production of Commodities by Means of Commodities shows a system of price equations which requires an exogenous determination either of the wage rate or the rate of profit. The fault of classical, Marxian and early neoclassical theory lies within their attempt to derive a rate of profit from a given magnitude called capital. The rate of profit is conceived of as a concept of production. Both, the modern Neoclassics and Sraffa, reject such a view. The former resolves the problem of determining the rate of profit into an intertemporal equilibrium of prices and regards the Sraffanian theory of value as a special case of a general equilibrium. This paper argues that, on the contrary, Sraffa has proposed an alternative approach to the theory of price determination, because he suggests that the rate of profit should be derived from the rate of interest on money. The latter may forma part of a monetary theory, which can cope with the problem of unemployment while neoclassiscal theory submits the problem of employment to a theory of allocation.

scholarly journals Are Free Market Fiduciary Media Possible? On the Nature of Money, Banking, and Money Production in the Free Market Order

2021 ◽  
Vol 24 (2) ◽  
pp. 286-316
Author(s):  
Kristoffer Hansen
Keyword(s):  
Market Economy ◽  
Free Market ◽  
Monetary Theory ◽  
Free Banking ◽  
Large Role ◽  
Cash Balance ◽  
Market Order ◽  
Theory Of Value ◽  
Money Production

Recent debates in monetary theory have centered on so-called free banking and the role of banks in providing money in the form of fiduciary media in a pure market economy. This paper examines how and to what extent fiduciary media can emerge in a pure market economy. Based on the theory of value, it is argued that those economists are mistaken who claim that money substitutes must in all cases be interpreted as being money titles. Those economists too are mistaken, however, who claim a large role for the circulation of fiduciary media in a pure market economy. It is argued that holding fiduciary media in one’s cash balance is an entrepreneurial error, as fiduciary media by their nature do not have the qualities people demand in holding money. Money is the comparatively most certain good and the present good par excellence, qualities that fiduciary media do not have. Holding fiduciary media instead of money is therefore an entrepreneurial error, and like all errors in the free market, it will tend to be eliminated in the process of entrepreneurial profit and loss, leading to the virtual disappearance of all fiduciary media from the market economy.

Capital, Income Growth, in American Economic History

2018 ◽  
pp. 374-400
Author(s):  
Paul W. Rhode
Keyword(s):  
Economic History ◽  
Capital Accumulation ◽  
Income Growth ◽  
Standard View ◽  
Long Run ◽  
Great Debate ◽  
Return On Capital ◽  
Output Ratio ◽  
The Interest Rate

The role of capital accumulation in the process of long-run income growth has been the subject of great debate. The classical and early neoclassical economists viewed capital accumulation as the fundamental driver of growth. Economists informed by the Solow growth model (and its successors) and by twentieth-century growth accounting exercises assign capital accumulation a much more marginal role. This now standard view takes certain constancies for granted: the rate of capital formation (i.e., the saving rate), the capital-output ratio, capital’s share of income, and the rate of return on capital (i.e., the interest rate). This chapter documents the historical evolution of capital in the American economy and challenges the conventional thinking. It shows that the role of capital accumulation in economic growth is dynamic and has changed dramatically over the past three centuries.

scholarly journals Karl Marx: an early post-Keynesian? A comparison of Marx's economics with the contributions by Sraffa, Keynes, Kalecki and Minsky

2019 ◽  
Vol 16 (2) ◽  
pp. 238-259
Author(s):  
Eckhard Hein
Keyword(s):  
Classical Theory ◽  
Karl Marx ◽  
Monetary Theory ◽  
Financial Instability ◽  
Ex Post ◽  
Input Side ◽  
Output Side ◽  
Theory Of Value ◽  
The Relationship ◽  
Work First

This paper compares Marx's economics with those by Sraffa, Keynes, Kalecki and Minsky. The paper takes an ‘ex post’ view on the matter and looks at the output side of the respective authors, but not at the input side. This means no attempt is made to study in a systematic way whether and to what extent Sraffa, Keynes, Kalecki and Minsky were individually influenced by Marx's work. First, the relationship between Marx's theory of value and Sraffa's reformulation of the classical theory of prices and distribution is reviewed. Then the relationship between Marx's and Keynes's monetary theory is examined, relying on an interpretation of Marx's theory of value as a ‘monetary theory of value’. Next, some light is shed on the Marx–Kalecki connection, focusing on Marx's theory of simple and extended reproduction and the built-in, although not fully elaborated, ‘principle of effective demand’ and the related theories of distribution and accumulation. Finally, Marx's and Minsky's views on financial instability and crises are scrutinised. It is concluded that Marx should not be considered as an ‘early post-Keynesian’ but rather as an important forerunner of modern post-Keynesianism, with certain similarities, but also some important differences, and several areas of compatibility.

The Role of Profit Rate in Islamic Monetary Policy

2020 ◽  
pp. 18-37
Author(s):  
Trisiladi Suprijanto
Keyword(s):  
Financial Asset ◽  
Profit Rate ◽  
The Core ◽  
Depth Study ◽  
The Difference ◽  
Economic Perspectives ◽  
Islamic Economic ◽  
The Interest Rate ◽  
Rate Of Profit

Extensive research has been done regarding the Islamic pricing benchmark, both in terms of the Islamic jurisprudence (Fiqh) and Islamic economic perspectives. However, there is no in-depth study on the substitution of the interest rate concept to date in the application on the Islamic banking pricing product. This chapter will initiate the difference between the concepts of rate of profit, rate of interest, and practice in the field. Some jurists from the Middle East allow the use of a benchmark rate, such as the London Inter-bank Offered Rate (LIBOR), as a measure of Islamic financial asset prices. They equate the concept of rate of interest with the concept of rate of profit. This is the core reason (raison d'être) for the replacement of usury as instructed in the Qur'an. This study will discuss a financial asset pricing methodology in accordance with the core principles of Islam.

scholarly journals A crise do capitalismo global: bolhas especulativas e os novos espaços de acumulação na periferia

2018 ◽  
Vol 7 (2) ◽  
pp. 267-299
Author(s):  
Francisco Luiz Corsi ◽  
José Marangoni Camargo ◽  
Agnaldo Santos
Keyword(s):  
Capital Accumulation ◽  
World Economy ◽  
Financial Capital ◽  
Current Crisis ◽  
Speculative Bubbles ◽  
The Us ◽  
Rate Of Profit ◽  
American Economy ◽  
Opening Up

O objetivo do presente artigo é discutir a crise do capitalismo global aberta a partir de 2007, enfatizando o papel da periferia do sistema neste processo. Embora o epicentro da crise tenha sido os EUA, o centro hegemônico do capitalismo, os países periféricos têm ganhado crescente importância na dinâmica da acumulação de capital nas últimas décadas. O fio condutor da análise é o comportamento da taxa de lucro, variável que sintetiza múltiplos determinantes e comanda o processo de acumulação. Abordamos a questão a partir de uma perspectiva histórica, pois defendemos a tese segundo a qual a atual crise só pode ser compreendida no bojo das transformações ocorridas no capitalismo como resposta à crise estrutural da década de 1970. Dentre essas transformações, que visavam responder a queda da rentabilidade e ao acirramento da luta de classes, salientamos o inchaço da esfera financeira, que acompanhado de crescente endividamento e de bolhas especulativas intensificaram a instabilidade do sistema, e a abertura de espaços de acumulação na Ásia, que se expandiram de forma articulada a economia norte-americana. A nova configuração do sistema criou as condições para o predomínio do capital financeiro na fase de mundialização do capital. Estes processos impediram que a economia mundial entrasse em profunda depressão a partir dessa época e sustentaram, em boa medida, a acumulação de capital. A crise atual coloca em questão este padrão de desenvolvimento e a capacidade de os EUA manterem-se como centro hegemônico do capitalismo.   Abstract: The aim of this article is to discuss the crisis of global capitalism initiated in 2007, emphasizing the role of the periphery of the system in this process. Although the epicenter of the crisis has been the US, the hegemonic center of capitalism, peripheral countries have been growing in importance in the dynamics of capital accumulation in recent decades. The driver of the analysis is the behavior of the rate of profit, a variable that synthesizes multiple determinants and controls the accumulation process. We approach the question from a historical perspective. We defend the thesis according to which the current crisis can only be understood in the wake of the transformations that occurred in capitalism as a response to the structural crisis of the 1970s. Among these transformations, which aimed to respond to the decline of the profitability and the intensification of the class struggle, we highlight the swelling of the financial sphere that accompanied by growing indebtedness and speculative bubbles, intensified the instability of the system and the opening up of the accumulation spaces in Asia, which have expanded in an articulated way with the American economy. The new configuration of the system created the conditions for the predominance of financial capital in the phase of globalization of capital. These processes prevented the world economy from going into deep depression from that time on and sustained, to a large extent, the accumulation of capital. The current crisis calls into question this pattern of development and the ability of the U.S. to remain as hegemonic capitalism center. Keywords: Crisis; Financial Capital; Profit Rate; Periphery; Capital Accumulation.     Recebido em: novembro/2017 Aprovado em: junho/2018

Physical capital stock, technological upgrading and modernisation in Hungary

2005 ◽  
Vol 55 (2) ◽  
pp. 201-221 ◽  
Author(s):  
Andrea Szalavetz
Keyword(s):  
Capital Accumulation ◽  
Physical Capital ◽  
Developed Countries ◽  
Point Of View ◽  
Technology Generation ◽  
Development Policies ◽  
Specific Factors ◽  
Physical Capital Accumulation

This paper discusses the relation between the quality and quantity indicators of physical capital and modernisation. While international academic literature emphasises the role of intangible factors enabling technology generation and absorption rather than that of physical capital accumulation, this paper argues that the quantity and quality of physical capital are important modernisation factors, particularly in the case of small, undercapitalised countries that recently integrated into the world economy. The paper shows that in Hungary, as opposed to developed countries, the technological upgrading of capital assets was not necessarily accompanied by the upgrading of human capital i.e. the thesis of capital skill complementarity did not apply to the first decade of transformation and capital accumulation in Hungary. Finally, the paper shows that there are large differences between the average technological levels of individual industries. The dualism of the Hungarian economy, which is also manifest in terms of differences in the size of individual industries' technological gaps, is a disadvantage from the point of view of competitiveness. The increasing differences in the size of the technological gaps can be explained not only with industry-specific factors, but also with the weakness of technology and regional development policies, as well as with institutional deficiencies.

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