Is Marx's Theory of Profit Right?: The Simultaneist–Temporalist Debate (Heterodox Studies in the Critique of Political Economy) - Hardcover

Hardcover

ISBN 10: 0739196316 ISBN 13: 9780739196311

Publisher: Lexington Books, 2015

Synopsis

This collection focuses on a long-running debate over the logical validity of Karl Marx’s theory that exploitation is the exclusive source of capitalists’ profits. The “Fundamental Marxian Theorem” was long thought to have shown that orthodox Marxian economics succeeds in replicating Marx’s conclusion. The debate begins with Andrew Kliman’s disproof of that claim.

On one side of the debate, representing orthodox Marxian economics, are contributions by Simon Mohun and Roberto Veneziani. Although they concede that their simultaneist models cannot replicate Marx’s theory of profit in all cases, they insist that this is as good as it gets. On the other side, representing the temporal single-system interpretation of Marx’s theory (TSSI), are contributions by Kliman and Alan Freeman. They argue that his theory is logically valid, since it can indeed be replicated when it is understood in accordance with the TSSI.

While the debate initially focused on logical concerns, issues of pluralism, truth, and scientificity increasingly assumed center stage. In his introduction to the volume, Nick Potts situates the debate in its historical context and argues forcefully that the arguments of the orthodox Marxist economists, and the manner in which those arguments were couched, were “suppressive and contrary to scientific norms.”

The volume concludes with a 2014 debate, in which many of the same issues re-surfaced, between the philosopher Robert Paul Wolff and proponents of the TSSI.

About this title

About the Author

Nick Potts is professor of economics at Southampton Solent University in the United Kingdom.

Andrew Kliman is professor emeritus of economics at Pace University in New York and editor of the Lexington Books series Heterodox Studies in the Critique of Political Economy.

Edition details

• Publisher: Lexington Books
• Publication date: 2015
• Language: English
• ISBN 10: 0739196316
• ISBN 13: 9780739196311
• Binding: Hardcover
• Number of pages: 194
• Editor: Potts Nick, Kliman Andrew