Karl Marx and "Invisible Hand"

Yıl 2019, , 19 - 54, 31.01.2019

Heinz D. Kurz

https://doi.org/10.25295/fsecon.2019.s1.002

Öz

The paper disucusses Marx's contribution to political economy, focusing attention in his labour theory of value. The bad news is that his "law of value" cannot be sustained, because it is marred by inconsistencies and flaws. The good new is that the data, or givens, from which he started, that is, the system of production in use and real wages, suffice to determine in a consistent way the general competitive rate of profits and prices of production. The so-called "transformation problem" turns out to be a consequence of the mistaken analytical route Marx had taken. Piero Sraffa deserves the credit for having clarified all this. It is a pity that his findings are steadfastly ignored by many followers of Marx.

Anahtar Kelimeler

Labour Theory of Value, Karl Marx, Prices of Production, Rate of Profits, Piero Sraffa, Transformation Problem

Kaynakça

• Cannan, E. (1929). A Review of Economic Theory, London.
• Ferguson, A. (1767), An Essay on the History of Civil Society, London.
• Gehrke, C., Faccarello, G. und Kurz, H.D. (2016). Karl Heinrich Marx (1818-1883). In G. Faccarello und H.D. Kurz (Hrsg.) Handbook on the History of Economic Analysis, volume II, Cheltenham und Northampton: Edward Elgar, S. xxx.
• Hume, D. ([1742] 1988). Politische und ökonomische Essays, Teilband 2, Hamburg.
• Kaldor, N. (1955-56), Alternative Theories of Distribution, Review of Economic Studies, Bd. 23, S. 83-100.
• Kurz, H.D. (2010a). Sraffa über Bortkiewicz über Marx über Ricardo, in H. Hagemann (Hrsg.), Sudien zur Entwicklung der ökonomischen Theorie XXIII zum Thema Ökonomie und Technik, Berlin, S. 203-235.
• Kurz, H.D. (2010b). Technical Change, Capital Accumulation and Income Distribution in Classical Economics: Adam Smith, David Ricardo and Karl Marx, European Journal of the History of Economic Thought, Bd. 11, S. 1183-1222.
• Kurz, H.D. (2013). Das Problem der nichtintendierten Konsequenzen. Zur Politischen Ökonomie von Karl Marx, Marx-Engels Jahrbuch 2012/13, Berlin: Akademie Verlag, S. 75-112.
• Kurz, H.D. (2015).
• Kurz, H.D., und Salvadori, N. (1995). Theory of Production. A Long-Period Analysis, Cambridge.
• Kurz, H.D., und Sturn, R. (2013). Die größten Ökonomen: Adam Smith, Stuttgart.
• Mandeville, B. (1924). The Fable of the Bees; or, Private Vices, Publick Benefits, Oxford: Clarendon.
• Marx, K. (1968). Theorien über den Mehrwert, Erster Teil, Berlin.
• Okishio, N. (1961). Technical Changes and the Rate of Profit, Kobe University Economic Review, Bd. 7, S. 85-99.
• Ricardo, D. (1951). On the Principles of Political Economy and Taxation, Bd. 1 der Collected Works and Correspondence of David Ricardo, hrsg. von Piero Sraffa unter der Mitarbeit von Maurice H. Dobb, Cambridge.
• Ruse, M. (1988). Molecules to Men: Evolutionary Biology and Thoughts of Progress, in M. H. H. Nitecki (Hrsg.), Evolutionary Progress, Chicago, IL.
• Samuelson, P.A. (1957). Wages and Interest: A Modern Dissection of Marxian Economic Models, American Economic Review, Bd. 47, S. 884-912.
• Schotter, A. (1985). Free Market Economics. A Critical Appraisal, New York.
• Smith, A. (1976). The Theory of Moral Sentiments, in The Glasgow Edition of the Collected Writings of Adam Smith, Bd. I, Oxford: Clarendon. Kurzzitat: TMS.