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By John E. Roemer

Professor Roemer's aim during this booklet is to offer a rigorous view of classical Marxian monetary conception by means of providing particular analytic types. the speculation isn't really prolonged to accommodate new difficulties, however it is deepened: Marxian thought is given micro-foundations and upon these foundations the writer starts off to rebuild a tightly built Marxian economics. The publication starts, after a methodological creation, with an exam of the Marxian concept of equilibrium and the speculation of exploitation, and is going directly to care for the idea of the falling cost of revenue. the subsequent part explores one of many issues made within the first component to the e-book, that the Marxian thought of exploitation should be developed thoroughly independently of the exertions concept of price as a idea of trade. Technical research of this challenge permits touch upon numerous concerns, similar to the relative value of "marginal utilities" and "class fight" in selecting relative costs. the ultimate half examines types of assorted Marxian ideas.

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Extra resources for Analytical Foundations of Marxian Economic Theory

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Notice also that the sense in which a reproducible solution reproduces the system is quite limited: The only workers who get reproduced are those who are employed. ] Indeed, the model says nothing about unemployment. By pursuing this question a bit, we can tell a story to motivate the assumption that workers receive only a subsistence wage in this model. The scale of aggregate production is limited by initial aggregate endowments. Even if workers received no wage, the aggregate activity vector x must satisfy Ax ^ o>.

Our concern shall be to develop the Marxian theory of value in these general economies. 1 Introduction We have shown that the traditional Marxian notion that equilibrium prices must be the vector of equal-profit-rate prices can be imbedded in a general equilibrium framework using the idea of reproducibility, at least in a linear, Leontief model. The task now is to investigate how robust these ideas are if we consider more general technologies. In particular, we shall focus on two important ideas: the existence of reproducible solutions for economies with more general specifications of production, and the validity of the fundamental Marxian theorem - that exploitation is synonymous with positive profits.

S x j = x / 0). Then the vector of prices p is the EPR vector p*. Furthermore, a RS exists if and only if co E C*, where C* is a particular convex cone in Rw containing the balanced growth path of {A, L; b}. ) THEOREM Proof: Let x ^ 0 be the aggregate activity vector associated with the RS. l(b), x ^ Afx. Recall that M = A + bL is the augmented input coefficient matrix. 1, we infer that e > 0 means M is a productive matrix - that is, the Frobenius eigenvalue of M, 1/(1 + TT), is less than unity.

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