By John E. Roemer
Professor Roemer's objective during this ebook is to offer a rigorous view of classical Marxian fiscal concept through providing particular analytic types. the idea isn't really prolonged to house new difficulties, however it is deepened: Marxian idea is given micro-foundations and upon these foundations the writer starts off to rebuild a tightly built Marxian economics. The booklet starts, after a methodological creation, with an exam of the Marxian thought of equilibrium and the idea of exploitation, and is going directly to care for the speculation of the falling fee of revenue. the following part explores one of many issues made within the first component to the ebook, that the Marxian conception of exploitation might be developed thoroughly independently of the hard work conception of price as a thought of trade. Technical examine of this challenge permits touch upon quite a few concerns, resembling the relative significance of "marginal utilities" and "class fight" in settling on relative costs. the ultimate half examines types of varied Marxian ideas.
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Extra info for Analytical Foundations of Marxian Economic Theory
Morishima generalized this theorem to the linear von Neumann economy under certain assumptions (Morishima, 1974). He called this theorem "fundamental" because it gives a characterization of when the profit rate is positive: From the point of view here, this certainly is a fundamental necessity for reproducibility under stationary expectations, because it is easily seen that a point generating negative social profits cannot be reproducible. ) The generalization of this theorem to the percent model provides a characterization of economies where the reproducible solutions, known to exist, are nontrivial.
This leads us to the generalized fundamental Marxian theorem. 2 show that the necessary and sufficient condition for the profit rate in a linear Leontief economy to be positive is that the rate of exploitation be positive. Morishima generalized this theorem to the linear von Neumann economy under certain assumptions (Morishima, 1974). He called this theorem "fundamental" because it gives a characterization of when the profit rate is positive: From the point of view here, this certainly is a fundamental necessity for reproducibility under stationary expectations, because it is easily seen that a point generating negative social profits cannot be reproducible.
This is equivalent to requiring that the vector of social endowments not decrease in terms of components. Part (d) says that intermediate inputs and workers' consumption must be available from current stocks. Thus, capitalists profit maximize, considering only their capital constraints; prices must be such as to allow input markets to clear. We shall now prove the existence of reproducible solutions in the economy. The method is somewhat circuitous; we first must introduce the notion of a quasi-reproducible solution.