Subscribe: Contributions to Political Economy - current issue
http://cpe.oxfordjournals.org/rss/current.xml
Added By: Feedage Forager Feedage Grade B rated
Language: English
Tags:
capital utilization  capital  economics  labour theory  labour  marx  paper  political economy  ricardo theory  ricardo  sraffa  theory 
Rate this Feed
Rate this feedRate this feedRate this feedRate this feedRate this feed
Rate this feed 1 starRate this feed 2 starRate this feed 3 starRate this feed 4 starRate this feed 5 star

Comments (0)

Feed Details and Statistics Feed Statistics
Preview: Contributions to Political Economy - current issue

Contributions to Political Economy Current Issue





Published: Wed, 31 May 2017 00:00:00 GMT

Last Build Date: Fri, 08 Dec 2017 15:07:10 GMT

 



Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials

Wed, 31 May 2017 00:00:00 GMT

CalvoGuillermo, Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials, Cambridge, MA, MIT Press, 2016, pp. 264. ISBN13: 978-0-262-03541-5.



RICARDO AND HIS EDITORS

Wed, 31 May 2017 00:00:00 GMT

Abstract
This paper examines the treatment of David Ricardo's Principles of Political Economy and Taxation at the hands of its major editors since its original publication in 1817. It seeks to isolate the way in which the general nature and significance of that book has been presented by its various editors in an effort to find out how much has changed, and how much has remained the same. It shows that, with one notable exception, there is a remarkable continuity in the key dimensions of the ‘Figure of Ricardo’ that has been transmitted down the years.



Karl Marx: Greatness and Illusion

Tue, 16 May 2017 00:00:00 GMT

JonesGareth Stedman, Karl Marx: Greatness and Illusion, London, Penguin & Cambridge, MA, Harvard University Press, 2016ISBN13: 978-0-713-99904-4 and ISBN13: 978-0-674-971615. P. 768.



CAPITALISM: COMPETITION, CONFLICT, CRISES

Mon, 15 May 2017 00:00:00 GMT

Review of Anwar Shaikh, Capitalism: Competition, Conflict, Crises, New York: Oxford University Press, 2016, pp. xxxv + 979. LCC HB 501. S5696 2016/DDC.330.12/2 – dc23



‘ABSOLUTE VALUE AND EXCHANGEABLE VALUE’: A KEY ELEMENT IN RICARDO’S THEORY OF VALUE

Wed, 10 May 2017 00:00:00 GMT

ABSTRACT
The article argues that in his last paper Ricardo had arrived at a correct method for determining prices and distribution, which goes beyond the use of the labour theory of value, and therefore raises doubts on the pre-eminent position attributed to the labour theory of value in Ricardo’s thinking after the Essay on Profits, as maintained in Sraffa’s influential interpretation. A reconstruction of the numerical examples developed by Ricardo in that manuscript leads us to maintain that in fact he was determining prices by means of reduction equations, which he had come to view as a valid alternative to the labour theory of value. This appears to be confirmed by Ricardo’s conclusions in the same manuscript: the replacement of the labour theory with the notion of ‘absolute value’, expressing the price in terms of the ‘average commodity’, as provided by the reduction equation. It is also pointed out that Ricardo illustrates his final advance as a transition between two different measures of value, namely from labour embodied to the labour commanded by the commodity conceived as the invariable standard of value, and that in this respect some similarities can be found between Ricardo’s last pages on value and the puzzling passage of Production of Commodities in which Sraffa commutes his standard commodity into the ‘variable quantity of labour’ which the former is able to command.



A NOTE ON CAPITAL UTILIZATION AND INTERNATIONAL TRADE

Fri, 05 May 2017 00:00:00 GMT

Abstract
This article integrates the analysis of durable capital utilization in the theory of international trade. Variations in capital utilization are analytically accounted for in the form of shift work. Accordingly, producers normally choose the combination of the system of operation of durable capital and labor input that minimizes costs. The choice of the system of operation of durable capital is shown to affect the terms of trade and thereby the structure of production in such a way as to make it desirable, following changes in income distribution, to adopt a new combination of capital utilization and labor input. On certain simplifying assumptions associated with the properties of Sraffa models, linear technologies, long period positions, and steady growth, these possibilities affect, in an unpredetermined manner, the inducement to trade and the direction and extent of the resulting specialization. The results are independent of any differences in the technical conditions of production of the trading countries or the existence of heterogeneous capital goods.



WHATEVER HAPPENED TO RICARDO'S THEORY OF VALUE? MILL, MCCULLOCH, AND THE CASE OF ‘OAK-TREES’ AND ‘WINE’

Thu, 27 Apr 2017 00:00:00 GMT

Abstract
This paper deals with the fate of Ricardo's theory of value after Ricardo's death in 1823. We will show how Mill and McCulloch, the self-appointed ‘two and only genuine disciples’ of Ricardo, starting from being in a sense more Ricardian than Ricardo, really in the end gave up Ricardo's theory. The important and difficult question was of course that of the ‘modifications’ to the ‘general rule’ that the relative values of commodities are determined by the amounts of labour necessary to produce them. James Mill and McCulloch tried to answer the objections against Ricardo's theory ‘by a verbal fiction, by changing the correct name of things’, and they thus ‘did more to undermine the foundation of the Ricardian theory than all the attacks of the opponents’ (Marx). It is here shown that these ‘verbal fictions’ were accompanied by gradual, but substantial, changes in the theory itself, which de facto amounted to abandoning it. The theoretical situation to which this gave rise was aptly described by A.C. Whitaker, the historian of the labour theory of value, as one of complete chaos.



The Political Economy of Privatization in Rich Democracies

Mon, 24 Apr 2017 00:00:00 GMT

ObingerHerbert, SchmittCarina, and TraubStefan, The Political Economy of Privatization in Rich Democracies, Oxford, Oxford University Press, 2016, p. 224. £50.00 cloth.



The Contradictions of Capital in the 21st Century: The Picketty Opportunity

Mon, 24 Apr 2017 00:00:00 GMT

Pat Hudson and Keith Tribe (Eds) (2016) The Contradictions of Capital in the 21st Century: The Picketty Opportunity. London: Agenda Publishing. p. 240, ISBN-13: 978-1911116110



A Revolution in Economic Theory. The Economics of Piero Sraffa

Mon, 24 Apr 2017 00:00:00 GMT

SinhaA., A Revolution in Economic Theory. The Economics of Piero Sraffa. Palgrave Macmillan, 2016, pp. xviii + 244. ISBN 978-3-319-30615-5.



SOME NOTES ON THE RECEPTION OF RICARDO'S PRINCIPLES IN THE NON-ENGLISH-SPEAKING WORLD

Mon, 24 Apr 2017 00:00:00 GMT

Abstract
This paper is concerned with the reception and influence of Ricardo's Principles in the non-English-speaking world. It mainly focuses on those writers who have appreciated and elaborated on Ricardo's core theory of value and distribution in contributing toward the advancement of classical economics. The paper shows that with the exception of Marx and a few notable scholars, Ricardo's contribution was generally not well received nor well understood in the European Continent in the first half of the nineteenth century. It then shows that with the rise of Marx and the spread of Marxism there was a renewed interest in Ricardo's core theory in Europe and Japan in the late nineteenth and early twentieth century that led to some important though neglected contributions toward the scientific advancement of classical economics.



QUESNAY AND THE ANALYSIS OF SURPLUS IN THE CAPITALIST AGRICULTURE

Mon, 24 Apr 2017 00:00:00 GMT

Abstract
In order to discuss the ‘rational foundation’ of certain aspects of Quesnay's theory we use a simple formalization of the necessary connections between assumptions about the techniques in use, the distribution of income between the classes and sectors and the system of relative prices. We argue that in Quesnay's system agriculture was truly capitalist and that he was indeed a pioneer of the classical political economy/surplus approach to economics as identified first by Karl Marx, Piero Sraffa and Pierangelo Garegnani, the physical surplus of grains being the necessary basis for his analysis of the distribution and relative prices.