Analytical Foundations of Marxian Economic Theory by John E. Roemer

By John E. Roemer

Professor Roemer's objective during this booklet is to provide a rigorous view of classical Marxian fiscal idea through providing particular analytic types. the idea isn't prolonged to house new difficulties, however it is deepened: Marxian conception is given micro-foundations and upon these foundations the writer starts off to rebuild a tightly developed Marxian economics. The ebook starts off, after a methodological advent, with an exam of the Marxian inspiration of equilibrium and the idea of exploitation, and is going directly to take care of the idea of the falling expense of revenue. the subsequent part explores one of many issues made within the first element of the publication, that the Marxian idea of exploitation may be developed thoroughly independently of the hard work thought of worth as a idea of trade. Technical examine of this challenge permits touch upon quite a few concerns, equivalent to the relative value of "marginal utilities" and "class fight" in deciding on relative costs. the ultimate half examines types of varied Marxian recommendations.

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Let pM -» p, aM E A^p"), aM - • a. To show: a G A"(p). Because M p —» p and a* —• a, it is easily seen that a E B^p). It must be shown a is a profit maximizer in B"(p). Suppose not. 6, there is a sequence a' M E B"(pM) such that affl -» a'. Hence p^a' - ai -» M'. Thus for large fi, profits made by capitalist v at prices p at point a' * are larger than profits made at au at those prices. This contradicts the fact that aM E A^p^). It follows that a must have been a profit maximizer at prices p for v.

There are n commodities that can be produced, and labor. Vectors av E Pv will be written as (2n + 1) vectors, as follows: of = (-av0, - a " , av) where ag is the direct labor input, a" is the nonnegative n vector of commodity inputs, and av is the nonnegative n vector of commodity outputs. For notational convenience, write av for the n vector of net outputs, av = av — of. It is assumed that: Al. (Vi/)(0 EPV) A2. (Vv)(Pv is convex) A3. (Vv)(Pv is closed) A4. &, a) In addition, let P = 2 Pv be the aggregate production set.

For each v, let x* E A"(p) and x ^ J x " . 11) which says that total intermediate inputs (Ax) plus wage goods for employed workers, (Lx)b, must not exceed the total supply of goods. (We assume that wage goods are dispensed at the beginning of the period. ) There is a second attribute that Marxian equilibrium should have. We wish to guarantee that the economy reproduces itself. The Marxian notion of reproduction means that the system should create institutions and ideology that enable it to continue existing.

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