Explorations in Marx’s Theory of Price—Why Marx Is Still Relevant for Understanding the Modern Economy: Volume I

Description

This book is the first volume in a three-volume series that takes an in-depth look at the relevance of Marx's economics for understanding the modern economy. The focus of this volume is the money prices of commodities. In light of the failure of central banks to stimulate inflation through printing of money, it is now accepted that there are problems with the mainstream approach to the explanation of prices. Howard Nicholas underlines the shortcomings of this and other approaches to the explanation of prices, particularly their concepts of the value of the commodity and money. He argues the problems with all other approaches are manifest in their inability to explain the changes in the relative prices of commodities, taking place in the context of changes in the aggregate money price level as well as independently. He contends that of paramount importance in Marx’s explanation is that prices are set by producers prior to putting their commodities into the process of circulation, undermining the notion they are determined by the supply of and demand for the commodities in the process of exchange. Marx’s approach to the explanation of prices is also contrasted with those of Neoclassicals, Post-Keynesians and Sraffa, with a view to highlighting the shortcomings in these approaches as bases for their understanding and explanations of money and prices. This book will be of interest to academics and students of price theory, money and finance, political economy, and the history of economic thought. Preface Contents About the Author Acronyms 1 Introduction 1.1 Nicholas (2011) 1.2 What Is to Be Done References 2 Marx’s Explanation of Money Price 2.1 Introduction 2.2 Object and Approach 2.2.1 Object 2.2.2 Approach 2.3 Production and Value of the Commodity 2.3.1 Production 2.3.2 Value of the Commodity 2.4 Exchange and Exchange Value of the Commodity 2.4.1 Exchange 2.4.2 Exchange Value of the Commodity 2.5 Money and Its Functions 2.5.1 Money 2.5.2 Functions of Money 2.6 Value of Money 2.7 Exchange Value of Money 2.8 Money Price of the Commodity References 3 Smith’s Explanation of Money Price 3.1 Introduction 3.2 Object and Approach 3.3 Production and Value of the Commodity 3.3.1 Production 3.3.2 Value of the Commodity 3.4 Exchange and Exchange Value of the Commodity 3.4.1 Exchange 3.4.2 Exchange Value of the Commodity 3.5 Money and Its Functions 3.5.1 Money 3.5.2 Functions of Money 3.6 Value of Money 3.7 Exchange Value of Money 3.8 Money Price of the Commodity References 4 Ricardo’s Explanation of Money Price 4.1 Introduction 4.2 Object and Approach 4.3 Production and Value of the Commodity 4.3.1 Production 4.3.2 Value of the Commodity 4.4 Exchange and Exchange Value of the Commodity 4.4.1 Exchange 4.4.2 Exchange Value of the Commodity 4.5 Money and Its Functions 4.5.1 Money 4.5.2 Functions of Money 4.6 Value of Money 4.7 Exchange Value of Money 4.8 Money Price of the Commodity References 5 Sraffa’s Explanation of Money Price 5.1 Introduction 5.2 Object and Approach 5.3 Sraffa’s Economics as Ideology 5.4 Production and Value of the Commodity 5.4.1 Production 5.4.2 Value of the Commodity 5.5 Exchange and Exchange Value of the Commodity 5.5.1 Exchange 5.5.2 Exchange Value of the Commodity 5.6 Money and Its Functions 5.6.1 Money 5.6.2 Functions of Money 5.7 Value of Money 5.8 Exchange Value of Money 5.9 Money Price of the Commodity References 6 Post-Keynesian Explanations of Money Price 6.1 Introduction 6.2 Object and Approach 6.3 Post-Keynesian Economics as Ideology 6.4 Production and Value of the Commodity 6.4.1 Production 6.4.2 Value of the Commodity Keynes’ Labour Theory of Value 6.5 Exchange and Exchange Value of the Commodity 6.5.1 Exchange 6.5.2 Exchange Value of the Commodity 6.6 Money and Its Functions 6.6.1 Money 6.6.2 Functions 6.7 Value of Money 6.8 Exchange Value of Money 6.9 Money Price of the Commodity References 7 Marxist Interpretations of Marx’s Explanation of Money Price 7.1 Introduction 7.2 Object and Approach 7.2.1 Object 7.2.2 Approach 7.3 Production and Value of the Commodity 7.3.1 Production 7.3.2 Value of the Commodity TIMs MIMs 7.4 Exchange and Exchange Value of the Commodity 7.4.1 Exchange 7.4.2 Exchange Value of the Commodity TIMs MIMs 7.5 Money and Its Functions 7.5.1 Money 7.5.2 Functions of Money 7.6 Value of Money 7.7 Exchange Value of Money 7.8 Money Price of the Commodity 7.8.1 TIMs 7.8.2 MIMs 7.8.3 The Source of the Problem References 8 Neoclassical Explanations of Money Price 8.1 Introduction 8.2 Object and Approach 8.3 Neoclassical Economics as Ideology 8.4 Production and Value of the Commodity 8.4.1 Production 8.4.2 Value of the Commodity SVNs OVNs 8.5 Exchange and Exchange Value of the Commodity 8.5.1 Exchange 8.5.2 Exchange Value of the Commodity SVNs OVNs 8.6 Money and Its Functions 8.6.1 Money 8.6.2 Functions 8.7 Value of Money 8.8 Exchange Value of Money 8.9 Money Price of the Commodity 8.9.1 SVNs 8.9.2 OVNs 8.9.3 OVN Textbooks 8.9.4 The Source of the Problem References 9 Conclusions Author Index Subject index