“Whoa! It’s like Spotify but for academic articles.”

Instant Access to Thousands of Journals for just $40/month

Book Reviews : Marx After Sraffa by Ian Steedman London: New Left Books (U.S. Distributor: Schocken), 1978, pp. 217, $14.95

Book ReviewsMarx After Sraffa by Ian Steedman London: New Left Books (U.S. Distributor: Schocken), 1978, pp. 217, $14.95 SAGE Publications, Inc.1979DOI: 10.1177/048661347901100310 Gene E. Mumy Dept of Economics Ohio State University Columbus, OH In his book, Marx after Sraffa, Ian Steedman attempts to hammer home two main points. The first point is that an analysis of a capitalist economy's quantity system, the techni- cally and socially determined relation between inputs and outputs, using the methods pioneered by Piero Sraffa,' provides a correct determination of the profit rate and prices of production, whereas Marx's system of labor time value accounting does not. The second point is that a rejection of Marx's labor theory of value in favor of Sraffa's quantity system analysis is not fundamentally un-Marxist. The basis of the first point is the well-known problem of passing from the value analysis in Volume I of Capital to the price of production analysis in Volume III. Marx, of course, argued that capitalist competition generated a tendency for the profit rate to be equalized across all branches of production. It follows, then, that an analysis of equilibrium reproduction requires that the proportion of profit to the value of capital advanced http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Radical Political Economics SAGE

Book Reviews : Marx After Sraffa by Ian Steedman London: New Left Books (U.S. Distributor: Schocken), 1978, pp. 217, $14.95

Abstract

Book ReviewsMarx After Sraffa by Ian Steedman London: New Left Books (U.S. Distributor: Schocken), 1978, pp. 217, $14.95 SAGE Publications, Inc.1979DOI: 10.1177/048661347901100310 Gene E. Mumy Dept of Economics Ohio State University Columbus, OH In his book, Marx after Sraffa, Ian Steedman attempts to hammer home two main points. The first point is that an analysis of a capitalist economy's quantity system, the techni- cally and socially determined relation between inputs and outputs, using the methods pioneered by Piero Sraffa,' provides a correct determination of the profit rate and prices of production, whereas Marx's system of labor time value accounting does not. The second point is that a rejection of Marx's labor theory of value in favor of Sraffa's quantity system analysis is not fundamentally un-Marxist. The basis of the first point is the well-known problem of passing from the value analysis in Volume I of Capital to the price of production analysis in Volume III. Marx, of course, argued that capitalist competition generated a tendency for the profit rate to be equalized across all branches of production. It follows, then, that an analysis of equilibrium reproduction requires that the proportion of profit to the value of capital advanced
Loading next page...
 
/lp/sage/book-reviews-marx-after-sraffa-by-ian-steedman-london-new-left-books-u-E0ZGVSlrxW

Sorry, we don’t have permission to share this article on DeepDyve,
but here are related articles that you can start reading right now:

Explore the DeepDyve Library

How DeepDyve Works

Spend time researching, not time worrying you’re buying articles that might not be useful.

Unlimited reading

Read as many articles as you need. Full articles with original layout, charts and figures. Read online, from anywhere.

Stay up to date

Keep up with your field with Personalized Recommendations and Follow Journals to get automatic updates.

Organize your research

It’s easy to organize your research with our built-in tools.

Your journals are on DeepDyve

Read from thousands of the leading scholarly journals from Springer, Elsevier, Nature, IEEE, Wiley-Blackwell and more.

All the latest content is available, no embargo periods.

See the journals in your area

Simple and Affordable Pricing

14-day free trial. Cancel anytime, with a 30-day money-back guarantee.

Monthly Plan

  • Read unlimited articles
  • Personalized recommendations
  • Print 20 pages per month
  • 20% off on PDF purchases
  • Organize your research
  • Get updates on your journals and topic searches

$40/month

Best Deal — 25% off

Annual Plan

  • All the features of the Professional Plan, but for 25% off!
  • For the normal price of 10 articles elsewhere, you get one full year of unlimited access to articles.

$30/month
billed annually