Table of Contents Freeman A., Carchedi G. (eds) (1996): /Marx and Non-equilibrium Economics/, Edward Elgar, Aldershot. Contents Alan Freeman and Guglielmo Carchedi - Foreword ACKNOWLEDGEMENTS NOTES Introduction 1 Alan Freeman - The psychopathology of Walrasian Marxism 1.1 INTRODUCTION 1.2 THE EQUATIONS OF THE LABOUR PROCESS 1.3 THE EQUATIONS OF CIRCULATION 1.4 THE EQUATIONS OF ACCUMULATION 1.5 THE PROFIT RATE 1.6 COMPETITION 1.7 THE EXPERT REFUTATION 1.8 MARX’S TRANSFORMATION OF INPUTS Market prices and the transformation of inputs The circuit of capital and the price-value distinction 1.9 MARX’S RATE OF PROFIT 1.10 MARX’S CONCEPT OF DETERMINATION 1.11 BIRTH OF A FIXATION: THE PRESUPPOSITIONS OF SIMULTANEOUS DETERMINATION Demand, Supply, and Say’s Law Marxism 1.12 FROM FIXATION TO NEUROSIS: THE WALRASIAN CONCEPT OF PRICE 1.13 FROM NEUROSIS TO PERVERSION: THE BORTKIEWICZIAN CONCEPT OF VALUE 1.14 THE DISSOCIATION OF PRICES FROM VALUES 1.15 MARXISM, MONEY AND THE DEMENTIA OF MODERN ECONOMICS NOTES 2 Ted McGlone and Andrew Kliman - One system or two? The transformation of values into prices of production versus the transformation problem 2.1 INTRODUCTION 2.2 THE TRANSFORMATION NON-PROBLEM AND THE NON-TRANSFORMATION PROBLEM Marx’s account of the value-price transformation The non-transformation problem 2.3 THE TRANSFORMATION OF INPUT PRICES: AN ILLUSTRATION 2.4 CONCLUSIONS 2.5 APPENDIX NOTES 3 Alejandro Ramos-Martínez and Adolfo Rodríguez-Herrera - The transformation of values into prices of production: a different reading of Marx’s text 3.1 INTRODUCTION 3.2 VALUE AND PRICE IN MARX 3.3 THE METHODOLOGICAL MEANING OF THE TRANSFORMATION 3.4 TUGAN BARANOWSKY’S AND BORTKIEWICZ’S CRITIQUES OF MARX’S METHOD 3.5 A MATERIAL REPRODUCTION SCHEMA 3.6 AN ALTERNATIVE PROCEDURE FOR COMPLETING MARX’S TRANSFORMATION 3.7 A COMMENT ON MARX’S CONTROVERSIAL TEXTS ON THE TRANSFORMATION 3.8 CONCLUSIONS ACKNOWLEDGEMENTS NOTES 4 Adolfo Rodríguez-Herrera - Money, the postulates of invariance and the transformation of Marx into Ricardo 4.1 INTRODUCTION 4.2 THE SEPARATION OF PRICES FROM VALUES 4.3 VALUE AND THE EXCHANGE VALUE OF MONEY 4.4 THE POSTULATES OF INVARIANCE 4.5 CONCLUSIONS NOTES 5 Michele I. Naples - Time, money, equilibrium: methodology and the labour theory of the profit rate 5.1 INTRODUCTION 5.2 MARX’S METHOD OF ABSTRACTION 5.3 EQUILIBRIUM AND TIME 5.4 EQUILIBRIUM AND RATIONALITY 5.5 ESSENTIALISM VERSUS STRUCTURAL CAUSATION 5.6 EQUILIBRIUM, THE MONEY-OF-ACCOUNT, AND INFLATION 5.7 GOLD AS THE MONEY-OF-ACCOUNT 5.8 THE HISTORICAL DEVELOPMENT OF A CONVENTIONAL MONEY-OF-ACCOUNT 5.9 A NON-EQUILIBRIUM MODEL 5.10 CONCLUSION ACKNOWLEDGEMENTS NOTES 6 Alfredo Saad-Filho - The value of money, the value of labour power and the net product: an appraisal of the ‘New Approach’ to the transformation problem 6.1 THE CONTEXT OF THE NEW APPROACH 6.2 THE NEW APPROACH: AN INTRODUCTION 6.3 GENERAL EQUILIBRIUM AND THE DERIVATION OF PRICES OF PRODUCTION 6.4 THE OPERATION ON THE NET PRODUCT 6.5 THE VALUE OF MONEY AND COMMODITY PRICES 6.6 THE VALUE OF LABOUR POWER 6.7 CONCLUDING REMARKS ACKNOWLEDGEMENTS 7 Guglielmo Carchedi and Werner de Haan - The transformation procedure: a non-equilibrium approach 7.1 INTRODUCING SOME BASIC CONCEPTS AND RESULTS 7.2 INDIVIDUAL AND SOCIAL VALUES 7.3 THE ACTUAL TRANSFORMATION 7.4 THE TENDENTIAL TRANSFORMATION 7.5 FROM MONEY TO LABOUR QUANTITIES 7.6 CONCLUSIONS NOTES 8 Guglielmo Carchedi - Non-equilibrium market prices 8.1 INTRODUCTION 8.2 PARTIAL EQUILIBRIUM PRICE THEORY: A METHODOLOGICAL CRITIQUE 8.3 PARTIAL EQUILIBRIUM PRICE THEORY: AN IMMANENT CRITIQUE 8.4 THE SOCIAL CONTENT OF PARTIAL EQUILIBRIUM PRICE THEORY 8.5 NON-EQUILIBRIUM MARKET PRICES 8.6 EQUILIBRIUM VERSUS NON-EQUILIBRIUM PRICES NOTES 9 Paolo Giussani - Demand, supply and market prices 9.1 DEMAND 9.2 SUPPLY 9.3 INTERSECTION 9.4 MARKET VALUES 9.5 MARKET PRICES 9.6 PROFESSOR ITOH’S CRITICISM NOTES 10 Andrew Kliman - A value-theoretic critique of the Okishio theorem 10.1 INTRODUCTION 10.2 CRITIQUE OF OTHER CRITIQUES 10.3 CONTRASTING CONCEPTS OF THE RATE OF PROFIT 10.4 THE PROFIT RATE UNDER CONTINUOUS MECHANIZATION Initial assumptions The path of unit value and price Capital itself as the barrier to capitalist production 10.5 MICRO-ENFORCEMENT OF THE LAW 10.6 APPENDIX ACKNOWLEDGEMENTS NOTES 11.1 INTRODUCTION The use and limits of mathematics 11.2 A BRIEF READER’S GUIDE Sequential value calculation, time, and the labour process Exchange, circulation, values and market prices Value transfers and the origin of profit Capital as such: stocks, flows and accumulation Value, price and profit in the presence of fixed capital 11.3 SEQUENTIAL VALUES: AN ILLUSTRATION 11.4 A MATHEMATICAL REPRESENTATION Difference equations and the sequential method Notation Column and row totals and correspondence with Marx’s notation Sign convention and the problem of the stock-flow relation The /n/-sector value equation 11.5 CIRCULATION AND MARKET PRICES Circulation as such Exchange at market prices Simple exchange with a variable value of money Why do ‘total prices equal total values’? Value redistribution with a variable value of money The material origin of liquidity preference 11.6 THE ORIGIN OF PROFIT The origin and nature of price-value deviations Price as the outcome of value transfers Profit as surplus value plus value transfers. 11.7 THE MATHEMATICS OF PRICES AND VALUES The transfer vector and constant capital The transfer vector and variable capital Value, price and the value product Surplus value Cost price Profit, surplus value, and Marx’s second equality 11.8 CAPITAL What is capital? Capital as a stock of commodities and the dynamics of the stock-flow relation Why supply does not match demand, and where the difference goes Stocks, value transfers and accumulation Age doesn’t matter: money does 11.9 VALUE IN THE PRESENCE OF STOCKS The value calculation Surplus value and profit What is fixed capital? the period of reproduction and continuous time Successive approximations to time-varying values 11.10 THE MATHEMATICS OF ACCUMULATION Relative surplus value The representation of stocks and flows The reproduction of use values The calculation of value in the presence of fixed capital Surplus value and profit with fixed capital Capitalist accumulation The general law governing the rate of profit 11.11 CHANGES IN THE VALUE OF MONEY NOTES 12 Bibliography