Article - Problems of Modern Economics

Borisov G. V.
Assistant Professor, Chair of the History of Economics and Economic Thought, Department of Economics, St.Petersburg State University, PhD (Economics)

New interpretation of Marxism by G. Dumesnil and D. Foley (Russia, St. Petersburg)

The article analyzes the specificities of the approach to K. Marx’ theory suggested by Western Marxists G. Dumesnil and D. Foley in the beginning of 1980s, in particular, the notions of monetary equivalent of labor time and the value of money. The article shows that the approach under discussion boils down to Neo-Ricardian price system expanded through the specific condition of invariance; the latter is represented by the equality between the price and the value of the net product. The author provides critique of the new interpretation of Marxism by G. Dumesnil and D. Foley

Key words: labor value, price of production, problem of transformation, Marxism, monetary equivalent of labor time, new interpretation

Литература
1. Bortkiewicz L. von. Value and Price in the Marxian System. International Economic Papers. 1952. Issue 2. P. 5–60.
2. Dumenil G. Beyond the Transformation Riddle: A Labour Theory of Value. Science and Society. 1983–1984. Vol. 47. Issue 4. P. 427–450.
3. Foley D. K. Recent Developments in the Labor Theory of Value. Review of Radical Political Economics. 2000. Vol. 32. Issue 1. P. 1–39.
4. Foley D. K. The Value of Money, the Value of Labour Power and the Marxian Transformation Problem. The Review of Radical Political Economics. 1982. Vol. 14. Issue 2. P. 37–47.
5. Lipietz A. The So-Called “Transformation Problem” Revisited. Journal of Economic Theory. 1982. Vol. 26. Issue 1. P. 59–88.
6. Loranger J.-G. A Profit-rate Invariant Solution to the Marxian Transformation Problem. Capital and Class. 2004. Vol. 82. P. 23–58.
7. Morishima M. Marx in the Light of Modern Economic Theory. Econometrica. 1974. Vol. 42. Issue 4. P. 611–632.
8. Morishima M. Marx’s Economics. A Dual Theory of Value and Growth. Cambridge: Cambridge University Press, 1973.
9. Moseley F. The “New Solution” to the Transformation Problem: A Sympathetic Critique. Review of Radical Political Economics. 2000. Vol. 32. Issue 2. P. 283.
10. Seton F. The «Transformation Problem». The Review of Economic Studies. 1957. Vol. 24. Issue 3. P. 149–160.
11. Sotirchos G. and Stamatis G. A Note on Foley’s Article “The Value of Money, the Value of Labor Power and the Marxian Transformation Problem”. International Journal of Political Economy. 1998-1999. Vol. 28. Issue 4. P. 47-54.
12. Steedman I. Marx after Sraffa. Surrey: Unwin Brothers Ltd., The Gresham Press, 1977.
13. Steedman I. Positive Profits with Negative Surplus Value. The Economic Journal. 1975. Vol. 85. Issue 337. P. 114–123.
14. Steedman I. The Irrelevance of Marxian Values. In: Caravale G.A. (ed.) Marx and Modern Economic Analysis. Vol. I. Aldershot: Edward Elgar, 1991.
15. Winternitz J. Values and Prices: A Solution of the So-called Transformation Problem. The Economic Journal. 1948. Vol. 58. Issue 230. P. 276–280.

1 См.: Bortkiewicz L. von. Value and Price in the Marxian System. International Economic Papers. 1952. Issue 2. 1952. P. 5–60; Winternitz J. Values and Prices: A Solution of the So-called Transformation Problem. The Economic Journal. 1948. Vol. 58. Issue 230. P. 276–280; Seton F. The «Transformation Problem». The Review of Economic Studies. 1957. Vol. 24. Issue 3. P. 149–160; Steedman I. Marx after Sraffa. Surrey: Unwin Brothers Ltd., The Gresham Press, 1977; Steedman I. The Irrelevance of Marxian Values. In: Caravale G. A. (ed.) Marx and Modern Economic Analysis. Vol. I. Aldershot: Edward Elgar, 1991; Steedman I. Positive Profits with Negative Surplus Value. The Economic Journal. 1975. Vol. 85. Issue 337. P. 114–123.
2 Morishima M. Marx’s Economics. A Dual Theory of Value and Growth. Cambridge: Cambridge University Press, 1973.
3 Morishima M. Marx in the Light of Modern Economic Theory. Econometrica. 1974. Vol. 42. Issue 4. P. 611–632.
4 Dumenil G. Beyond the Transformation Riddle: A Labour Theory of Value. Science and Society. 1983–1984. Vol. 47. Issue 4. P. 427–450; Foley D. K. The Value of Money, the Value of Labour Power and the Marxian Transformation Problem. The Review of Radical Political Economics. 1982. Vol. 14. Issue 2. P. 37–47.
5 Lipietz A. The So-Called “Transformation Problem” Revisited. Journal of Economic Theory. 1982. Vol. 26. Issue 1. P. 59–88; Moseley F. The “New Solution” to the Transformation Problem: A Sympathetic Critique. Review of Radical Political Economics. 2000. Vol. 32. Issue 2. P. 283.
6 Moseley F. The “New Solution” to the Transformation Problem: A Sympathetic Critique. Review of Radical Political Economics. 2000. Vol. 32. Issue 2. P. 289–290.
7 Foley D. K. Recent Developments in the Labor Theory of Value. Review of Radical Political Economics. 2000. Vol. 32. Issue 1. P. 21.
8 См.: Sotirchos G., and Stamatis G. A Note on Foley’s Article “The Value of Money, the Value of Labor Power and the Marxian Transformation Problem”. International Journal of Political Economy. 1998–1999. Vol. 28. Issue 4. P. 47–54.
9 Foley D. K. Recent Developments in the Labor Theory of Value. Review of Radical Political Economics. 2000. Vol. 32. Issue 1. P. 21.
10 Ibid. P. 22–23.
11 Moseley F. The “New Solution” to the Transformation Problem: A Sympathetic Critique. Review of Radical Political Economics. 2000. Vol. 32. Issue 2. P. 284.
12 Foley D. K. Recent Developments in the Labor Theory of Value. Review of Radical Political Economics. 2000. Vol. 32. Issue 1. P. 24.
13 Loranger, J.-G. A Profit-rate Invariant Solution to the Marxian Transformation Problem. Capital and Class. 2004. Vol. 82. P. 36.
14 Sotirchos G., and Stamatis G. A Note on Foley’s Article “The Value of Money, the Value of Labor Power and the Marxian Transformation Problem”. International Journal of Political Economy. 1998–1999. Vol. 28. Issue 4. P. 51–53.

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