By Paul Dunne
This e-book seeks to set up a positive and valuable interplay among empirical information and study tools, at the one hand, and Marxist concept and research, at the different. It exhibits that it's attainable to operationalise Marxist thoughts both by utilizing orthodox information and reinterpreting it, or by means of developing info that are extra congruent with Marxist notions. The contributions take care of quite a lot of theoretical, methodological and policy-related concerns. one of the noticeable matters mentioned are unemployment and structural swap, asymmetric improvement and business restructuring, and the monetary region. Quantitative Marxism should be of curiosity to scholars and lecturers in economics and political economic system, in addition to to a broader viewers drawn to modern social and financial coverage.
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Extra resources for Quantitative Marxism
The various debates over how these adjustm ents should be made, particularly the last, are discussed in the text. These quantities allow the time path of total value and its components and the rate o f exploitation to be analyzed and, using a measure o f the capital stock, allows the rate of profit to be computed. It is interesting that the adjusted data tell a different story about the development of the UK economy, and the relative power of capital and labour, than the unadjusted quantities o f income from employment and profits.
However, the objection that the ‘true’ structural relations are not directly observable is not peculiar to Marxism. Indeed, it is a basic tenet of econometric methodology. e. to ensure that the observable arises directly from the underlying structural model, are identical in spirit to the fetishism objection. ) I used this idea to characterize the transform ation problem in econometric terms in Desai (1974). O f course, in the standard econo metric case the param eters are unobservable, and only the coefficients can be estimated but the variables themselves are usually observable.
Shaikh’s work has been followed up much more thoroughly by Petrovic (1987). He is careful to distinguish between value and produc tion price, takes account of durable capital and introduces the complication caused by data being cast in market prices rather than production prices. Petrovic obtains the im portant result that the price - value deviation is an increasing function of the actual profit rate. 1 per cent but around 20 per cent for a profit rate o f 15 per cent. Petrovic also generalizes the price-value calculation considerably by allowing profit rates to be unequal across sectors, or, if equal, by distinguishing between actual and maximal profit rates.