Philosophy
MARXIST ECONOMICS - LECTURE OUTLINE and
READING LIST 2003-4
These
lectures look at Marx’s economic thought as presented in Capital Vol 1 and Vol
3; concentrating on the labour theory of value including its attempted
justifications and applications. We also look at criticisms of the theory,
especially in the light of more advanced applications from Capital Vol 3: the law of the falling
rate of profit, and the transformation problem.
1. Jan 13: Introduction
2. Jan 20: Commodity Production
Marx Vol 1, Ch 1, S 1 & 2, 4 Sweezy Ch 1-3
3.
Jan 27: Exchange and Capitalism
Marx Vol 1, Ch 2, 4, 5 Sweezy Ch 4, S 1
4.
Feb 3: NO LECTURE
5. Feb 10: Labour and the problem of 'surplus value'
Marx Vol 1, Ch 6, 7 Sweezy Ch 4, S 2
Feb 17 Reading Week
6.
Feb 24: Exploitation
Marx Vol 1, Ch 8, 9, 10 Sweezy Ch 4, S 3-6
7. March 2: Capitalist Accumulation
Marx Vol 1, Ch 25 Sweezy Ch 5
8.
March 9: The 'Transformation Problem'
Marx Vol 3, Pt 2 Sweezy Ch 7
9.
March 16: The Falling Rate of Profit
Marx Vol 3, Pt 3 Sweezy Ch 6
10. March 23: Crisis and Breakdown; General
Assessment
To be scheduled in last week of term: Revision
Class
MAIN TEXTS
Two pamphlets by Marx provide an excellent introduction to the basic principles: Wages, Prices and Profits, and Wage-labour and Capital. These are highly recommended.
Marx, Capital Volumes 1 and 3
Sweezy, Paul, The Theory of Capitalist Development
The abridged edition of Capital edited by David McLellan, published in the OUP World’s Classics series contains virtually all the material from Capital Vol 1 and 3 that we will be reading.
Sweezy can be very hard to find. Consequently the relevant chapters are available for photo-copying from the UCL Philosophy Departmental Library.
INTRODUCTORY READINGS
Catephores, G., An Introduction to Marxist Economics
Kolakowski, L., Main Currents of Marxism Vol 1, Chs 12-13
Meek, Ronald, Studies in the Labour Theory of Value.
Wolff, Jonathan, Why Read Marx Today? pp 66-81
Wolff, Robert Paul, Understanding Marx.
CRITICAL DISCUSSIONS
Cohen, G.A., "The Labour Theory of Value and the Concept of Exploitation", Phil and Public Affairs, 1979, also in Cohen, Nagel and Scanlon Marx, Justice and History, and Cohen, History, Labour, and Freedom.
Elster, Jon, Making Sense of Marx, pp. 119-165 .
Hodgson, Geoff, Capitalism Value and Exploitation.
Robinson, Joan, An Essay on Marxian Economics.
ADVANCED TEXTS & FURTHER DEVELOPMENTS
OF MARXIST APPROACH
Braverman, Harry, Labor and Monopoly Capital:
Morishima, M., Marx’s
Economics
Roemer,
John, A General Theory of Exploitation and Class
Roemer, J., Analytical Foundations of Marxian Economic Theory
Van Parijs, P., Marxism Recycled Chs 3 and 4