Full text: Marx and His Influence in Economics

197^-75 
Winter Quarter 
/ 
Economics 220 
Professor Josef Steindl 
Reading List 
Marx and His Influence in Economics 
I. The Labor Theory of Value and Competitive Equilibrium (based on Sraffa and 
Morishima). 
II. The Reproduction Schemes and Underconsumption Theory (Rosa Luxemburg, M. .Kalecki 
and Papers on the Reproduction Schemes). 
III. Technical Progress, the Reserve Army and the Accumulation of Capital (deals with 
Chapter XXIII of Vol. I, Capital•. see my paper in [ed. ] Horowitz). 
IV. The Concentration of Capital (see my Risk and Capitalist Enterprise, Oxford 
Papers, 19^3). 
V. The Distribution of Income (see M. Dobb, Theories of Value and Distribution). 
VI. The Secular Crisis of Capitalism (based either on the declining rate of profit 
or on underconsumption, see my Maturity and Stagnation.) 
Part I of the course will deal with the aspect of Marx' work which has become 
fashionable in recent years (the theory of value in a competitive system) and which 
is being treated by matrix algebra, especially by Morishima on whose book this part 
will be mainly based. As an introduction to this, the book of Sraffa will be dis ■ 
cussed. Some basic knowledge of matrix algebra will be useful for this part (al 
though Sraffa can be well understood without it). 
The following five parts of the course are strongly related to each other, and 
rather disconnected from the first part. They all deal with topics which in one or 
another form are related to modern macroeconomics, but which arise from Marx' inter 
est in the interpretation of economic history: the problems of technical progress, 
concentration of capital, and the secular development of capitalism are all of this 
type. These aspects of the work of Marx have been reflected in the works of Paul 
Sweeny, Joan Robinson, Kalecki and others. 
P. Baran and P. M. Sweezy, Monopoly Capital, Monthly Review Press. 
Bortkiewicz, Value and Price in the Marxian System, International Economics,Papers, 
1952. 
M. Dobb, Theories of Value and Distribution, Cambridge University Press. 
J. Eatwell and J. Robinson, Introduction to Economics, McGraw Hill, 1973 
Feinstein, (ed), Socialism, Capitalism and Economic Growth; Essays Presented to Maurice 
Dobb, Cambridge University Press, 19U7- 
Harcourt and Laing (ed), Capital and Growth, Penguin Modern Economic Readings. 
D. J. Harris, "On Marx's Scheme of Reproduction," Journal of Political Economy, May/ 
June, 1972 (also Reprint, Center for Research in Economic Growth, Department of 
Economics, Stanford University.
	        

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