Value, Competition and Exploitation
Show Less

Value, Competition and Exploitation

Marx's Legacy Revisited

Jonathan F. Cogliano, Peter Flaschel, Reiner Franke, Nils Fröhlich and Roberto Veneziani

This book provides a comprehensive and rigorous, yet accessible, analysis of classical and Marxian price and value theory using the tools of contemporary economic analysis. The broad conceptual framework and methodology of Marx and the classical authors offers interesting and relevant perspectives on the basic structure and evolution of modern capitalist economies. Arguably, the book provides a deeper and more nuanced understanding of today's economic problems than can be gained via mainstream approaches.
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 14: Conclusions

Jonathan F. Cogliano, Peter Flaschel, Reiner Franke, Nils Fröhlich and Roberto Veneziani

Abstract

A scientific theory cannot confine itself to dealing with what is directly observable, to the exclusion of abstract theoretical concepts. The attempt to expunge theoretical concepts, such as labour-content, from economic theory, leaving only directly observable quantities, such as prices, is a manifestation of instrumentalism, an extreme form of empiricism, which is destructive of all science. Without the concept or labour-content, economic theory would be condemned to scratching the surface of phenomena, and would be unable to consider, let alone explain, certain basic tendencies of the capitalist mode of production (Farjoun and Machover 1983, 97).

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.


Further information

or login to access all content.