Suchergebnisse

This book is the first volume in a three-volume series that takes an in-depth look at the relevance of Marx's economics for understanding the modern economy. The focus of this volume is the money prices of commodities. In light of the failure of central banks to stimulate inflation through printing of money, it is now accepted that there are problems with the mainstream approach to the explanation of prices. Howard Nicholas underlines the shortcomings of this and other approaches to the explanation of prices, particularly their concepts of the value of the commodity and money. He argues the problems with all other approaches are manifest in their inability to explain the changes in the relative prices of commodities, taking place in the context of changes in the aggregate money price level as well as independently. He contends that of paramount importance in Marx's explanation is that prices are set by producers prior to putting their commodities into the process of circulation, undermining the notion they are determined by the supply of and demand for the commodities in the process of exchange. Marx's approach to the explanation of prices is also contrasted with those of Neoclassicals, Post-Keynesians and Sraffa, with a view to highlighting the shortcomings in these approaches as bases for their understanding and explanations of money and prices. This book will be of interest to academics and students of price theory, money and finance, political economy, and the history of economic thought. Howard Nicholas retired in 2020 as associate professor in economics at the International Institute of Social Studies, Erasmus University of Rotterdam, The Netherlands. He has published in the areas of inflation, development theory, financial markets, the global economy, and the macro dynamics of a number of countries. He is the author of Marx's Theory of Price and its Modern Rivals (Palgrave Macmillan).

Introduction Marx on Price in the Simple Circulation of Commodities Marx on Price in Capitalism Marx on Smith and Ricardo Marxist Interpretations of Marx's Theory of Price The Neoclassical Theory of Price Post Keynesian Theory of Price Sraffa's Theory of Price Concluding Remarks

The article seeks to focus attention on Neoclassical price theory, as one of the two problematic foundations of modern mainstream economics—the other being the theory of distribution. After outlining what is understood to be Neoclassical price theory and noting the various criticisms which it has been subject to from both within and without the school, the article proceeds to argue that its major flaws need to be understood as stemming from how it conceives of the formation of prices in the first instance. Specifically, the article argues that the basic problem with the Neoclassical theory of price is that it abstracts from both production and money in the first instance, such that when these are eventually brought back into the explanation of price it is done so in an inessential manner; one where production and money have no bearing on the findings of the analysis of price which excluded them.

ABSTRACTThis article questions the validity of widely promulgated claims that Sri Lanka's debt crisis is the result of a combination of Chinese debt diplomacy and economic mismanagement in the form of fiscal and monetary excesses. The authors argue that if Sri Lanka has fallen into any kind of debt trap, it is an international sovereign bond debt trap. They further argue that the fundamental cause of the country's debt crisis is the failure of successive Sri Lankan administrations to transition towards an export‐oriented manufacturing economy focused on producing increasingly technologically sophisticated manufactured products, and lay the blame for this failure on a combination of external and domestic forces operating in tandem with one another. Since the remedial action taken by the Sri Lankan government in the context of an extended fund facility arrangement with the International Monetary Fund is premised on the contention that the source of the crisis is the protracted fiscal and monetary excesses of successive Sri Lankan administrations, this action is unlikely to offer a permanent solution to Sri Lanka's debt problem — just as similar attempts to remedy previous debt and currency crises have failed.