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"Orthodox economics operates within a hypothesized world of perfect competition in which perfect consumers and firms act to bring about supposedly optimal outcomes. The discrepancies between this model and the reality it claims to address are then attributed to particular imperfections in reality itself. In Capitalism, Shaikh's approach demonstrates that most of the central propositions of economic analysis can be derived without any reference to standard devices such as hyperrationality, optimization, perfect competition, perfect information, representative agents, or so-called rational expectations. In every case, Shaikh's innovative theory is applied to modern empirical patterns and contrasted with neoclassical, Keynesian, and Post-Keynesian approaches to the same issues. Shaikh's object of analysis is the economics of capitalism, and he explores the subject in this expansive light. This is how the classical economists, as well as Keynes and Kalecki, approached the issue. Anyone interested in capitalism and economics in general can gain a wealth of knowledge from this ground-breaking text."--Amazon.com

Lit.

Abstract
Five major propositions in classical price theory are discussed. First, Marx explicitly follows Smith's analytical starting point to show that prices differ from labor values not because of competition or capitalist relations (wages and profits), but only when the latter interact with intersectoral capital–labor differences. Second, Okishio, Morishima and others long ago demonstrated that Marx's transformation procedure was an iterative process, and Marx himself refers to a 'standard' industry immune to this process. Third, Sraffa correctly argues, in favor of Marx, that empirical economic aggregates are essentially the same in prices and values. Fourth, as matrix size increases the subdominant eigenvalues of IO matrices approach a smooth limiting curve, so contrary to Bródy, the first step in any price or quantity iterative process (such as Marx's) does not become increasingly exact. Finally, Sraffa prices in large US matrices are overwhelmingly simple and extremely well approximated by Bienenfeld's quadratic form.

Luego de mencionar la explicación de Marx de los beneficios capitalistas, se retoma la distinción de Steuart entre "beneficios de producción" y "beneficios de circulación" (profits of alienation).Si el sistema de precios coincide con el sistema de valor, estos beneficios desaparecen (la circulación es neutra), supuesto que asume Marx y que le permite concentrar la atención en lo esencial del plusvalor: que es trabajo no pagado. En el ensayo se examinan las consecuencias de abandonar este supuesto, se apunta al "problema de la transformación", se retoman algunos ejemplos e hipótesis de Sraffa y, mediante una presentación matricial sencilla, se examinan algunas consecuencias relevantes; por ejemplo, que las ganancias monetarias agregadas difieren del plusvalor total. Asimismo, se alude a las ganancias del capital financiero (intereses y ganancias de capital) y, de manera introductoria, se menciona la importancia del fenómeno para explicar los precios y las ganancias de monopolio, rasgo medular del capitalismo contemporáneo.