Understanding Marx: A Reconstruction and Critique of Capital

by Robert Paul Wolff

This book explains the development of the classical theory of value from Adam Smith to Karl Marx in a form readily accessible to readers unfamiliar with anything more than elementary arithmetic, while at the same time offering to the specialist a fundamental criticism of Marxian political economy and an original and controversial interpretation of Capital. The author clarifies recent mathematical interpretations of classical political economy, so that philosophers, political scientists, psychologists, and sociologists interested in Marx’s theories can understand the modern rehabilitation of his political economy.In the past quarter of a century economists and policy makers have increasingly concerned themselves with the question of economic growth and the distribution of wealth and income. The classical political economy of Smith, Ricardo, and Max focused directly on these two issues. Understanding Marx contributes to an appreciation of how the fundamental insights of Ricardo and Marx have become directly relevant to policy debates.

Genres: Economics, Nonfiction, Politics, Philosophy

247 pages, Kindle Edition

First published January 1, 1984

About the author

Robert Paul Wolff was an American political philosopher and professor emeritus at the University of Massachusetts Amherst.
Wolff has written widely on topics in political philosophy, including Marxism, tolerance (against liberalism and in favor of anarchism), political justification, and democracy.

Reviews

[Luuc Van · Rating 4 out of 5]

While I still don't completely understand the whole discussion wrt the LTV, I do feel like I got a better understanding of classical economics. The main thing this book did for me, however, was make me realize that the assumptions necessary for the LTV to make any sense (perfect competition, perfect information, all labor is the same, switching 'capital' to a more profitable sector is basically free, no economies of scales or increasing marginal costs) are just as unrealistic as the ones made by neoclassical economists.

Still, some empirical studies by e.g. Paul Cockshott seem to suggest that one of the main hypotheses of the LTV- that profits are proportional to labour used (even within sectors)- is true. I wonder what other people make of this. If you have any strong opinions on this or have any recommended readings on this topic, please share your thoughts!