Written before the impressive collapse of the socialist system in Eastern Europe, this book offers a quite objective and serious systematic analysis of the Marxian labor theory of value, Marx's main scientific legacy. After reconstructing the 'prototype' of this theory -- which is the theory as it was left by Marx himself in Capital -- the author proceeds to a careful and detailed analysis of its foundational problems, taking into account Böhm-Bawerk's important criticisms. After introducing advanced contemporary formal tools, the author proceeds to a thorough discussion of the dialectical method, just in order to tackle the foundational problems of the theory. He provides a formally precise and well motivated definition of abstract labor, and then proceeds to prove the existence of a measurement of abstract labor -- i.e. the existence of numerical labor-values. Using this result, the author provides rigorous axiomatic foundations for the theory of value and then proves the existence of a Marxian competitive equilibrium, which is tantamount to the proof of the possibility of reproduction for a capitalist economy. The author finishes the book by showing in detail how the problems of the prototype are solved, by reconstructing the Leontief model of the labor theory of value on the new logical bases. Written in a very clear style, in the language of contemporary philosophy of science, the book is of interest to philosophers of science and economists, applied logicians and all those interested in the scientific legacy of Karl Marx.

An accessible, rigorous presentation of Marx's argument in the three volumes of Capital and of longstanding debates in Marxist economics.

This book constitutes an overview of recent developments in political economy in general, and Marxist value theory in particular. The implications of value theory for bank credit, inflation and deflation are fully explored.

This book gives a rigorous view of classical Marxian economic theory by presenting specific analytic models.

When do governments merit our allegiance, and when should they be denied it? Ian Shapiro explores this most enduring of political dilemmas in this innovative and engaging book. Building on his highly popular Yale courses, Professor Shapiro evaluates the main contending accounts of the sources of political legitimacy. Starting with theorists of the Enlightenment, he examines the arguments put forward by utilitarians, Marxists, and theorists of the social contract. Next he turns to the anti-Enlightenment tradition that stretches from Edmund Burke to contemporary post-modernists. In the last part of the book Shapiro examines partisans and critics of democracy from Plato’s time until our own. He concludes with an assessment of democracy’s strengths and limitations as the font of political legitimacy. The book offers a lucid and accessible introduction to urgent ongoing conversations about the sources of political allegiance.

This ambitious book presents a comprehensive new 'macro-monetary' interpretation of Marx’s logical method in Capital, based on substantial textual evidence, which emphasises two main points: (1) Marx’s theory is primarily a macroeconomic theory of the total surplus-value produced in the economy as a whole; and (2) Marx’s theory is a monetary theory from beginning to end and the circuit of money capital – M - C - M’ – is the logical framework of Marx’s theory. It follows from this 'macro-monetary' interpretation that, contrary to the prevailing view, there is no 'transformation problem' in Marx’s theory; i.e., Marx did not 'fail to transform the inputs of constant capital and variable capital' in his theory of prices of production in Part 2 of Volume III.