Marx's Theory of Price and its Modern Rivals

Marx's Theory of Price and its Modern Rivals provides the reader with an original, in-depth and non-dogmatic look at Marx's explanation of price. It brings out the importance that Marx places on the historical emergence, purpose and nature of price, and shows how this emphasis informs his explanation of its magnitude, especially the pivotal role accorded to the concept of value. It also shows how Marx's theory can be extended to explain the actual movement of prices over the course of the business cycle. Howard Nicholas also provides a detailed appraisal of other Marxist interpretations, including the New and Temporal Single Systems, and critically assesses various Classical (Smith and Ricardo) and modern (Neoclassical, Post Keynesian and Sraffian) theories of price with a view to bringing out the distinctiveness and pre-eminence of Marx's theory. A fundamental contention of the book is that Marx's theory of price warrants more serious attention than it is presently accorded from those interested in rebuilding the foundations of economic thinking, whether or not they are sympathetic to Marx's purpose in the study of capitalism - its overthrow.