Note: Figures are indicated by page numbers in italics.
Capital (Marx) 1, 13, 18, 20n2, 52, 55, 56, 64n9, 65; see also Marx, Karl
Capital in the Twenty‐First Century (Piketty) 98
capitalism: crises and 49, 50, 54, 57, 58–59, 62; environment and 65–66, 74, 75n1, 77n13; in Marx 1–2; Marxian critique of 79–80; moral critique of 78–99; prices and 9, 13–15, 18–19; profit and 30, 32; technological change and 38–39, 43
capitalist crises see crises, capitalist
Carlyle, Thomas 63n1
Clark, J. B. 85
crises, capitalist: under consumption 56–57; credit and 55–56; equilibrium and 53–54; and financial instability hypothesis 61–62; and long‐run growth trajectories 62–63; in Marx 49–60; money and 55–56; prices and 52, 53; profit squeeze 57–58; and Social Structure of Accumulation 58–60, 64n15; in Sraffian theory 60–63; technological change and 53–54; tendency for rate of profit to fall 51–55
ecology see environment
Edwards, Rick 59
efficiency: technological change and 44–46
Eichner, Alfred 61
environment: Marxism and 65–66, 74n1; Sraffian theory and 66–73; technological change and 71
financial crises see crises, capitalist
financial instability hypothesis 61–62
Foster, John Bellamy 66
Freeman, Alan 52
Kaldor, Nicholas 61
Karl Marx and the Close of His System (Bohm‐Bawerk) 14
Keynesian revolution 60
Kliman, Andrew 52
Kotz, David 59
Kregel, Jan 61
labor: exploitation and 22; as homogeneous 6; in Marx 8; prices and 5–6; profit and 30; technological change and 38–39, 40, 42–44; time and 6–7; values 14–15, 20n9, 32–34, 43–44
Lavoie, Marc 61
Looking Backward (Bellamy) 28
Luxemburg, Rosa 56
Magdoff, Fred 66
Marx, Karl 1–2; crises in 49–60; critique by 79–80; environment and 65–66, 74n1; labor in 8; prices in 5–9, 18; profit in 22–23; profit in, vs. Sraffian 29–31; technical change in 37–39, 47n1; wages in 31; see also Capital (Marx)
McGlone, Ted 52
Meek, Ronald 16
Minsky, Herman 61
Mokyr, Jay 28
Monopoly Capital: An Essay on the American Economic and Social Order (Sweezy & Baran) 57
Palley, Tom 61
Pasinetti, Luigi 64n16
prices: in classical economics 5–8; crises and 52, 53; labor and 5–6; in Marx 18; Marxian theory of 5–9; Marxian vs. Sraffian theories of 12–15; of production 18–19; profit and 9–12; in Sraffian theory 9–12, 20n4; Sraffian theory of 9–12; technological change and 41; transformation problem and 15–19; wages and 10–12, 13–14
production: prices of 18–19; profit and 25–26; technological change and 38–39
productivity: technological change and 42–44, 47n1
profit: in capitalist crises 51–55; economic surplus and 32–34; labor and 30; labor values and 32–34; in Marx 8, 9, 22–23; prices and 8, 9, 13, 15–19; production and 25–26; rebutting arguments in defense of 83–88; as reward for waiting 86; in Sraffian theory 9–12, 24–29, 26; Sraffian theory vs. Marx 29–31; technological change and 37–38, 48n9; tendency of, to fall 51–55; transformation problem and 15–19; wages and 25
Reich, Michael 59
Ricardo, David 5, 49, 63n2, 65
Rockefeller grandson problem 89
Rosenberg, Nathan 27
Schumpeter, Joseph 84
Skott, Peter 61
Smith, Adam 5, 45, 48n8, 65, 100
socially necessary abstract labor time (SNALT) 35n12
Social Structure of Accumulation (SSA) 58–60, 64n15
Solow, Robert 27
Sraffian economics 1
Sraffian theory: crises in 60–63; critique by 80–81; environment and 66–73; prices in 9–12, 20n4; profit in 9–12, 24–29, 26; profit in, vs. Marx 29–31; of technical change 39–46, 100; wages in 31
“stagflation” 59
Taylor, Lance 61
technological change: and choice of technique 40; comparison of analyses of 46; crises and 53–54; dynamic efficiency and 44–46; environment and 71; income distribution and 41–42; labor and 38–39; labor values and 43–44; in Marx 37–39, 47n1; prices and 41; production and 38–39; productivity and 42–44, 47n1; profit and 37–38, 48n9; Sraffian theory of 39–46, 100
tendency for rate of profit to fall (TRPF) crises 51–55
Theory of Capitalist Development: Principles of Marxian Political Economy (Sweezy) 57