A Reappraisal of Marxist Economics by Murray Wolfson

A Critique of Orthodox Marxism

Murray Wolfson's A Reappraisal of Marxist Economics is a comprehensive and insightful critique of orthodox Marxism. Wolfson argues that Marx's economic theories are based on a number of flawed assumptions, and that these assumptions have led to a number of incorrect predictions about the development of capitalism.

Marx's Labor Theory of Value

One of the central tenets of Marx's economic theory is the labor theory of value. This theory states that the value of a commodity is determined by the amount of labor that goes into producing it. Wolfson argues that this theory is based on a number of false assumptions, including the assumption that all labor is of equal value and that the value of a commodity is independent of its utility.

Marx's Theory of Surplus Value

Another key component of Marx's economic theory is the theory of surplus value. This theory states that the profits of capitalists are derived from the unpaid labor of workers. Wolfson argues that this theory is also based on a number of false assumptions, including the assumption that workers are paid only for the value of their labor power and that capitalists do not contribute anything to the production process.

Marx's Predictions About the Development of Capitalism

Wolfson argues that Marx's economic theories have led to a number of incorrect predictions about the development of capitalism. For example, Marx predicted that the rate of profit would fall over time, that the working class would become increasingly impoverished, and that capitalism would eventually collapse. However, these predictions have not come true.

A Reappraisal of Marxist Economics

Wolfson concludes that Marx's economic theories are in need of a major reappraisal. He argues that Marx's assumptions about the nature of labor, value, and surplus value are all flawed, and that these flaws have led to a number of incorrect predictions about the development of capitalism. Wolfson's book is a valuable contribution to the ongoing debate about Marx's economic theories.

Why You Should Read This Book

If you are interested in learning more about Marx's economic theories, or if you are simply interested in learning more about economics in general, then I highly recommend reading A Reappraisal of Marxist Economics. Wolfson's book is a well-written and thought-provoking critique of Marx's economic theories, and it is sure to challenge your thinking about economics.

Where to Buy This Book

You can purchase A Reappraisal of Marxist Economics from a variety of online retailers, including Amazon, Barnes & Noble, and Google Play. You can also find the book in many libraries.