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A Marxian Reply to Hahnel: The Relative Explanatory Power of Marx’s Theory and Sraffa’s Theory

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  • Fred Moseley

Abstract

This paper critically examines Robin Hahnel’s 2017 book Radical Political Economy: Sraffa versus Marx and especially compares the relative explanatory power of Marx’s theory and Sraffa’s theory. Hahnel’s book argues that Sraffa’s theory is superior to Marx’s theory with respect to the following six subjects: prices, profit, technological change, crises, the environment, and moral critique (each one considered in a separate chapter). This paper challenges Hahnel’s arguments on all six subjects and argues that Marx’s theory has greater explanatory power than Sraffa’s theory and continues to be the best critical theory of capitalism. JEL Classification: B24, B51

Suggested Citation

  • Fred Moseley, 2021. "A Marxian Reply to Hahnel: The Relative Explanatory Power of Marx’s Theory and Sraffa’s Theory," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(3), pages 511-524, September.
    • Handle: RePEc:sae:reorpe:v:53:y:2021:i:3:p:511-524
    DOI: 10.1177/0486613420957148
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    References listed on IDEAS

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    1. Shaikh, Anwar, 1980. "Marxian Competition versus Perfect Competition: Further Comments on the So-Called Choice of Technique," Cambridge Journal of Economics, Oxford University Press, vol. 4(1), pages 75-83, March.
    2. Marc Lavoie, 2009. "Introduction to Post-Keynesian Economics," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-23548-9.
    3. Roemer, John E, 1979. "Continuing Controversy on the Falling Rate of Profit: Fixed Capital and Other Issues," Cambridge Journal of Economics, Oxford University Press, vol. 3(4), pages 379-398, December.
    4. Shaikh, Anwar, 1978. "Political Economy and Capitalism: Notes on Dobb's Theory of Crisis," Cambridge Journal of Economics, Oxford University Press, vol. 2(2), pages 233-251, June.
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    Cited by:

    1. Robin Eric Hahnel, 2021. "Response to Moseley," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(3), pages 525-534, September.

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    More about this item

    Keywords

    Marx; Sraffa; explanatory power; macro; money; prices; profit; technological change; crises; environment;
    All these keywords.

    JEL classification:

    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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