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Marx or Hicks? Structural Proportions and Crisis: The Transition from the First to the Third Volume of Capital

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  • Halevi, J.
  • Kriesler, P.

Abstract

Two fundamental aspects of modem capitalist economies are not adequately treated in volume III of Capital. The first of these, the monopolistic stage of capitalism, is not discussed in any of the volumes. Instead there is an emphasis on competitive capitalism, governed by a tendency towards a uniform rate of profit, which, according to Marx, provides capitalism with its long-run dynamic. The second feature is the role of structural and sectoral adjustment in the dynamic growth process. Here the problem lies mainly with volumes I and III, as volume II embarks on an embryonic consideration of the issues in its treatment of the reproduction schemes.
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Suggested Citation

  • Halevi, J. & Kriesler, P., 1995. "Marx or Hicks? Structural Proportions and Crisis: The Transition from the First to the Third Volume of Capital," Papers 95/37, New South Wales - School of Economics.
    • Handle: RePEc:fth:nesowa:95/37
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    Cited by:

    1. G. C. Harcourt & Peter Kriesler, 2014. "Michał Kalecki and Rosa Luxemburg on Marx’s Schemes of Reproduction: Two Incisive Interpreters of Capitalism," Palgrave Studies in the History of Economic Thought, in: Riccardo Bellofiore & Ewa Karwowski & Jan Toporowski (ed.), The Legacy of Rosa Luxemburg, Oskar Lange and Michał Kalecki, chapter 1, pages 9-18, Palgrave Macmillan.

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    ECONOMIC HISTORY;

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