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A Selective Review of Recent Quantitative Empirical Research in Marxist Political Economy

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  • Basu, Deepankar

    () (Department of Economics, University of Massachusetts)

Abstract

This paper surveys some of the quantitative empirical research in two areas of Marxist political economy: (a) Marxist national accounts, and (b) Marxist responses to the Sraffa-based critique of the 1970s. With respect to the first area, this paper explains the basic methodology underlying the construction of Marxist national accounts from traditional input-output data. With respect to the second area, it offers a short review of the theoretical literature surrounding the Sraffa-based critique of the 1970s, and subsequently discusses three Marxist responses in detail: the standard interpretation, the probabilistic interpretation and the new interpretation. It explains the basic theoretical positions of these three approaches and reviews the quantitative empirical work conducted within each.

Suggested Citation

  • Basu, Deepankar, 2015. "A Selective Review of Recent Quantitative Empirical Research in Marxist Political Economy," UMASS Amherst Economics Working Papers 2015-05, University of Massachusetts Amherst, Department of Economics.
  • Handle: RePEc:ums:papers:2015-05
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    References listed on IDEAS

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    More about this item

    Keywords

    Marxist political economy; national accounts; value controversy;

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General

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