Andrew Kliman

Andrew Kliman
Pace University · Department of Economics

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47
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720
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Publications

Publications (47)
Article
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This essay seeks to draw lessons from Karl Marx's writings and practice that can help combat Trumpism and other expressions of white nationalism. The foremost lesson is that fighting white nationalism in the tradition of Marx entails the perspective of solidarizing with the "white working class" by decisively defeating Trumpism and other far-right...
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Evidence based on US government statistics indicates that the rate of profit fell and employees’ share of output was trendless between 1970 and the Great Recession. This paper defends that evidence by showing that it is compatible with phenomena that may initially seem to contradict it; that is, rising income inequality and rising managerial compen...
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To help understand why the Great Recession occurred, this article focuses on its underlying causes and employs Karl Marx's theory of capitalist economic crisis. It shows that U.S. corporations' rate of return on fixed asset investment fell throughout the half-century preceding the recession, and that this fall accounts for the entire decline in the...
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The rate of capital accumulation in the USA has fallen markedly in recent decades. Works in the financialisation literature have tried to explain this phenomenon by arguing that rising financial payments and purchases have come at the expense of productive investment. This article shows that such arguments are not supported by the data. It also exp...
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The first half of the paper discusses what is wrong with Whig history and why it is wrong to distort the past. The author’s views are compared with those of noted historians of economics. This discussion provides motivation for the second half of the paper, which focuses on Whiggish accounts of the scientifically progressive character of mainstream...
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Michael Heinrich’s recent Monthly Review article claims that the law of the tendential fall in the rate of profit (LTFRP) was not proved by Marx and cannot be proved. Heinrich also argues that Marx had doubts about the law and that, for this and other reasons, his theory of capitalist economic crisis was only provisional and more or less in continu...
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In this article, Andrew Kliman responds to Bichler and Nitzan’s recent paper on‘Systemic Fear, Modern Finance and the Future of Capitalism’ (2010). He then goes on to raise a series of issues concerning the critique of Marxian value theory which these authors put forward in their book Capital as Power (Nitzan and Bichler, 2009).
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This paper argues that the renewed relevance and strengthened theoretical foundations of Marxian value theory will not matter unless the long-term disintegration of Marxian economics is reversed, and that this disintegration has largely been caused by internal factors. These include a lack of common standards and criteria of justification; an ‘ever...
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This reply to Simon Mohun and Roberto Veneziani (2009) points out that they have not addressed, much less overturned, our refutations of Veneziani's celebrated criticisms of Marx and the temporal single-system interpretation (TSSI) of Marx's value theory. Instead, they have filled their "response" with non-responsive irrelevancies. We argue that th...
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** 2) A 2004 paper by Roberto Veneziani criticized the temporal single-system interpretation (TSSI) of Karl Marx's value theory as well as Marx's own value theory and law of the tendential fall in the rate of profit. This paper responds to Veneziani's critique, showing that it is teeming with falsehoods and logical problems. When assessed in terms...
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This paper replies to Cheol-Soo Park's critique of the temporal single-system interpretation ( TSSI ) of Marx's value theory. It argues that his negative evaluation of the TSSI largely stems from his failure to understand its purpose. He treats the TSSI as a distinct theory or "approach," but it is actually an exegetical interpretation, and it must...
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Studies by the author showed that strong cross-sectional correlations between industry-level values and prices are spurious. Díaz and Osuna (2005-6) challenged this finding, arguing that the correlation results are fatally indeterminate, and that the author's procedure for eliminating spurious correlation destroys the value-price correlation becau...
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Prepublication version of ‘Simultaneous Valuation vs. the Exploitation Theory of Profit: A summing up’, forthcoming in Capital and Class #94, Spring 2008 This paper examines the claims made by Simon Mohun and Roberto Veneziani in their Capital and Class #92 article entitled ‘The incoherence of the TSSI: a reply to Kliman and Freeman’. We show that...
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This is a prepublication version of ‘Replicating Marx: a reply to Mohun’, Capital and Class No. 88, Spring 2006, pp 117-123. ISSN 0309 8168 Kliman (2001) showed that “simultaneist” interpretations – those which hold that Marx valued inputs and outputs simultaneously – contradict his exploitation theory of profit, while the temporal single-system in...
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Ernesto Screpanti recently claimed to prove that Marx's value theory is logically inconsistent. Jettisoning the value theory, he then reconstructed Marx's theory of exploitation in a manner that supposedly preserves the gist of the original. This note shows that Screpanti's proof of inconsistency is invalid and that his reconstruction contradicts t...
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During the last two decades, many Marxian economists have brought forth empirical evidence that supposedly supports a version of the “labor theory of value” that Marx rejected, namely the theory that individual commodities’ prices tend to equal their values. However, recent studies have challenged this conclusion. The present paper offers additiona...
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During the past few years, an economic crisis threatened to destabilize the global economy as it spread from East Asia to Russia, Brazil, and elsewhere. Argentina went into a deep, accelerating collapse, and has not recovered. Meanwhile, the 12-year-long deterioration of Japan’s economy has intensified, bringing on serious deflation. And shortly on...
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This study replicates findings that sectoral prices and values are highly correlated cross-sectionally, and that deviations between them are small. Yet after controlling for variations in industry size that produce 'spurious correlation', I find no reliable evidence that relative values have any influence upon relative prices. The smallness of pric...
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This paper shows that interpretations of Marx's value theory which value inputs and outputs simultaneously imply that surplus-labor is not the sole source of profit—even in the absence of joint production. Contrary results, such as the Fundamental Marxian Theorem, rely crucially on restrictive and implausible conditions that are shown to be unneces...
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Article that appeared as Zarembka, P (ed) Economic Theory of Capitalism and its Crises, Research in Political Economy 18, pp241-48. Stanford, CT: JAI Press. (http://www.elsevier.com/wps/find/bookdescription.cws_home/621298/description#description) Responds to debate initiated in Research in Political Economy 17 (http://www.elsevier.com/wps/find/boo...
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Article that appeared as Zarembka, P (ed) Economic Theory of Capitalism and its Crises, Research in Political Economy 18, pp285-93. Stanford, CT: JAI Press. (http://www.elsevier.com/wps/find/bookdescription.cws_home/621298/description#description) Responds to debate initiated in Research in Political Economy 17 (http://www.elsevier.com/wps/find/boo...
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This paper aims to show that the concept of intrinsic value — value as distinct from exchange-value — became an increasingly important element of Karl Marx's critique of political economy. The existence of the distinction is not unknown, but its importance to Marx's work is under-appreciated and the nature of the distinction is often misunderstood.
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This paper presents an interpretation of the quantitative dimension of Marx's value theory in which prices and values are determined interdependently and within historical time. This interpretation is then shown to refute allegations that his value theory suffers from internal inconsistencies. Among the issues considered are Marx's law of the falli...
Chapter
For a full century, critics have tried to show that Marx’s value theory is internally inconsistent. Yet these critics invariably reduce value to exchange value, whereas Marx increasingly stressed their difference. Once this reduction is rejected, key aspects of Marx’s value theory — the transformation of values into production prices and the law of...
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In response to Michele Naples' critique, the author suggests that the dispute revolves around different concepts of value. Exploring the contrast between Marx's concept of value as a ‘self-moving substance’ and technological determinist concepts, this paper further develops Kliman and McGlone's view of the value-price transformation.
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Most criticisms of Marx's attempt to solve the transformation problem focus on his failure to separate value and price calculations. It is argued here that there is nothing wrong with Marx's approach once it is construed as an exercise in dialectics rather than some attempt to map mathematically values on to prices. Consequently, much of the debate...
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akliman@pace.edu) 2 nd (incomplete) draft, October 17, 2009. Please do not quote without permission. [The law of the tendential fall in the rate of profit] is in every respect the most important law of modern political economy, and the most essential for understanding the most difficult relations. It is the most important law from the historical st...
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Some prominent radical economists and non-economists have denied that Marx's theory of the tendential fall in the rate of profit helps to explain the current economic crisis. I want to begin by explaining why they dismiss this theory, and then argue, to the contrary, that the current crisis does have a lot to do with the tendential fall in the rate...
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Critical pluralism – an introductionm This paper argues that pluralism in economics requires formal rules of conduct to guarantee pluralism in research. These should provide for transparent and professional standards for research, presentation and editorial judgement. The guiding principle of this reform is what we term critical pluralism. There ar...
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Thesis (Ph. D.)--Dept. of Economics, University of Utah, 1988. Includes bibliographical references (leaves [173]-179).
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Reflections on crisis, fear and behavioural Marxism.

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