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Understanding Capital: Marx's Economic Theory, by Duncan K. Foley
Free Ebook Understanding Capital: Marx's Economic Theory, by Duncan K. Foley
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Understanding Capital is a brilliantly lucid introduction to Marxist economic theory. Duncan Foley builds an understanding of the theory systematically, from first principles through the definition of central concepts to the development of important applications. All of the topics in the three volumes of Capital are included, providing the reader with a complete view of Marxist economics.
Foley begins with a helpful discussion of philosophical problems readers often encounter in tackling Marx, including questions of epistemology, explanation, prediction, determinism, and dialectics. In an original extension of theory, he develops the often neglected concept of the circuit of capital to analyze Marx's theory of the reproduction of capital. He also takes up central problems in the capitalist economy: equalization of the rates of profit (the "transformation problem"); productive and unproductive labor and the division of surplus value; and the falling rate of profit. He concludes with a discussion of the theory of capitalist crisis and of the relation of Marx's critique of capitalism to his conception of socialism.
Through a careful treatment of the theory of money in relation to the labor theory of value, Foley clarifies the relation of prices to value and of Marx's categories of analysis to conventional business and national income accounts, enabling readers to use Marx's theory as a tool for the analysis of practical problems. The text is closely keyed throughout to the relevant chapters in Capital and includes suggestions for further reading on the topics discussed.
- Sales Rank: #384600 in Books
- Brand: Brand: Harvard University Press
- Published on: 1986-11-23
- Released on: 1999-07-30
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .49" w x 6.00" l, .65 pounds
- Binding: Paperback
- 200 pages
- Used Book in Good Condition
About the Author
Duncan K. Foley is Leo Model Professor at the New School for Social Research.
Most helpful customer reviews
24 of 24 people found the following review helpful.
Monetary expression of labor value
By unaffiliated
This book is an excellent introduction to Marx's economic theories (but not his political theories). It has three main merits: (i) it is written in an extremely clear and understandable manner, (ii) it compresses most of Marx's economic ideas into a short book, and (iii) it introduces the notion of the monetary expression of labour value, which is a key concept to understanding Marx's labor theory of value. The recent renaissance on labor value theories is partly due to the author's efforts. If you think that labor value theories are nonsense, then read this -- it may change your mind. Similarly, if you are convinced of the foundational importance of labor time in understanding captialist economies (as opposed to, say, marginal utility) then you may still learn something new.
The mathematical content can be understood by anyone who can read an algebraic equation and follow some simple manipulations.
In sum, this is a book for those interested in Marx's economics, but may not want to wade through all three volumes of Capital.
5 of 5 people found the following review helpful.
Review
By CB
Alright, fine, I didn't actually finish this book, but I read enough of it to constitute adding it to my shelf (although I should really just be trading it in to a used bookstore, goddamn this vanity of mine).
Reading Marx can be challenging, at first. Reading guides to Capital Volume I, and re-reading Volume I, were paramount to by comprehending it. Thus, I felt the desire to read Foley, before tackling Volume's II and III.
Poor Foley. He simply isn't good at elucidating the abstruse. This is the second book I've read by him. The former was a popularizing of main stream economic thought. It paled in comparison to 'The Worldly Philosophers' by Heilbroner. And this book too pails in comparison to David Harvey's companion to Capital. Although Harvey's book is a companion, it can be read in isolation.
Foley is attempting to explain all three volumes of Marx's Capital in 160 pages. The first 60 pages discuss Capital Volume I, and the remaining 100 pages, the other two volumes. In regards to the first 60 pages, again, one would be better off reading all 300 pages of Harvey, or even some of the other intro and beginners guides to Capital. Somehow Foley incorporates obscure algebra in places where it ought not to exist, and he has absolutely no flair, flash, or pizazz in his writing. The book is dryer than Arizona, and you'll be bored stiff by the end of chapter 1. Marx may be a difficult writer, and he may require multiple readings, and additional sources, but at least he added in a sense of humor, dynamic explanations, and literary gusto, to much of his works.
I'd say I won't read Foley ever again, but I couldn't anyway because these are the only two books I've ever seen by him.
3 of 3 people found the following review helpful.
Great Companion
By Alex
While some may prefer the book "Companion to Capital" by Harvey, I believe that Duncan Foley has done a much better job with Marx. This is written for the economist who is looking back at "Capital Volume I" with a weary eye. Foley is purely scientific, and brings merit to Marx's argument. Duncan Foley makes Marx a relevant player in economics again. I would recommend this book to anyone with an interest in Marxian Economy, or the history of economic thought.
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