Professor Roemer's goal in this book is to give a rigorous view of classical Marxian economic theory by presenting specific analytic models. The theory is not extended to deal with new problems, but it is deepened: Marxian theory is given micro-foundations and upon those foundations the author begins to rebuild a tightly constructed Marxian economics. The book begins, after a methodological introduction, with an examination of the Marxian notion of equilibrium and the theory of exploitation, and goes on to deal with the theory of the falling rate of profit. The next section explores one of the points made in the first section of the book, that the Marxian theory of exploitation can be constructed completely independently of the labor theory of value as a theory of exchange. Technical study of this problem allows comment on various issues, such as the relative importance of 'marginal utilities' and 'class struggle' in determining relative prices. The final part examines models of various Marxian concepts.
Acknowledgments; Introduction; 1. Equilibrium and reproducibility: the linear model; 2. Reproducibility and exploitation: a general model; 3. The equalization of profit rates in Marxian general equilibrium; 4. Viable and progressive technical change and the rising rate of profit; 5. Continuing controversy on the falling rate of profit: fixed capital and other issues; 6. Changes in the real wage and the rate of profit; 7. The law of value and the transformation problem; 8. The transformation correspondence; 9. Simple reproduction, extended reproduction and crisis; 10. Summing up and new directions; Notes; References; Index.