Marx and non-equilibrium economics

Freeman, Alan, Guglielmo Carchedi

This major volume develops a rigorous equilibrium-free political economy based on labour values. Rooted in a non-dualistic approach restoring money to its central role in a commodity economy, Marx and Non-Equilibrium Economics is the fruit of extensive international collaboration reflecting a profound critical reappraisal of Marx's theoretical work and its relation to modern economics. This major book reconstructs classical Marxist explanations for many of the most important phenomena of the day, including mass poverty, unequal development, and endemic economic crisis. The authors vindicate Marx's most contentious propositions, showing how the profit rate falls despite continuous technical innovation and how values are transformed into prices preserving his famous 'two equalities'. Destined to become a reference text for both Marxists and non-Marxists dissatisfied with the neo-classical synthesis, Marx and Non-Equilibrium Economics is a decisive break with the economic conventions of the twentieth century.