- Paperback: 208 pages
- Publisher: Harvard University Press; 1st Edition edition (1 July 1986)
- Language English
- ISBN-10: 0674920880
- ISBN-13: 978-0674920880
- Product Dimensions: 23.2 x 15.2 x 1.4 cm
- Average Customer Review: 5.0 out of 5 stars See all reviews (1 customer review)
- Amazon Bestsellers Rank: 432,901 in Books (See Top 100 in Books)
- See Complete Table of Contents
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More About the Author
Product Description
Product Description
"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.
About the Author
Duncan K. Foley is Leo Model Professor at the New School for Social Research.
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Customer Reviews
Most Helpful Customer Reviews
3 of 3 people found the following review helpful
Format:Hardcover
Trudging through the endless amount of literature that purports to analyse Marx's economic theories can be an endless task. Thankfully Duncan Foley has written a book that will take the sometimes weary work out of understanding his theories. For a novice this is great stuff. Foley takes a step by step approach to the theories, while all the time cross-referencing his work to the relevant chapters of Capital. Any first-time readers of Marx who want a grounding in his theories before moving onto other works should start here. An illuminating read !
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
4 reviews
24 of 24 people found the following review helpful
Monetary expression of labor value
10 Sep 2002
Format:Paperback
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.
2 of 2 people found the following review helpful
Great Companion
23 Nov 2010
Format:Paperback
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.
24 of 35 people found the following review helpful
interesting economics, but what's the greater relevance?
4 April 2000
Format:Paperback|Amazon Verified Purchase
First off, this is not a book to read if you want to know how Marx critiques capatalism. Sure that's touched on a little, but most of the book is devoted to pure economics, without any talk at all about how the economics comment on the way society, and capatalist firms function. The book is locked into numbers, and I'm guessing that it was meant to be used in a college course as a supplement. He says that his math is on the level of intermediate economics, and he's probably right, but don't expect him to do any explanation, he just plows on through, leaving those who aren't so lucky as to have taken up to intermediate economics courses left in the dust. No empirical analysis whatsoever, except for a calculation of the social surplus and the labor value of money. If your an economist you'll have a ball.
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