,REVIEW3 ,A ,REAPPRAISAL ( ,M>XIAN ,ECONOMICS BY ,MURRAY ,WOLFSON 

,PEOPLE 3 

,AU?OR 3 ,PAUL ,MATTICK 

,TEXT 3 

,PUBLI%$3 ,SCI5CE @& ,SOCIETY1 VOL4 #c#a1 NO4 #c4 #a#i#f#g4 ,PP4 #c#g#c-#c#g#e4 
,TRANSCRIPTION_/,M>KUP3 ,MICAH ,MU]1 #b#a#h4 

,A ,REAPPRAISAL ( ,M>XIAN ,ECONOMICS1 BY 
,MURRAY ,WOLFSON4 ,NEW ,YORK3 ,COLUMBIA ,UNIV]SITY ,PRESS1 #a#i#f#f4 @s#f4#g#e4 ,PP4 
#b#b4 

,RA!R G5]\SLY1 ,MURRAY ,WOLFSON GIVES ,M>X CR$IT = RAIS+ 
ECONOMIC ISSUES :I* >E /ILL ! REAL PROBLEMS ( MATURE CAPITALISM4 
,9 HIS VIEW1 H[EV]1 ,M>X DID NOT SUCCE$ 9 %[+ ?AT !Y >E 
9SURM\NTABLE )9 ! CONF9ES ( B\RGEOIS SOCIETY4 ,WOLFSON ?9KS 
!M SURM\NTABLE & ATTEMPTS TO %[ :Y & :]E ,M>X W5T WRONG 9 
PR$ICT+ ! NECESSITY ( *ANGE FROM CAPITALISM TO SOCIALISM4 ,HE 
F9DS ,M>X'S ]RORS ROOT$ 9 HIS PHILOSOPHICAL PRECONCEPTIONS & A 
!ORY ( VALUE FROM :I* ! 9EVITABILITY ( SOCIAL *ANGE IS D$UC$ 
9 ORD] TO SUB/ANTIATE ! PHILOSOPHICAL NOTION4 

,H[EV]1 AP>T FROM ]RONE\SLY ID5TIFY+ DIALECTICAL MAT]IALISM 
) ,M>X'S MAT]IALI/ CONCEPTION ( HI/ORY1 ,WOLFSON PAYS LITTLE 
ATT5TION TO ,M>X'S PHILOSOPHY4 ,HE TRIES 9/EAD TO PROVE ?AT ! LABOR 
!ORY ( VALUE CANNOT BE US$ AS A V]IFICATION ( ,M>X'S SY/EM ( 
DIALECTICAL D$UCTIONS4 ,HE EXAM9ES ! LABOR !ORY ( VALUE ) 
REG>D TO ITS 9T]NAL CONSI/5CY & ITS CO9CID5CE ) ! FACTS ( 
EXP]I5CE1 & DOES SO1 HE ?9KS1 9 0T]MS ( ! MORE HI<LY 
DEVELOP$ TOOLS ( ECONOMIC ANALYSIS ( ?IS C5TURY10 I4E41 ?OSE ( 
MOD]N PRICE !ORY4 ,! 0TRANSC5D5TAL NATURE ( ,M>X'S VALUE CONCEPT 
IS MADE EVID5T10 HE SAYS1 0BY HIS DISREG>D+ PRICE AS ! KEY 
ECONOMIC V>IABLE10 EV5 ?\< 0PRICE IS ! OBVI\S PROXIMATE BASIS ON 
:I* EX*ANGE ACTUALLY TAKES PLACE40 

,WOLFSON'S PRICE !ORY IS BAS$ ON ! M>G9AL UTILITY CONCEPT :]E 
PRICES >E DET]M9$ 0BY ! EQUILIBRIUM ( ! MULTIPLICITY ( 
HI/ORICALLY EVOLV$ =CES :I* DET]M9E ! %APE ( 9DIVIDUAL 
SUBJECTIVE PATT]NS ( PREF]5CES40 ,! 0HI<LY DEVELOP$ TOOLS ( 
ECONOMIC ANALYSIS0 ( :I* HE SPEAKS RE/1 !N1 ON ! CIRCUL> 
ID5TIFICATION ( M>G9AL UTILITY ) PRICE1 & PRICE ) M>G9AL 
UTILITY4 ,BUT AS UTILITY IS NOT A MEASURABLE QUANTITY1 HE IS LEFT ) 
NEI!R VALUE NOR PRICE !ORY1 BUT M]ELY ) ! UNEXPLA9$ 
ACTUALLY-GIV5 PRICE CON/ELLATIONS4 ,/ILL1 9 ,WOLFSON'S VIEW1 ! 
SUP]IORITY ( ! SUBJECTIVE OV] ! OBJECTIVE VALUE CONCEPT WAS SU* 
AS TO =CE EV5 ,M>X TO SEEK REFUGE FROM SELF-CONTRADICTION 9 ! 
SUBJECTIFICATION ( HIS VALUE !ORY4 

,! SUB/ANTIATION ( ?IS PO9T DEP5DS ON ,WOLFSON'S 9ABILITY TO 
DI/+UI% BETWE5 VALUE ANALYSIS & M>KET ANALYSIS4 ,VALUE ANALYSIS 
IS = ,M>X ! KEY TO UND]/&+ M>KET EV5TS 9 :I* NOT 
VALUE-RELATIONS BUT PRICE-RELATIONS >E OP]ATIVE4 ,M>X DID NOT D5Y ! 
ROLE ( SUPPLY & DEM& 9 PRICE DET]M9ATION1 NOR ! ALLOCATIVE 
P[]S ( ! COMPETITIVE PRICE ME*ANISM4 ,ONLY1 9 HIS VIEW1 CAPITALI/ 
M>KET RELATIONS PRESUPPOSE ! SOCIAL RELATION BETWE5 LABOR & 
CAPITAL1 BETWE5 VALUE & SURPLUS-VALUE1 & !SE RELATIONS UND]LIE1 
CIRCUMSCRIBE &1 9 ! C\RSE ( DEVELOPM5T1 ALT] ALL M>KET & 
PRICE RELATIONS4 ,DEVIAT+ FROM VALUE1 PRICES D]IVE NONE!LESS FROM 
CAPITALI/ ECONOMIC RELATIONS AS VALUE & SURPLUS-VALUE RELATIONS4 ,! 
RECOGNITION ?AT PRICES1 NOT VALUES1 ATTA* TO COMMODITIES DOES NOT 
ALT] ! OBJECTIVE NATURE ( ! LABOR !ORY ( VALUE4 

,9 ,WOLFSON'S VIEW1 H[EV]1 PRICE IS SUBJECTIVELY DET]M9$1 SO ?AT 
! V]Y FACT ( ,M>X'S RECOGNITION ( ! REALITY ( PRICES MADE HIS 
LABOR !ORY ( VALUE SUP]FLU\S4 ,M>X RETA9$ IT NONE!LESS1 HE 
SAYS1 9 ORD] TO SU/A9 HIS EXPLOITATION !ORY1 & HE 9SI/$ UPON 
! LATT] TO JU/IFY HIS !ORY ( CLASS /RUGGLE & SOCIAL 
REVOLUTION4 ,BUT = ,WOLFSON 0! EXPLOITATION ( LABOR 9 A COMPETITIVE 
ECONOMY HAS NO REAL RELATION TO ! ECONOMICS ( PRODUCTION AT ALL20 & 
?\< ! SUFF]+S ( ! WORK+ CLASS IS A SOCIAL FACT1 IT IS NOT 
D$UCIBLE FROM ! NATURE ( CAPITALISM & IS1 AT ANY RATE1 SUSCEPTIBLE 
TO ELIM9ATION )9 ! CAPITALI/ SY/EM4 

,M>X'S !ORY ( EXPLOITATION IS AT ! SAME TIME A !ORY ( 
9CREAS+ MIS]Y1 & ! LATT] DEP5DS1 AS ,WOLFSON CORRECTLY /ATES1 
ON ! 9CREAS+ DISPLACEM5T ( LIV+ LABOR BY CON/ANT CAPITAL1 ! 
T5D5TIAL FALL ( ! RATE ( PR(IT1 & RECURR+ CRISES 9H]5T 9 
! ACCUMULATION PROCESS4 ,AL?\< HE F9DS ! RESEMBLANCE ( ,M>X'S 
CRISIS !ORY TO 0CONTEMPOR>Y !ORY ( BUS9ESS CYCLE />TL+10 HE 
HOLDS NONE!LESS ?AT 0,M>X'S VALUABLE 9SI<TS 9TO ! WORK+ ( 
UNRE/RICT$ N9ETE5?-C5TURY CAPITALISM >E NOT LOGICALLY NECESS>Y 
*>ACT]I/ICS ( ANY CAPITALI/ SOCIETY40 ,9 ?IS CONNECTION1 ,WOLFSON 
DISCUSSES V>I\S 9T]PRETATIONS ( ,M>X'S !ORY ( CRISIS & COMES 
TO ! CONCLUSION ?AT ! DECL9E ( ! RATE ( PR(IT1 :I* 
DOM9ATES ,M>X'S ACCUMULATION !ORY1 0CANNOT BE PR$ICT$ ) 
ASSURANCE & H5CE ! !ORY IS 9ADEQUATE TO SUPPORT ! HYPO!SIS 
( 9CREAS+LY SEV]E DEPRESSION40 

,LIKE ALL PREVI\S B\RGEOIS APPRAISALS ( ,M>XIAN !ORY1 ,WOLFSON'S 
REAPPRAISAL ALSO YIELDS ! EXPECT$ RESULTS4 ,?\< RI<T 9 PO9T+ 
TO SOME ( ! EVILS ( CAPITALISM1 ,M>X1 ,WOLFSON SAYS1 WAS WRONG 9 
F9D+ !IR CAUSE 9 ! IMMAN5T LAWS ( CAPITALI/ PRODUCTION4 ,!SE 
>E ALL REM$IABLE %ORTCOM+S1 :I* ,M>X HIMSELF W\LD HAVE 
RECOGNIZ$ HAD HE BE5 A B\RGEOIS ECONOMI/4 ,N[ ?AT 05LI<T5$ 
SELF-9T]E/ ( BO? CLASSES 9 A HI< CONSUMPTION ECONOMY HAS COME TO 
TURN PROGRESSIVELY LESS ON ! DIVISION ( NATIONAL 9COME ?AN ON ITS 
5L>GEM5T10 !RE IS NEI!R OPPORTUNITY NOR REASON = REVOLUTION>Y 
*ANGE4 

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