Understanding Marx: A Reconstruction and Critique of Capital

This book explains the development of the classical theory of value from Adam Smith to Karl Marx in a form readily accessible to readers unfamiliar with anything more than elementary arithmetic, while at the same time offering to the specialist a fundamental criticism of Marxian political economy and an original and controversial interpretation of Capital. The author clarifies recent mathematical interpretations of classical political economy, so that philosophers, political scientists, psychologists, and sociologists interested in Marx’s theories can understand the modern rehabilitation of his political economy.

In the past quarter of a century economists and policy makers have increasingly concerned themselves with the question of economic growth and the distribution of wealth and income. The classical political economy of Smith, Ricardo, and Max focused directly on these two issues. Understanding Marx contributes to an appreciation of how the fundamental insights of Ricardo and Marx have become directly relevant to policy debates.