Re: [OPE-L] Marx on invisible hand

From: michael a. lebowitz (mlebowit@SFU.CA)
Date: Mon Dec 04 2006 - 13:06:07 EST

Insofar as Marx demonstrated that the rate of profit would tend to
decline while the rate of surplus value is constant, this is
definitely a critique of Ricardo's 'falling rate of profit' (and
indeed all those like Mill who followed him in this). And Marx is
explicit--- noting that R ends up retreating to organic chemistry. My
1976 Canadian Journal of Economics piece on the rate of profit dealt
with this point.
At 10:38 04/12/2006, you wrote:
> > Jerry, I should have said that in my pervious email. Further
> thoughts on this issue will follow.
>Hi Dogan:
>Take you time.  It's not exactly a 'time-sensitive', urgent issue.
> > I have been reading in Capital and Grundrisse on this. I agree
> with you on this and there
> > is textual edidence. But I think Marx intends to develop his
> theory of the tendency for
> > the general rate of profit to decline (LTGRPD) to criticise the
> whole of political economy
> >  - even of his days'.
>I'm sure you're right about this.  But, I don't recall discussion in
>the history of
>thought and/or Marxian literature on how the LTGRPD could be thought of,
>*in part*, as an implicit critique of the Smithian invisible hand
>doctrine.  Of
>course, there may have been (and I may have read it years ago) but -- if so --
>I don't remember it.  I raised the issue, as an aside,  on OPE-L
>many years ago,
>but no one bit.
>In solidarity, Jerry

Michael A. Lebowitz
Professor Emeritus
Economics Department
Simon Fraser University
Burnaby, B.C., Canada V5A 1S6

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