[OPE-L:228] Re: Duncan Foley & mainsteam

James Devine (JDevine@lmumail.lmu.edu)
Mon, 9 Oct 1995 13:58:13 -0700

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Frankly, it is my belief that Marxian political economy can
absorb the valid elements of mainstream economics (e.g., supply &
demand, game theory) _and_ go further and ask other questions
(the historical and institutional nature of capitalism, etc.)
that mainstreamers don't or can't face. (This is even though
Marxists may not be interested in such neoclassical questions as
the spot price of wheat (Andrew K's example).) If you'll forgive
my scientism, I think Marxian p.e. can include the valid elements
of neoclassical theory the way relativistic physics includes
non-relativistic (Newtonian) physics. It's too bad Marxian p.e.
hasn't tried to do this more, to treat neoclassical economics as
a special case, depending on special assumptions (such as the
ontological primacy of equilibrium states), etc. But I'm
preaching again, so I'll stop.

in ope-l solidarity,

Jim Devine jdevine@lmumail.lmu.edu
Econ. Dept., Loyola Marymount Univ., Los Angeles, CA 90045-2699 USA
310/338-2948 (daytime, during workweek); FAX: 310/338-1950
"A society is rich when material goods, including capital,
are cheap, and human beings dear." -- R.H. Tawney.