By Ian Steedman
First released in 1995. Routledge is an imprint of Taylor & Francis, an informa corporation.
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Bernstein quotes approvingly Schmidt’s 1892 criticism. e. ’ The fact that the theory is applicable to all objects of market exchange, including reproducible and monopoly products, must not be mistaken for a proof of its greater scope: ‘Precisely because it is wide ranging, it is bound to remain on the surface. It is nothing but a theory of purchase…. KURZ increasing. , p. 51). For, ironically, the theory is at its best when dealing with the ‘higgling of the market’, which is invoked, but never analysed, by Hyndman whenever he is short of a proper argument.
There is no evidence known to me that Karl Marx became acquainted with these works and entered into a discussion of them. Friedrich Engels, however, who survived Marx by twelve years, witnessed the rise to dominance of the new doctrine in academic economics in Great Britain. e. the costs of production), which is only a confused and roundabout manner of saying that the value is determined by supply and demand. ’ (Marx and Engels, 1954, p. 306). What must have shocked Engels even more was the influence the new doctrine had gained in the socialist movement in Great Britain.
He pays a compliment to ‘the psychological school of political economy’, which is said to stand out clearly against the rest of ‘bourgeois economics’ whose exponents ‘have ceased to deal with principles’ and have become ‘eclectics and syncretists’: ‘The adherents of this school resemble the classical economists and the Marxists in that they endeavor to apprehend 38 GERMAN-SPEAKING COUNTRIES economic phenomena from a unitary outlook’ (Hilferding, 1949, pp. 121– 2). , p. 125), is credited with having aimed at a systematic criticism of Marx’s system, rooted in first principles.