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An Essay on Marxian Economics
''An Essay on Marxian Economics'' is a 1942 book about Karl Marx by Joan Robinson. The first work by a major British economist to show interest in Marx since the 19th century,〔Sweezy 1984. p. vi.〕 it has received both praise and criticism from commentators.
==Summary==
Robinson re-evaluates Marx positively in relation to classical orthodoxy, but argues that he contains limitations that can be remedied only by using the work of John Maynard Keynes. She completely rejects Marx's labor theory of value, and recasts his work within the framework of aggregate Keynesian variables.〔Cleaver 2000. p. 37.〕 Robinson argues that there is a contradiction between the first and second volumes of ''Capital'': in ''Capital, Volume I'', Marx assumes that a rising labor productivity leads to a rising rate of exploitation, whereas in ''Capital, Volume III'' he assumes that rising labor productivity could lead, through a stable rate of exploitation, to a rising rate of real wages and a declining rate of profit.〔Mandel 1991. pp. 29-30.〕
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