OPE-L message, [OPE-L] Lange's vindication

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[OPE-L] Lange's vindication

Subject: [OPE-L] Lange's vindication

From: Alejandro Agafonow <alejandro_agafonow@xxxxxxxx>

Date: Sat, 21 Apr 2007 17:24:44 +0000

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Dear Jerry:

On 04/19/2007 you said: Lange thought he was vindicating a subjective theory of value (it's been a while since I read his book), but I don't see how it constitutes a vindication.

By vindication I mean to argue in favour of the truth, justice or validity of something that has been subject to discussion. Lange vindicates the subjective theory of value as a devise to explain the every day exchange in the market and to efficiently allocate resources under capitalism or socialism. It doesn’t mean that Lange hasn’t believed in the usefulness of Marxian theory. He thought the later is useful for another purposes.

Please, consider the following Lange’s quotation:

Clearly the relative merits of Marxian economics and of modern “bourgeois” economic theory belong to different “ranges”. Marxian economics can work the economic evolution of capitalist society into a consistent theory from which its necessity is deduced, while “bourgeois” economists get no further than mere historical description. On the other hand, “bourgeois” economics is able to grasp the phenomena of the every-day life of a capitalist economy in a manner that is far superior to anything the Marxists can produce […] In people want to anticipate the development of Capitalism over a long period a knowledge of Marx is a much more effective starting point than a knowledge of Wieser, Boehm-Bawerk, Pareto or even Marshall (though the last-named is in this respect much superior). But Marxian economics would be a poor basis for running a central bank or anticipating the effects of a change in the rate of discount. (pp. 191-192) Oskar Lange, “Marxian Economics and Modern Economic Theory”, The Review of Economic Studies, Vol. 2, Nº 3, (Jun., 1935).

Best regards,

Alejandro Agafonow

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Thread context:

[OPE-L] Anton Pannekoek's refutation of Henryk Grossman, (continued)

[OPE-L] Anton Pannekoek's refutation of Henryk Grossman, Jurriaan Bendien Tue 24 Apr 2007, 17:30 GMT

[OPE-L] Primary Goods, glevy Sun 22 Apr 2007, 12:33 GMT
[OPE-L] SubStance Special Issue: Italian Post-Workerist Thought, glevy Sat 21 Apr 2007, 21:57 GMT

Re: [OPE-L] SubStance Special Issue: Italian Post-Workerist Thought, Rakesh Bhandari Mon 23 Apr 2007, 07:45 GMT

[OPE-L] Lange's vindication, Alejandro Agafonow Sat 21 Apr 2007, 17:18 GMT

Re: [OPE-L] Lange's vindication, Rakesh Bhandari Sat 21 Apr 2007, 19:35 GMT

Re: [OPE-L] Lange's vindication, Jerry Levy Sun 22 Apr 2007, 12:20 GMT

<Possible follow-up(s)>

Re: [OPE-L] Lange's vindication, Alejandro Agafonow Sat 21 Apr 2007, 20:35 GMT

[OPE-L] Lange's vindication, Jurriaan Bendien Sun 22 Apr 2007, 10:55 GMT