Karl Marx: Heracles or Sisyphus

Karl Marx: Heracles or Sisyphus
- a Philosophic and Economic

Interpretation
Expert Mission
October 27th to November 12th
GIZ, Beijing
Prof. Dr. Malte Faber
University of Heidelberg
faber@uni-hd.de
Reminder
This lecture is based on a joint paper
Karl Marx: Heracles or Sisyphus,
Discussion Paper, Department of Economics,
University of Heidelberg, October 2011.
by the
philosopher Thomas Petersen Department of
Philosophy, and
the economist Malte Faber Department of
Economics.
Prof. Malte Faber
faber@uni-hd.de
Heracles and Sisyphos

Heracles and Sisyphos were both mythic
figures.
Heracles was the sun of Zeus and he is known
for having fullfilled 12 extroadinary difficult
tasks.
Sisyphos was compelled to roll an immense
boulder up a hill, only to watch it roll back
down, and to repeat this throughout eternity.
Prof. Malte Faber
faber@uni-hd.de
Table of Contents
0. Summary
1.Introduction
2.Marx and Hegel
3.Basics of Marx` Economic Theory
4.Historical Materialism
5.Analysis of the Capitalistic Method of Production
5.1. Simple Reproduction
5.2. Basics of the Extended Reproduction
5.3. Capitalistic Society and Justice
5.4. The Real Capitalistic Exploitation Process: the
Production
6. Marx as Scientific Economist
Prof. Malte Faber
faber@uni-hd.de
Prof. Malte Faber
faber@uni-hd.de
Table of Contents
6.1. Labour Theory of Value and the Transformation Problem
6.2. The Law of the Falling Rate of Profit
6.3. Joint Production and its Repercussions on
the Environment
6.4. The Dynamics of the Capitalistic System
and the thereby effected Environmental and Resource
Problems
6.5. Marx and the Socialism
6.6. Concluding Remarks
Prof. Malte Faber
faber@uni-hd.de
Table of Contents
7. Labour Theory of Value, Theory of the State and Income
Distribution
7.1. Theory of the State
7.2. Income Distribution
8. Summary
Literature
Prof. Malte Faber
faber@uni-hd.de
Summary
During the last decades a new kind of debate
concerning the work of Marx (1818-1883) has
developed, which is much less ideological.
Marxists and Nonmarxist have found a
common language to discuss Marxian matters.
Nevertehless: there exists one deficit:
philosophers and economists do not talk to
each other.
Prof. Malte Faber
faber@uni-hd.de
Summary
A case in point is the role of the philosopher
Friedrich Wilhelm Hegel (1770-1731) in Marx`
thinking.
While
philosophers emphasize Hegel`s role,
economists tend to neglect it.
We shall show that Marx`s relationship to Hegel is
central for his theory in general and
for his economic theory in particular.
Prof. Malte Faber
faber@uni-hd.de
Summary
The main task of this lecture is to give
an overall appraisal of Marx` work and
thus to cut through ist numerous ambiguities.
In detail we represent
its relationship to Hegel and the historical
materialism
main statements of Marxian Economics are
in respect to modern economic theory
discussed.
Prof. Malte Faber
faber@uni-hd.de
10
Summary
Characteristic of the dynamics of the
capitalistic system represented
Essential insights concerning present
environmental and resource problems are
explained.
Implications for justice and the income
distribution are highlighted.
Finally, the notorious deficit of Marx`theory
of politics is commneted.
Prof. Malte Faber
faber@uni-hd.de
11
1. Introduction
To understand the
Work of Marx is for various reasons difficult.
His stupendous ability to apply philosophical methods to
economics. Thus one does not know wheter the first
chapters of the 1. volume of the Capital is a philosophical
or economic text.
One never knows whether one is confronted with a

scientific analysis of modern economy or a
philosphical description as is offered by Hegel.
His connection of cool scientific analysis and religiously
coloured political agitation.scientific: his manner to connect
scientific analysis with prophecy.
Prof. Malte Faber
faber@uni-hd.de
12
1. Introduction
His promosing first, a system of ultimate ends
that embody the meaning of life and absolute
standards by which to judge events and actions;
and secondly, a (scientific, M.F.) guide to those
which implies a plan for salvation (Schumpeter
1980: 19).
His promise of a scientific socialism.
Marx employed an individualistic, functionalistic
and holistic approaches.
Prof. Malte Faber
faber@uni-hd.de
13
1. Introduction
As Elster (986: 103) noted concerning Marx` perception of

history: Marx had both an empirical theory of history and a
speculative philosophy of history.. Hence the reader does not
know whether the Marxian historical materialism is an
analytical theory of history or rather a version of world
history as salvific history (Lwith 1979)
It is something completely new: the transformation of

philosophy and economics.
The philosophers have only interpreted the world, in

various ways; the point is to change it (Marx, MEW3, 7,
Theses on Feuerbach)
Prof. Malte Faber
faber@uni-hd.de
14
1. Introduction
According to Marx: this change of the world has to
occur in economic terms, because the fundamental
structure of the social world is economic.
This implies one has first to pursue economic research.
For this reason Marx considered himself not to be a
philosopher but a political economist.
Hence, his main work, his magnum opus, Capital, was a
contribution to Political Economy.
Thus, economics became an executor of the last will of
philosophy.
Prof. Malte Faber
faber@uni-hd.de
15
1. Introduction
What aims did Marx pursue?
1.He wanted to develop a uniformly social science, into
which philosphy was transformed.
2.He wanted to revolutionize society.
Both aims have something Herculian:
A new theory of economics, which contains essential
elements of practical philosophy,
a sociological theory of
oclasses,
oknowledge and
oconsciousness
as well as a concept of ideology.
Prof. Malte Faber
faber@uni-hd.de
16
1. Introduction
But his efforts often seem rather in vain; this can perhaps be
best recognized in his economic work, where he once and again
attempts to d evelop a theory of prices on the basis of labour
values.
This makes Marx less Hercules but rather Sisyphos.
In addtion, much of his work is rather sketchy. Even well minde
interpreters of his work like
Jon Elster and
John Roemer (19988: 2)
Joseph A. Schumpeter
their dismay concerning his lack of argumentatiove consistency.
Prof. Malte Faber
faber@uni-hd.de
17
1. Introduction
Marx`s
intellectual energy was not matched by a

comparable level of intellectual discipline. His intellectual
profile is a complex blend of relentless search for truth,
wishful thinking, and polemic intent (Elster 1986: 2).
As always when reading Marx, one is struck by
admiration for the brilliance of his intellect and
dumbfounded by his lack for consistency. (ibid. 138)
His utopian attitude and lack of intellectual control
prevented him from carrying out the theoretical and
practical tasks he had set for himself, but without theses
qualities he would not even have tried. He suffered the
cost; we are the beneficiaries. (ibid. 200)
Prof. Malte Faber
faber@uni-hd.de
18
1. Introduction
in order to forge such weapons for the arena of social strife

Marx had to occasionally to bend or to deviate from, the
opinions that would logically follow from his
system.(Schumpeter 1980: 21)
Marx also often wakened expectations which he did not fulfil.
Desai`s quote on the Marxian paper A Contribution to the
Critique of Hegel`s Philosophy of Right applies also to
many other other attempts:
Prof. Malte Faber
faber@uni-hd.de
19
1. Introduction
Marx also often called up expectations which he did

not fulfil. Desai`s quote on the Marxian paper A
Contribution to the Critique of Hegel`s Philosophy of
Right applies also to many other other attempts:
Prof. Malte Faber
faber@uni-hd.de
20
1. Introduction
On his marriage to Jenny von Westphalia, he managed
to write his first major work, but like many of his other
works, it was unpublished in his lifetime: a critique of
Hegels Philosophy of Right, the Masters last complete
publication. It is a fragment, but Marx had promised his
friends an earth-shattering critique of Hegel that would
settle scores once and for all. And as often in his later life,
he promised more than he could deliver.
Thus Marx` picture alternates in history.
But we should not forget Elster`s remark: Marx
suffered the cost; we are the beneficiaries.
Prof. Malte Faber
faber@uni-hd.de
21
2. Marx and Hegel
There exists one serious deficit in the modern

presentation of the Marxian work.
The reason is:
Philosophers and economists do not talk to
each other.
Prof. Malte Faber
faber@uni-hd.de
22
2. Marx an Hegel
A case in point is the role of the philosopher
Friedrich Wilhelm Hegel (1770-1731) in Marx`
thinking.
While
philosophers emphasize Hegel`s role,
economists tend to neglect it.
We shall show that Marx`s relationship to Hegel is
central for his theory in general and
for his economic theory in particular.
Prof. Malte Faber
faber@uni-hd.de
23
2. Marx and Hegel
We explain
the influence of Hegel on Marx,
Marx's position concerning the young
Hegelians (Junghegelianer) and
how he differs from Marx.
Prof. Malte Faber
faber@uni-hd.de
24
3. Basics of Marx` Economic Theory

Basics of Marx`s economic theory are
sketched in this section.
He delivers a critique of political economy,
but at the same time he wants to give an
explicative theory of the modern economy,
which together stands in the service of
revolutionizing the world.
Prof. Malte Faber
faber@uni-hd.de
25

Difficulty:
One never knows when dealing with the
economist Marx whether he is
a scientist
a political agitator or finally only a
a philosopher, who has erred into fields
which are align to him.
Prof. Malte Faber
faber@uni-hd.de
26

Marx contributed little concretely to a theory of
socialism.
He did not understand himself as a theoretician of
socialism, but rather as
a critic and
analyst
of the capitalistic system.
His attempt to surpass the bourgeois economic theory
by a superior one failed. The main reason for this
failure was his inadequate instrument, the theory of
value.
Prof. Malte Faber
faber@uni-hd.de
27

Labor theory of value: the value of a good, which is
exchanged as a commodity, is determined by its
labor value.
Marx learned this approach from one of the great
classical economists, David Riccardo (1772-1823).
In contrast to Ricardo, Marx applied this theory also
to labor itself, insofar as the capability to create
value.
Prof. Malte Faber
faber@uni-hd.de
28

Marx:
The value of labor is equal to the labor value which
is necessary for the reproduction of labor (i.e. all the
goods which a labor needs to reproduce himself and
his family, in particular his off springs).
The value of goods is higher than the labor value
necessary to produce it.
The difference is called surplus value.
Prof. Malte Faber
faber@uni-hd.de
29

Buying the manpower of a laborer and
using it for his purpose the entrepreneur acquires
the surplus value in form of profits
The problem of this value analysis is, that profit can
only be realized
in an exchange economy
in which prices are paid.
Prof. Malte Faber
faber@uni-hd.de
30

The value is an inner quality of the commodity
The price is an externally recognizable information.
Marx has to assert that the value determines the price.
As will be shown in section 6.1 below.
This statement is true only
under very restrictive conditions
which in reality never hold.
Prof. Malte Faber
faber@uni-hd.de
31

Marx has attempted in the third volume of Capital
which was published by Friedrich Engels only after his
death to solve, or perhaps correctly said, to conceal it.
This endeavor has lead
to many ambiguities and
great confusion and
extremely complicated the understanding of his work.
As shown in section 5 and 6 below, this contradiction
cannot be solved.
Prof. Malte Faber
faber@uni-hd.de
32

Conclusion:
Marx theoretical approach is not suited to give a
quantitative analysis of the economy and a
scientifically satisfying description of the economy.
While the disparity between value analysis and price
theory and Marx attempts to cover the tension between
the two of them, the lecture of his texts vary
cumbersome matters get even more complicated by an
actually ambiguity of Marx` concept of value or as
Petry (1916: 28) said by the Janus face of the Marxian
theory of value.
Prof. Malte Faber
faber@uni-hd.de
33
Prof. Malte Faber
faber@uni-hd.de
34
4. Historical Materialism
Marx`s And Engels` ,materialistic

conception of history or historical
materialism is outlined.
Central concepts are
- forces of production
- relations of production
- mode of production.
Prof. Malte Faber
faber@uni-hd.de
35
Marx`s And Engels` ,materialistic

conception of history or historical
materialism is outlined.
Central concepts are
- relations of production
- mode of production.
Prof. Malte Faber
faber@uni-hd.de
36
Prof. Malte Faber
faber@uni-hd.de
37
relations of production
Prof. Malte Faber
faber@uni-hd.de
38
Mode of production
Prof. Malte Faber
faber@uni-hd.de
39
5. Analysis of the Capitalistic Method of

Production
5.1. Simple Reproduction
Prof. Malte Faber
faber@uni-hd.de
40
5.2. Basics of the Extended Reproduction
Prof. Malte Faber
faber@uni-hd.de
41
5.3. Capitalistic Society and Justice
Prof. Malte Faber
faber@uni-hd.de
42
5.4. The Real Capitalistic Exploitation

Process: the Production
Prof. Malte Faber
faber@uni-hd.de
43

The main merit of Marx is presumably what
Schumpeter called (1980:26) the economic
conception of history:
The economy is not an isolated subarea of human
living as Aristotle conceived his Oikos in which the
economy has its limited space.
In stead the economy penetrates the whole life and
stands in near connection with the mental and
intellectual life, philosophy, science and all other
parts of culture.
Prof. Malte Faber
faber@uni-hd.de
44

The economy forms our perception of the world much
stronger than philosophy assumed it until that time.
However, this implies, that the economic conception
of history of Marx is rather
sociological than a
scientifically economic perspective.
Marx is strongest whenever he is
on the ground of philosophy and
where he argues qualitatively in the economy.
.
Prof. Malte Faber
faber@uni-hd.de
45

Similar as the mythological figure Antaios, Marx is
invincible as long as he is standing on the ground of
philosophy.
But as Antaios,
he is losing his power
as soon as he leaves the ground of philosophy
and
does not anymore argue qualitatively
but economically quantitatively.
Prof. Malte Faber
faber@uni-hd.de
46

His quantifications are notoriously weak and the
deficits
in the explaining of prices via the labor theory of
values as well as
in the law of the fall of the rate of profit
are incurable.
It is not possible to extend
the Marxian economics to a theory which is
comparable
to the theory of a general equilibrium of neoclassical
economics.
Prof. Malte Faber
faber@uni-hd.de
47
Elster (1986) summarizes Marx` achievement in the

following way:
It is
strongest in history and sociology and
weakest in economics and politics.
Prof. Malte Faber
faber@uni-hd.de
48
6.1 Labour Theory of Value and the

Transformation Problem
Marx orientates himself in on classical economics of

Smith and Ricardo.
While Smith sees mainly the social and
communicative dimensions, Marx is immediately
fascinated of the object which is exchanged, the
commodity.
While Smith sees immediately the coordination
which the exchange effects, namely that goods are
allocated and reach to where they are needed, Marx
is not interested in the coordinative function of the
market.
Prof. Malte Faber
faber@uni-hd.de
49

As stated above in Section 3 Marx
Marx delivers a critique of political economy,
but at the same time he wants to give an
explicative theory of the modern economy,
which together stands in the service of
revolutionizing the world.
Prof. Malte Faber
faber@uni-hd.de
50

We want to ask whether Marx developed in his
Transformation
Problem
monograph Capital
an economic theory of the
modern economy which is superior or at least
equal to modern Nonmarxian economics?
Marx argues that modern economy is an exchange
economy. The value of each commodity is equal to
the human labor which is embodied in it. This is
the nucleus of the labor theory of value.
Prof. Malte Faber
faber@uni-hd.de
51

Marx learned this approach from one of the great
classical economists, David Riccardo (1772-1823).
In contrast to Ricardo, Marx applied this theory also
to labor itself, insofar as the capability to create
value.
Prof. Malte Faber
faber@uni-hd.de
52

The value of labor is equal to the labor value which
is necessary for the reproduction of labor (i.e. all the
goods which a labor needs to reproduce himself and
his family, in particular his off springs).
But a worker produces more than its value is worth:
A worker laboring 10 hours and producing a
corresponding worth, can reproduce himself with
goods for which only 6 hours labor are needed.
The difference between 10 6 = 4 is called surplus
value.
Prof. Malte Faber
faber@uni-hd.de
53

Buying the manpower of a laborer and
using it for his purpose the entrepreneur acquires
the surplus value in form of profits.
Result: This argumentation explains the origin of
profits.
The problem of this value analysis is that profit can
only be realized
in an exchange economy
in which prices are paid.
Prof. Malte Faber
faber@uni-hd.de
54

The value is an inner quality of the commodity
The price is an externally recognizable information.
Marx has to assert that the value determines the price.
The transformation of values of commodities into
market prices of the commodities is known as the
transformation problem.
The transformation problem can only be solved
under very restrictive conditions
which in reality never hold.
Prof. Malte Faber
faber@uni-hd.de
55

Transformation
Problem
These conditions are:
-Labor is the only scarce factor of production.
-There is no joint production,
-There is no technical progress.
-The market structure is characterized by perfect
competition.
In addition, the folllowing conditions have to hold:
The growth of the population is constant (Weizscker und
Samuelson 1971/1974).
The time preference and the distribution of income have
has to fulfil restrictive conditions.
Nonrenewable and recnewable natural resources have to
be not scarce.
Prof. Malte Faber
faber@uni-hd.de
56

Marx has attempted to solve the transformation
problem in his third volume of Capital which was
published by Friedrich Engels only after his death, or
perhaps correctly said, to conceal it.
This endeavor has lead
to many ambiguities and
great confusion and
extremely complicated the understanding of his work.
Prof. Malte Faber
faber@uni-hd.de
57

Desai (2002: 264) explains the problems of the
labour theory of value in case of the circumstance
that the production needs tiem:
A classic example is winemaking. When grapes are
harvested and crushed, labour is used. But then the
grape juice is left to ferment for some time before we
have wine. The value of the wine exceeds that of the
grape juice by a large factor, yet labour contributes
nothing to the extra value. Thus, value and surplus
could arise from factors other than labour.
Prof. Malte Faber
faber@uni-hd.de
58

Conclusion:
Marx theoretical approach is not suited to give a
quantitative analysis of the economy and a scientifically
satisfying empirical description of the economy.
While the disparity between value analysis and price
theory and Marx attempts to cover the tension between
the two of them, the lecture of his texts vary:
cumbersome matters get even more complicated by an
actually ambiguity of Marx` concept of value or as Petry
(1916: 28) said by the Janus face of the Marxian theory
of value.
Prof. Malte Faber
faber@uni-hd.de
59

The main deficit of the labour theory of value is that the scarcity
problem and thus the demand side is not taken care of.
Roemer (1988: 49): The labor theory of value is a supply-side
theory [] The correct theory of market price must take both
supply and demand into account.
During the last decades, most Marxian economists have agreed
to the conclusion, that the labour theory of value can neither be a
theoretical nor a empirical the basis of the explanation of market
prices (Brody 1970, Morishima 1973,Cohen 1978, Roemer
1981, Elster 1985).
In particular it can be shown that it is possible to study problems
as for example the exploitation and the conflict of classes
successfully without employing the labour theory of value.
Prof. Malte Faber University of Heidelberg
faber@uni-hd.de
60

Can we definitely say that labour theory of value is
disproved?
Strict proofs do not exist concerning questions like
this one.
We also cannot exclude the possibility that the
labour theory of value might once be employed for
relevantly quantitative analysis, even if we consider
this to be highly improbable.
Prof. Malte Faber
faber@uni-hd.de
61

One of the central integral parts of Marxian Economics
is the law of the falling rate of profit.
Marx considered it to be the most essential law of
motion of the capitalistic system.
It says:
The profit per unit of employed capital is falling in the
long run.
Marx only systemized an insight of classical
economists like Ricardo (1772-1823) and Malthus
(1768-1834).
While the latter assumed that land became more scarce,
Marx saw the increasing amount of capital as the main
cause.
Prof. Malte Faber
faber@uni-hd.de
62

Marx differentiate between variable capital v (labour)
ND constant capital k (machines, tools, houses, shades,
ships etc.).
Marx assumes that the constant capital always grows
faster than the variable capital. From this follows , i.e.
that the organic composition of capital which is the
relation between constant capital c and total capital v +c
always grows (Sweezy 1942: chapter 6).
Marx concludes that the rate of profit has to fall, because
he considers the variable capital as the only source of
profit.
Technical progress can increase the rate of surplus, but
not the tendency of fall compensate.
Prof. Malte Faber
faber@uni-hd.de
63

The Law of the Falling Rate of Profit was
controversially debated for a long time, but during
the second half of the 20th century there developed a
consensus between Marxist and Neoclassical
economists that this law is not valid.
(Sweezy 194: Chapter 6, Okishio 1961, Samuelson
1972, Morishima 1973, Roemer 1981: Chapters 4
und 5, Elster, 1986: 192-193)
A proof for this consensus is given on the next slide.
For a critical assessment of those authors who are of
different opinion see Roemer 1981: 117-8, 123-4.
Prof. Malte Faber
faber@uni-hd.de
64
6.2.
The
Law
of the Falling
of value,
Profit
Let
e be
the rate
of exploitation
or rate Rate
of surplus
which is defined by the relation of surplus value to variable
capital and
let v be the variable and k the constant capital.
Then the rate of profit p is defined by p = e v/(v+k).
Let the variable capital be the numeraire, i.e. the value of one
unit of labour is equal to 1,
then we can express the value of the constant capital in units of
the variable capital, Hence, the rate of proftio p simplifies to p
= e/(1+k).
We see imediately that there does not exist a nonambigious
tendency for p, bedause the rate of exploitation e does not need
to increase as much as the constant capital, in oder to keep the
rate of profit p constant (see Roemer 1981: 117-8 and 123-4).
Prof. Malte Faber
faber@uni-hd.de
65
Marx had assumed that the steady fall of the

rate of profit would lead to complete collapse
of the capitalistic system.
This expectations has yet not confirmed.
Prof. Malte Faber
faber@uni-hd.de
66

the Environment
Marx was the only classical economist who dealt

extensively with the environmental and resource
problem (Kurz 1986, Baumgrtner 1999: 104107). He even conceived them as problems of
joint production. What does this mean?
To give an example:
Prof. Malte Faber
faber@uni-hd.de
67

the Environment
Example of Joint Production

A two-person household needs yearly:
4000
kwh electrical energy to produce this
amount with lignite (brown coal).
6000
l water steam,
21600 m3 air emissions,
3200
l waste water,
288
kg ashes are generated as by-products
Prof. Malte Faber
faber@uni-hd.de
68

the Environment
He even discussed recycling of waste and to regain resources

from recycling processes. (Baumgrtner, Faber, Schiller 2006,
114-116)
However, he thought that all environmental and resource
problems would finally be solved because of human
creativity to transform all waste products into valuable goods.
It is noteworthy that Marx perspective was singular and
unique at his time. His awareness of this issue demonstrates
Marx extraordinary ability to analyze the dynamics of the
capitalistic system. But Marx didnt integrate his view into
his economic theory and downplayed it.
Prof. Malte Faber
faber@uni-hd.de
69

the Environment
As proved by Baumgrtner, Faber, Schiller (2006, Chapter 3)
Marx view is not valid:
From a thermodynamic point of view, every production yields
joint products.
Every industrial production is characterized by joint products in
form of waste and emissions.
Prof. Malte Faber
faber@uni-hd.de
70
Typical Industrial Production Process

Example: Iron Manufacturing
product:
low entropy
iron
low entropy fuel:

coke
Production process:
Entropy production
joint products:
high entropy
slag, dust, CO2
high entropy raw

material:
iron ore
Thermodynamics
every industrial production is joint production
Prof. Malte Faber
faber@uni-hd.de
71

the Environment
One may as well ask why Marx believed so much in progress.
This may as well be a consequence of the great admiration he
had for the capitalistic bourgeoisie, which is documented in
his Communist Manifesto (jointly published with Friedrich
Engels in 1848: 62):
It (the bourgeoisie, M.F.) has been the first to show what
man's activity can bring about. It has accomplished wonders
far surpassing Egyptian pyramids, Roman aqueducts, and
Gothic cathedrals; it has conducted expeditions that put in the
shade all former exoduses of nations and crusades.
Prof. Malte Faber
faber@uni-hd.de
72

the Environment
The bourgeoisie, during its rule of scarce one
hundred years, has created more massive and more
colossal productive forces than have all preceding
generations together.
(Marx and Engels 1848: 63)
Prof. Malte Faber
faber@uni-hd.de
73

and the thereby effected Environmental
Resource Problems
and
Why did Marx understand so well the dynamics of the capitalistic

system?
Marx had the ability to see unintended consequences of our
actions.
Two areas in which these unintended organize themselves and
become to a determining factor. These areas are
1.the economy and
2.nature
Prof. Malte Faber
faber@uni-hd.de
74

and Resource Problems
Marx`s View on the Economy

Marx recognized that the production of wealth always goes hand in
hand with the creation of poorness and that this happens although the
actors do not intend this production of pauperism.
The poorness does not arise by the fact that people rob so others, but
poorness is an unavoidable consequence of the capitalistic system
and its dynamics.
This was already observed by the philosopher F.W. Hegel
(1821/1970) in his Philosophy of Right. But Marx analyzed this
connectivity more in detail than Hegel, for he developed this idea to
a precision tool for the study of social change (Elster 1986: 38-39).
Prof. Malte Faber
faber@uni-hd.de
75

Marx`s View on the Environment
But on the other side this Marxian analytical instrument may
also be fruitfully employed to study the unintended
consequences of the repercussions of the capitalistic market
system on nature.
Marx dealt extensively with environmental and resource
problems.
Prof. Malte Faber
faber@uni-hd.de
76

Capitalism had survived not only survived, but
become a dynamic worldwide phenomenon yet again,
the first time since 1914. It showed a capacity for
technological advance with promises of more to come.
Across the world people abandoned socialism as a
cure for their problems. Warts and all, it was
capitalism they wanted. Capitalism had still a lot of
potential; it was not yet ready to lie down and die.
Prof. Malte Faber
faber@uni-hd.de
77

Resource
Problems
Desai wasand
inspired
to his diagnosis
by a central thesis of Marx
(1959/04:21):
No social order ever disappears before all the productive forces
for which there is room in it have been developed; and the new
higher relations of production never appear before the material
conditions of their existence have matured in the womb of the
old society itself. Therefore, mankind always sets itself only
such tasks as it can solve; since looking at the matter more
closely, we will always find that the task itself arises only when
the material conditions necessary for the solution already exist,
or are at least in the process of formation
Prof. Malte Faber
faber@uni-hd.de
78

Resource
Problems
Desai is and
correct
in taking the
development of the world after
1989 as an indication that Marx` assertion concerning the
dynamics of the method of production is appropriate If this is
true, then the capitalism would have a splendid future still to
come:
it has not yet reached its limits in the developed countries and
more and more countries and economies are globally captured
by capitalism.
However in the past, this dynamic has been linked with
an ever growing demand of environmental services and
resource capacities.
Prof. Malte Faber
faber@uni-hd.de
79

Empirical evidence for this hypothesis is the
increase of consumption of energy and
the corresponding increase of CO2.
Since the environmental conference in Rio in 1992 both
quantities grew
by 40 percent and
this tendency is still unbowed until the recent present.
Prof. Malte Faber
faber@uni-hd.de
80

Consequence:
perspective for the future safeguard of the natural
environmental conditions looks somber; the reasons are:
at least 3 billions human beings of the world population
have a backlog demand to satisfy basic need, such as food,
clothing, housing, clean water, health services and education.
Even in China many of its inhabitants are in need of these
goods and services;
1.in addition, we have to recognize that the world population
will grow by another 3 billions people until 2050.
Prof. Malte Faber
faber@uni-hd.de
81

Consequences:
words it does not seem possible
to conserve globally the intake capacity of the environment for
pollutants and
to make available sufficient amounts of resources for the production
and consumption of 9 billions people
The resulting damages of nature and the shortages of natural
resources would be disastrous not only to nature, but would also be a
permanent source of conflicts.
Prof. Malte Faber
faber@uni-hd.de
82

and the Thereby Effected Environmental
Policy recommendation:
Decoupling of economic growth and
the use of exhaustible and nonrenewable

resources as well as
the depletion of the environmental capacity of
disposing and cleaning up waste.
Prof. Malte Faber
faber@uni-hd.de
83

If
the decoupling of economic growth and
the environmental strain
cannot be achieved then it may well be that Karl
Marx is right with his prediction that
the capitalistic system will collapse,
although in quite a different manner was as he had
thought (see also Desai 2002: 9f).
Prof. Malte Faber
faber@uni-hd.de
84
6.5 Marx and Socialism

It is not quite clear, what Marx`s contribution
to socialism and communism has been.
Friedrich Engels maintained that Marx brought
socialism from utopia to science.
Thus he insinuated that Marx had develop a
theory of socialism. Such a theory had to
deliver insights into the economic structure of
socialism.
Prof. Malte Faber
faber@uni-hd.de
85

Engels suggestion led
many to attempt to develop such an economic theory of
socialism.
Further, the Soviet Union and other socialist countries
had attempted to develop a socialism according to the
principles of Marx until 1989.
After 1989 many thought that the failure of the
socialistic experiment disproved a theory of socialism,
too.
Not few even thought that not only Marx analysis was
in totally confuted, but also that he was responsible for
the failure of the socialistic experiment.
Prof. Malte Faber
faber@uni-hd.de
86

However, it is emphasized in the scientific debate
on socialism that the failure of the soviet socialistic
experiment does not imply that another experiment
might not be successful (see e.g. Roemer 1994).
It is expedient to recognize that there does not exist
a theoretical framework which is comparable with
the neoclassical framework, warts and all of it
given.
Desai (2002.3-4) noted that Marx did not attempt
to supply such a theory, for he considered himself
not as a theorist of socialism, but as a critique of
capitalism.
Prof. Malte Faber
faber@uni-hd.de
87
6.6 Concluding Remarks
Sometimes Marx is called the last classical economist. But this connotation does not seem justified.
Das wird Marx jedoch nicht ganz gerecht, da er eine neue Richtung konomischer Forschung geschaffen hat: die
marxistische konomie. Diese hat sich sowohl in Auseinandersetzung mit der herrschenden Wirtschaftswissenschaft
als auch eigenstndig entwickelt. Darber hinaus gilt Marx als Begrnder des Zwei-Faktoren-Zwei-Sektoren
Wachstumsmodelles und damit der Wachstumstheorie (Krelle 1979: 460-1) sowie mit seinen Ausfhrungen im 2.
Band des Kapitals (MEW 24: 391-518) als Vorlufer der von Wassily Leontief (1905-1999) entwickelten InputOutput-Analyse (Leontief 1951). Beide sind im Laufe des 20. Jahrhunderts zu wichtigen Bereichen der
herkmmlichen Wirtschaftswissenschaften geworden. Auch haben seine Ideen einen der wichtigsten konomen des
20. Jahrhunderts, Joseph Schumpeter, in dessen Theorie der wirtschaftlichen Entwicklung beeinflusst, die wiederum
zur Entstehung eines neuen Zweiges der Wirtschaftswissenschaften im letzten Viertel des 20. Jahrhunderts, der
Evolutorischen konomie, gefhrt hat. Marx Beitrag zur Umwelt- und Rohstoffkonomik haben wir bereits oben
gewrdigt. Marx hat viele neue Fragen gestellt. Dieses Verdienst wird auch nicht dadurch geschmlert, dass er oft
keine zufriedenstellenden, sondern nur unzureichende oder sogar falsche Antworten auf diese Fragen gegeben hat.
Man kann daher durchaus sagen, wenige konomen haben so nachhaltig die Wirtschaftswissenschaften beeinflusst,
wie das Karl Marx getan hat.
Vgl. Desai (2002: 56f) und Samuelson (1971: 242). Einschrnkend meint Elster (1986: 10): the schemes of simple
and extended reproduction, which anticipate modern input-output analysis, although the gist of Marx analysis can be
stated in one page whereas he uses more than hundred.
Siehe Haustein (1998) und Weise (1998), die aus zwei unterschiedlichen Perspektiven den Einfluss von Marx auf die
Evolutorische konomie zeigen.
Prof. Malte Faber
faber@uni-hd.de
88
7. Labour Theory of Value, Theory of the State

and Income
Distribution
7.1. Theory of the State
Marx considered himself as a political economist, but did he dispose
over a theory of the state? Desai (2002: 8) has no doubt concerning the
lack of such a theory. (But) now his lack of a theory of the state, of
classes, of agency in political were all pointed out.
Marx, certainly has never developed systematically a theory of the
state; there exist, however, hints in his work (Elster 1986: 2, 143).
Thus Elster speaks of an abdication theory which states that
capitalists abstain from political power because they find their
interests better served this way. Elster argues that if certain alterations
are taken care of then the Marxian conception of the state is that that
the state is an independent actor in the social arena, of which Marx
assumes that the interests of the capitalist class serve as constraints
rather than goals for its actions.
Prof. Malte Faber
faber@uni-hd.de
89
7.2. Income Distribution
Prof. Malte Faber
faber@uni-hd.de
90
8. Summary
Prof. Malte Faber
faber@uni-hd.de
91
Prof. Malte Faber
faber@uni-hd.de
92
Literature
Die Schriften von Karl Marx und Friedrich Engels werden in der Regel nach der
Ausgabe der Marx Engels Werke, Berlin (MEW), zitiert.
Aristoteles (1994): Politik. Reinbek: Rowohlt.
Aristoteles (1995) Die Nikomachische Ethik. Nach der bersetzung von Eugen
Rolfes bearbeitet von Gnther Bien, Hamburg.
Baumgrtner, Stefan (2000) Ambivalent Joint Production and the Natural
Environment. Physica-Verlag, Heidelberg, New York.
Baumgrtner, Stefan, Malte Faber und Johannes Schiller (2006) Joint Production
and Responsibilty in Ecological Economics. On the Foundation of Environmental
Policy, Edward Elgar, Cheltenham UK, Northampton, MA, USA.
Berlin, Isaiah (1963/1971) Karl Marx, Piper & Co., Mnchen, 1963, zitiert aus H.
Claus Recktenwald (Hrsg.), Karl Marx, Geschichte der Politischen konomie,
Krner, Stuttgart: 300-322.
Bernholz, Peter und Malte Faber (1971) Diskussion einiger Probleme der
Arbeitswertlehre, Schmollers Jahrbuch 91: 657-668.
Bernholz, Peter und Malte Faber (1972) Diskussion einiger Probleme der
Arbeitswertlehre bei erweiterter Reproduktion Zeitschrift fr Wirtschafts- und
Sozialwissenschaften 92: 389-305.
Prof. Malte Faber
faber@uni-hd.de
93
Literature
Bhm-Bawerk, von Eugen. (1896) Zum Abschlu des Marxschen Systems, in
O. Hring (Hrsg.) Staatswissenschaftliche Arbeiten. Festgaben fr Karl Knies,
Berlin. (nach dem Text des Wiederabdruckes in Hans G. Nutzinger und Elmar
Wolfstetter 1974a: 97-127).
Brody, Andrew (1970) Proportion, Prices and Planning, New York, American
Elsevier.
Cohen, Gerald A. (1978) Karl Marx`s Theory of History, Princeton University
Press, Princeton.
Elster, Jon (1986) An Introduction to Karl Marx, Cambridge University Press,
Cambridge.
Engels, Friedrich (1844) Umrisse zu einer Kritik der Nationalkonomie. (MEW 1,
499-524).
Fetscher, Iring. (Hrsg.) (1966) Marx-Engels Studienausgabe, Bnde I bis IV,
Fischer Bcherei, Frankfurt a.M.
Gehlen, Arnold (2004) Urmensch und Sptkultur. Philosophische Ergebnisse und
Aussagen. Klostermann, Frankfurt/Main.
Haustein, Heinz-Dieter (1998) Karl Marx und evolutorische konomik in
Warnke und Huber (Hrsg.) (1998): 151-178.
Prof. Malte Faber
faber@uni-hd.de
94
Literature
Hegel, Georg Wilhelm Friedrich (1969): Wissenschaft der Logik. Teil II. Frankfurt
am Main.
Hegel, Georg Wilhelm Friedrich (1970) Grundlinien der Philosophie des Rechts
oder Naturrecht und Staatswissenschaft im Grundrisse (1821). Frankfurt am Main.
Hegel, Georg Wilhelm Friedrich (1970a) Vorlesungen ber die Philosophie der
Geschichte. Frankfurt am Main.
Hegel, Georg Wilhelm Friedrich (1983) Vorlesungen ber Naturrecht und
Staatswissenschaft. Heidelberg 1817/18 mit Nachtrgen aus der Vorlesung
1818/19. Nachgeschrieben von P. Wannenmann.
Kurz, Heinz-Dieter (1986) "Neoclassical economists on joint production,
Metroeconomica, 38: 1-37.
Lange, Oskar (1936/1956) On the economic theory of socialism, in B. Lippincott
(Hrsg.), Market Socialism, University of Minnesota Press, Minneapolis.
Leontief, Wassily (1951) The Structure of the American Economy, New York.
Locke, John (1983) ber die Regierung. Stuttgart: Reclam 1983.
Lwith, Karl (1979) Weltgeschichte und Heilsgeschehen, Kohlhammer, Berlin,
Mainz, Kln.
Prof. Malte Faber
faber@uni-hd.de
95
Literature
Lwith, Karl (1990) Marxismus und Geschichte, in K. Lwith, Der Mensch
inmitten der Geschichte, J.B. Metzlersche Verlagsbuchhandlung, Stuttgart: 207-222.
Marx, Karl (1844) Zur Kritik der Hegelschen Rechtsphilosophie, Einleitung. (MEW
1, 378-391)
Marx, Karl (1894) Das Kapital. Dritter Band. Buch III: Der Gesamtproze der
kapitalistischen Produktion. Marx Engels Werke, Band 25. Berlin.
Marx, Karl (1875) Kritik des Gothaer Programms (Randglossen zum Programm der
Deutschen Arbeiterpartei). In: Marx Engels Werke, Band 19. Berlin, 11-32.
Marx, Karl (1879/80) Randglossen zu A. Wagners Lehrbuch der politischen
konomie. In: Marx Engels Werke, Band 19. Berlin, 355-383.
Marx, Karl (1844) Zur Judenfrage. (MEW 1, 347-377).
Marx, Karl (1859) Zur Kritik der Politischen konomie. (MEW 13, 5-160).
Marx, Karl (1859) Einleitung zur Kritik der Politischen konomie. (MEW 13, 615641).
Marx, Karl (1867: Das Kapital. Erster Band. Buch I: Der Produktionsproze des
Kapitals. Marx Engels Werke, Band 23. Berlin.
Marx, Karl (1885) Das Kapital. Zweiter Band. Buch II: Der Zirkulationsproze des
Kapitals.
.
Prof. Malte Faber
faber@uni-hd.de
96
Literature
Marx Engels Werke, Band 24. Berlin.
Marx, Kar und Friedrich Engels (1846) Deutsche Ideologie (MEW Bd. 3).
Marx, Karl und Friedrich Engels (1848): Manifest der Kommunistischen Partei. In:
Marx Engels Werke, Band 4. Berlin, 459-493.
MacIntyre, Alasdair (1984) After Virtue. A Study in Moral Theory. Second Edition.
Notre Dame, Indiana 1984.
Meek, Ronald L. (1967) Die konomische Methode von Karl Marx in Hans G.
Nutzinger und Elmar Wolfstetter 1974b: 12-38. bersetzt aus dem Englischen Karl
Marxs Economic Method in: R. L. Meek 1967, Economics and Ideology and
Other Essays, Chapman & Hall, London: 93-112.
Morishima. Michio (1973) Marxs Economics. Cambridge: Cambridge University
Press.
Mller-Frstenberger, Georg (1995) Kuppelproduktion. Eine theoretische und
empirische Analyse am Beispiel der chemischen Industrie, Heidelberg, New York,
Physica.
Nutzinger, Hans G. und Elmar Wolfstetter (Hrsg.) (1974a) Die Marxsche Theorie
und ihre Kritik I. eine Textsammlung zur Kritik der Politischen konomie, Herder &
Herder, Frankfurt a. M., New York.
Prof. Malte Faber
faber@uni-hd.de
97
Literature
Nutzinger, Hans G. und Elmar Wolfstetter (Hrsg.) (1974b) Die Marxsche Theorie
und ihre Kritik II. eine Textsammlung zur Kritik der Politischen konomie, Herder
& Herder, Frankfurt a. M., New York.
Okishio, Nobuo (1961) Technische Vernderungen und Profitrate, in: in Hans
G. Nutzinger und Elmar Wolfstetter 1974b: 1732-191. bersetzt aus dem
Englischen Technical changes and the rate of profit, Kobe University 7, 1961:
85-90.
Petersen, Thomas und Fulda, Haans Friedrich (1999) Hegels System der
Bedrfnisse. In: DIALEKTIK 3/99, 129-146.
Petry, Franz (1916) Der soziale Gehalt der Arbeitswertlehre, G. Fischer, Jena.
Priddat, Birger P. (1990): Hegel als konom. Berlin 1990.
Rawls, John (1975) Eine Theorie der Gerechtigkeit. Frankfurt am Main.
Roemer, John E. (1981) Analytical Foundations of Marxian Economic Theory,
Cambridge University Press, Cambridge, UK, USA.
Roemer, John E. (1988) Free to Lose. An Introduction to Marxist Economic
Philosophy, Harvard University Press, Cambridge, Mass., USA.
Roemer, John E. (1994) A Future for Socialism, Havard University Press,
Cambridge, Mass.
Prof. Malte Faber
faber@uni-hd.de
98
Literature
Samuelsson, Paul A. (1971) Understanding the Marxian notion of exploitation: a
summary of the so-called transformation problem between values and competitive
Prices, Journal of Economic Literature 9: 399-431. (Deutsche bersetzung in
Hans G. Nutzinger und Elmar Wolfstetter 1974b:237-295) .
Schumpeter, Joseph A. (1964) Theorie der wirtschaftlichen Entwicklung. Eine
Untersuchung ber Unternehmergewinn, Kapital, Kredit, Zins und den
Konjunkturzyklus. Sechste Auflage. Berlin.
Schumpeter, Joseph A. (1980) Kapitalismus, Sozialismus und Demokratie. Fnfte
Auflage. Mnchen 1980 (bersetzt aus dem Amerikanischen Capitalism,
Socialism and Democracy. New York 1942).
Smith, Adam (1775/1978) Der Wohlstand der Nationen. bersetzt von Claus
Recktenwald. Mnchen.
Smolinski, Leon (1973) Karl Marx and mathematical economics, Journal of
PoliticaL Economics 81: 1189-1204.
Sweezy, Paul. M. (1970) Theorie der kapitalistischen Entwicklung, Suhrkamp,
Frankfurt a.M. (bersetzt aus dem Amerikanischen The Theory of Capitalist
Development Principles of Marxist Political Economy, Monthly Review 1942).
Warnke, Camilla und Gerhard Huber (Hrsg.) (1998) Die konomische Theorie von
Marx was bleibt? Metropolis, Marburg.
Prof. Malte Faber
faber@uni-hd.de
99
Literature
Weise, Peter (1998) Evolution und Selbstorganisation bei Karl Marx, in Camilla
Warnke und Gerhard Huber (Hrsg.) (1998):179-192.
Weizscker, von Carl Christian und Paul A. Samuelson (1971/1974) Eine neue
Arbeitswertlehre als Planungsinstrument unter Verwendung der brgerlichen
Profitrate. In: Hans G. Nutzinger und Elmar Wolfsttter (1974; 54-61). bersetzt
aus dem Englischen A new Labor Theory of Value for Rational Planning through
Use of the Bourgeois Profit Rate. In: Proceedings of the National Academy of
Sciences, USA, Vol. No. 6: 1192-1194, 1971.
Wolfstetter, Elmar (1979) Marxistische Werttheorie, in Reinhard Selten (Hrsg.)
Handwrterbuch der Mathematischen Wirtschaftswissenschaften, Band 1
Wirtschaftstheorie, Gabler, Wiesbaden: 205-212.
Prof. Malte Faber
faber@uni-hd.de
100

Karl Marx: Heracles or Sisyphus - A Philosophic and Economic Interpretation

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- a Philosophic and Economic

Prof. Dr. Malte Faber

Heracles and Sisyphos

Prof. Malte Faber

Prof. Malte Faber

Prof. Malte Faber

One never knows whether one is confronted with a

As Elster (986: 103) noted concerning Marx` perception of

It is something completely new: the transformation of

The philosophers have only interpreted the world, in

intellectual energy was not matched by a

in order to forge such weapons for the arena of social strife

Prof. Malte Faber

Marx also often called up expectations which he did

Prof. Malte Faber

2. Marx and Hegel

There exists one serious deficit in the modern

Prof. Malte Faber

2. Marx and Hegel

Prof. Malte Faber

3. Basics of Marx` Economic Theory

Prof. Malte Faber

3. Basics of Marx` Economic Theory

Prof. Malte Faber

3. Basics of Marx` Economic Theory

3. Basics of Marx` Economic Theory

Prof. Malte Faber

3. Basics of Marx` Economic Theory

Prof. Malte Faber

3. Basics of Marx` Economic Theory

Prof. Malte Faber

3. Basics of Marx` Economic Theory

Prof. Malte Faber

3. Basics of Marx` Economic Theory

3. Basics of Marx` Economic Theory

3. Basics of Marx` Economic Theory

Prof. Malte Faber

Marx`s And Engels` ,materialistic

Marx`s And Engels` ,materialistic

Prof. Malte Faber

Prof. Malte Faber

Prof. Malte Faber

5. Analysis of the Capitalistic Method of

Prof. Malte Faber

5.2. Basics of the Extended Reproduction

Prof. Malte Faber

5.3. Capitalistic Society and Justice

Prof. Malte Faber

5.4. The Real Capitalistic Exploitation

Prof. Malte Faber

6. Marx as Scientific Economist

6. Marx as Scientific Economist

6. Marx as Scientific Economist

Prof. Malte Faber

6. Marx as Scientific Economist

6. Marx as Scientific Economist

Elster (1986) summarizes Marx` achievement in the

Prof. Malte Faber

6.1 Labour Theory of Value and the

Marx orientates himself in on classical economics of

6.1 Labour Theory of Value and the

Prof. Malte Faber