The new value controversy and the foundations of economics

Alan Freeman et al, Edward Elgar, 352 pages, hardback, £60.00

Marx's economics is systematically excluded from courses taught in schools and colleges, the authors argue. This censorship is the result of alleged inconsistencies in Marx's labour theory of value and its misinterpretation by generations of scholars, including some on the Left.

The book robustly argues that Marx was not inconsistent and that his theory of value is logically rigorous and valid. More significantly, it has predictive power and can be verified by looking at the real world. The book contains stimulating chapters on the role of women in the labour market, the unequal exchange of international trade and on declining profitability in the US and Japan.

Arranged as the clash of different interpretations, the book illustrates the range of debates going on that are relevant to a range of labour movement concerns.