Social coordination problems in classical and Marxian political economy. Issue 1 (2nd January 2020)

• Record Type: Journal Article
• Authors: Foley, Duncan
• Is Part Of: Review of social economy. Volume 78:Issue 1(2020)
• Page Start: 4
• Page End: 34
• Publication Date: 2020-01-02
• Subjects: Entropy-constrained behavior -- rational inattention -- commodity production -- alienation -- falling rate of profit; B12 -- B51 -- P11 -- D51; Economics -- Periodicals; Economics -- Moral and ethical aspects -- Periodicals; Social justice -- Periodicals; 330.5
• DOI: 10.1080/00346764.2019.1605617
• Languages: English
• ISSNs: 0034-6764

Abstract

Abstract : This paper explores the application of information theory and game theory to questions arising in Adam Smith's Wealth of Nations and Karl Marx's critical reformulation of Smith's analysis in Capital . After introducing the key theoretical concepts of entropy-constrained behavior and the social interaction model, the paper applies them to some central issues in Marxian and classical political economy: the long-period method analysis of commodity production, the social division of labor, commodity production and money, alienation, and the tendency for the rate of profit to fall.