Description
Book SynopsisMany scholars discuss Marx's Capital from many perspectives, but Accounting for Value uniquely advances and defends an accounting interpretation' of his theory of value, that he used it to explain capitalists' accounts. It confirms and builds on the Temporal Single-System Interpretation's refutation of the charge that Marx's illustration of the transformation from values to prices' is inconsistent, and its defense of his Law of the Tendential Fall in the Rate of Profit'. It rejects other interpretations by showing that only a temporal', single-system' interpretation is consistent with Marx's accounting. The book shows that Marx became seriously interested in accounts from the late 1850s during an important period in the development of his critique of political economy, asking Engels for information and explanations. Examining their letters in the context of Marx's evolving work, it argues, supports the hypothesis that discovering he could explain them with his theory of value gave
Trade ReviewMarx wrote to Engels, in 1862, that in all quarrels with the statisticians, he found the theoreticians had ‘always been in the wrong’. Rob Bryer is one of those few accomplished theoreticians who takes due account of statistical method and in particular accounting, to which Marx paid scrupulous attention. In a convincing and refreshing work, Bryer throws new and much-needed light on Marx’s theory of economics, of value, and his profound understanding of the way business works. -- Alan Freeman, University of Manitoba
Rob Bryer is one of the most important critical accounting intellectuals of our time. In light of the recent financial crisis in which seemingly “real assets” with tradable market values were rendered worthless, this important and timely book he provides a compelling explanation of both Marx’s theory of value and the role of accounting as a technology of both capitalist ideology and political economy. In its consideration of accounting practices and how they informed Marx’s own writings, the book is exceptional. It not only presents important historical understandings but provides us with powerful conceptual tools to both explain the crisis ridden political economy of 2017 and to enable change in the future. -- Christine Cooper, Strathclyde University
This is an intriguing book based on life-long research. Rob Bryer is obviously as knowledgeable on Marx’s writings on accounting, as on accounting history. He offers here a sound analysis on the links between Marx’s theory of value and capitalist accounting’s principles and practices. -- Eve Chiapello, PSL Research University
Table of ContentsAcknowledgments List of Tables and Figures List of Abbreviations Chapter 1: The Invisible Hand Chapter 2: Marx’s Theory of Value and Accounting Chapter 3: Accounting and the Production of Capital Chapter 4: An Accounting Critique of Marxist Economics Chapter 5: Marx’s Accounting Solution to the ‘Transformation Problem’ Chapter 6: Fixed Capital Chapter 7: Productive and Unproductive Labor Appendix A: Accounting for the Circulation of Capital Appendix B: Extracts from IAS 2 Inventories Appendix C: Decision Tree Appendix D: National Income Accounting Deviations Conclusions Bibliography About the Author
