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Copyright © Cambridge Political Economy Society

research-article

Methodological dualism and the microfoundations of Marx's economic theory

Photis Lysandrou*

Abstract

In this paper we argue that in his economic theory Marx employs an Unconventional form of annalytical reductionism in which the single commodity, rather than the individual agent, is taken as the point of departure, and that, through the interplay of the accounts of value and moneyy around the notion of dualism given in the development of the commodity, Marx provides a unified account of the structural and behavioural aspects of economic relations genarally, and of prices in particular. We also suggest that this understanding of Marx's methodological dualism, and his dialectical approach to reductionism, enables us to gain a new insight into the price-theoretic structure of Capital.

Manuscript received May 31, 1993;
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