A Marxian Reply to Hahnel: The Relative Explanatory Power of Marx’s Theory and Sraffa’s Theory

This paper critically examines Robin Hahnel’s 2017 book Radical Political Economy: Sraffa versus Marx and especially compares the relative explanatory power of Marx’s theory and Sraffa’s theory. Hahnel’s book argues that Sraffa’s theory is superior to Marx’s theory with respect to the following six subjects: prices, profit, technological change, crises, the environment, and moral critique (each one considered in a separate chapter). This paper challenges Hahnel’s arguments on all six subjects and argues that Marx’s theory has greater explanatory power than Sraffa’s theory and continues to be the best critical theory of capitalism. JEL Classification: B24, B51