By Thomas T. Sekine

ISBN-10: 0230378358

ISBN-13: 9780230378353

ISBN-10: 0312175582

ISBN-13: 9780312175580

ISBN-10: 0312175590

ISBN-13: 9780312175597

ISBN-10: 0312175604

ISBN-13: 9780312175603

ISBN-10: 0333666771

ISBN-13: 9780333666777

ISBN-10: 1349398527

ISBN-13: 9781349398522

Greater than 100 years after the demise of Karl Marx, his monetary paintings is revived the following with analytical rigor. This two-volume learn offers an up-to-date model of Marx's financial conception in its complete scope, revealing the internal good judgment of capital, the unfolding of which reproduces the "idea" of capitalism. Two-volume set.

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Extra info for An Outline of the Dialectic of Capital: Volume 2

Example text

If, as in the present model, only one wage-good, Y, is allowed, the fundamental constraint amounts to defining a real wage-rate, w/py ~ YIL, where L is the total expenditure of direct labour in all industries (L = Lx + Ly + Lz). If two or more wage-goods are introduced, however, such a simple definition of the "real" wage-rate is impossible. Practically all writers on the transformation problem since Bortkiewicz have resorted, in such a case, to defining a so-called "commodity-complex which forms the real wage-rate" (L.

But the mere discovery of this technique does not warrant the conclusion that society should immediately scrap all existing old machines, so as to switch to the new type of machines. For, in that case, a large part of the productive labour spent on the existing machines would be totally wasted. Let q be the unit value of cotton yarn produced with the old technique, and q ( < q) be that of cotton yarn produced with the new technique, as measured in terms of labour (or value-proportional prices).

I will presently show how the minimal time-delay, r*, can be determined. The fact that such T* can be theoretically identified is another indication that a quasi-rent contains value substance. If an agricultural commodity is produced on fertile land in q hours of labour per unit, and on the least fertile land in q hours of labour, the differential rent q — q contains no value substance. It simply represents a false social value that society transfers from the consumers to the owners of fertile land.

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