By Thomas T. Sekine
Greater than 100 years after the demise of Karl Marx, his monetary paintings is revived the following with analytical rigor. This two-volume examine offers an up to date model of Marx's monetary conception in its complete scope, revealing the internal common sense of capital, the unfolding of which reproduces the "idea" of capitalism. Two-volume set.
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Proposing a brand new political and old thought of the combined economic climate, this booklet is a resounding argument for a tough social excellent - democratic communitarianism. Individualistic notions of liberty, equality and prosperity are too valuable to fashionable lifestyles and so they have to be balanced via values of `community' and co-operation.
Those essays are taken from a convention at the recommendations of Michail Kalecki, held at Perugia, Italy in April 1986. the aim of the convention used to be to guage the relevance of his idea with regards to present financial debate and to envision its impression on modern suggestion. the gathering of papers mirror a large spectrum of reviews and variety one of the so much proper facets of Kalecki's paintings; from the connection with different authors to the microfoundations of macroeconomics and to the speculation of source of revenue distribution; from the financial conception to his composite method of the commercial coverage; from the idea of commercial cycles to the long-run dynamics of the capitalist economies to the issues excited about the socialist making plans.
Extra info for An Outline of the Dialectic of Capital Volume 2
The value (or price) of the luxury good may, however, rise or fall, since the value (or price) of the capital good and the rate of surplus value (or profit) change in opposite directions. Thus, it turns out that only when a productivity change occurs in the capital-good sector is there any uncertainty. The direction of change in the value (or price) of the luxury good is, in any case, not a matter of great importance. The only noteworthy uncertainty then is the effect of a change in /, on the two crucial rates.
A quasi-rent cannot be viewed as lacking in value substance. Though it, too, will be eliminated by competition in the long run, a quasi-rent is quite unlike a pure economic profit in that, when it is eliminated, the level of average profit has changed. The reason is that the very process of elimination of a quasi-rent involves progress in society's overall technology which affects the level of the general rate of profit. The introduction of technical progress necessarily entails a real cost to society.
This illustrates the second law of average profit. So far it has been assumed that the methods of production (which define the technology in the narrower sense) are unchanged. Let ax (ay, az) = XJX (Xy/Y, XJZ) be the amount of the capital good required for the production per unit of the capital good (wage-good, luxury good). Similarly, let lx (ly, lt) = LJX (L/K, LJZ) be the number of hours of current labour required for the production per unit of the capital good (wage-good, luxury good). If none of these six technical parameters changes, we say that the methods of production remain unchanged.
An Outline of the Dialectic of Capital Volume 2 by Thomas T. Sekine