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EconoSpeak

The Econospeak blog, which succeeded MaxSpeak (co-founded by Barkley Rosser, a Professor of Economics at James Madison University and Max Sawicky, an economist at the Economic Policy Institute) is a multi-author blog . Self-described as “annals of the economically incorrect”, this frequently updated blog analyzes daily news from an economic perspective, but requires a strong economics background.

Theft of alien labour time is a miserable foundation

In the early 1980s, I was riding home from work on a bus and looked out the window at a Toyota pickup truck alongside. I was overwhelmed by the realization that I could never in my life make such an object by hand, even if I had a well-supplied metal workshop. From that perspective, how could I hope to own such an item? I did own a Volkswagen Rabbit but somehow the pickup truck made more of an impression on me at the time.I was experiencing a severe burnout from work in those days that...

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(Hence the correctness of the theory of surplus population and surplus capital…)

Marx mentioned, "the theory of surplus population and surplus capital," parenthetically, in the Grundrisse and "surplus population and surplus capital" in his 1862-63 draft of Capital. Although it isn't certain what theory exactly he was referring to, the phrase reappears, in reverse order, in chapter 15, section 3 of volume III of Capital, "Surplus Capital alongside Surplus Population," indicating internal contradictions of the law of the tendency of the rate of profit to fall.  Don't you...

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(Hence the correctness of the theory of surplus population and surplus capital…)

Marx mentioned, "the theory of surplus population and surplus capital," parenthetically, in the Grundrisse and "surplus population and surplus capital" in his 1862-63 draft of Capital. Although it isn't certain what theory exactly he was referring to, the phrase reappears, in reverse order, in chapter 15, section 3 of volume III of Capital, "Surplus Capital alongside Surplus Population," indicating internal contradictions of the law of the tendency of the rate of profit to fall.  Don't you...

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A. Liinwood Holton, Jr. RIP

 Abner Linwood Holton, Jr. has just died at age 98 at his home in Kilmarnock, Virginia, near Richmond. There is a certain irony in this as a Republican, Glenn Youngkin, is likely to be elected governor of the state in three days, and Holton was the first Republican to be elected to that position since Reconstruction, which ha managed to do in 1970.  He defeated the pro-segregation Byrd Machine that had run the Democrats and the state since the 1930s.  That machine had supported massive...

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A. Liinwood Holton, Jr. RIP

 Abner Linwood Holton, Jr. has just died at age 98 at his home in Kilmarnock, Virginia, near Richmond. There is a certain irony in this as a Republican, Glenn Youngkin, is likely to be elected governor of the state in three days, and Holton was the first Republican to be elected to that position since Reconstruction, which ha managed to do in 1970.  He defeated the pro-segregation Byrd Machine that had run the Democrats and the state since the 1930s.  That machine had supported massive...

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“Lump” and “labor” are two words…

From: Tom WalkerSent: October 27, 2021 3:49 PMTo: scott.a.wolla@stls.frb.orgSubject: Lump of labor fallacyDear Scott,I just came across your article, “Examining the Lump of Labor Fallacy Using a Simple Economic Model,” from November of last year on the St. Louis Fed website. I have done quite a bit of research on this topic and I was dismayed to see the old canard of a fallacy recycled without any attention to the documentation refuting the perennial fallacy claims.You state that “the ‘lump...

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“Lump” and “labor” are two words…

From: Tom WalkerSent: October 27, 2021 3:49 PMTo: scott.a.wolla@stls.frb.orgSubject: Lump of labor fallacyDear Scott,I just came across your article, “Examining the Lump of Labor Fallacy Using a Simple Economic Model,” from November of last year on the St. Louis Fed website. I have done quite a bit of research on this topic and I was dismayed to see the old canard of a fallacy recycled without any attention to the documentation refuting the perennial fallacy claims.You state that “the ‘lump...

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À la recherche du socially necessary labour temps perdu

How many Trained Marxists™ know there is no "socially necessary labour time" in the Grundrisse? I didn't. When researching the provenance of the term, I was surprised to discover that it was present in neither the Grundrisse nor Marx's Contribution to a Critique of Political Economy. The latter book had a lot of approximations, though, and a pithy disclaimer about what Marx meant -- and didn't mean -- when referring to categories of social labour:From the analysis of exchange-value it...

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À la recherche du socially necessary labour temps perdu

How many Trained Marxists™ know there is no "socially necessary labour time" in the Grundrisse? I didn't. When researching the provenance of the term, I was surprised to discover that it was present in neither the Grundrisse nor Marx's Contribution to a Critique of Political Economy. The latter book had a lot of approximations, though, and a pithy disclaimer about what Marx meant -- and didn't mean -- when referring to categories of social labour:From the analysis of exchange-value it...

Read More »

Is Virginia 2021 Election Going To Look More Like 1980, 1994, 2010 Or None Of The Above?

 In Virginia there is an election for governor, lieutenant governor, attorney general, and the whole House of Delgates, while the State Senate with a slight Dem majority is not up for election, is a week from today on Nov. 2, although early voting has been going on for some time.  The latest polls show a dead heat for governor between Dem Terry McAuliffe, who served previously to the current Dem governor, Ralph Northam, and "outsider GOP businessman, Glenn Youngkin, 46%-46%.  House of...

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