EconoSpeak

Chapter 15 of volume III, "Exposition of the Internal Contradictions of the Law [of the tendency of the rate of profit to fall] is iconic. Sensationalists and contrarians will no doubt be drawn to the chapter on the tendency of the rate of profit to fall. But true aficionados know that the real meat is in the counter-tendencies (chapter 14) and contradictions. One of the counter-tendencies was relative over-population of workers. It plays an even larger role in the contradictions of the...

In chapter five of volume III, Engels made a blunder by referring to socially necessary labour time as necessary labour time. Presumably, the error originated in Marx's notes and Engels didn't notice and correct it:If it is the necessary labour-time which determines the value of commodities, instead of all the labour-time contained in them, so it is the capital which realises this determination and, at the same time, continually reduces the labour-time socially necessary to produce a given...

Aside from a comment on the "labour socially necessary" in Engels's preface, there is no other mention of socially necessary labour time in volume II of Capital. That preface is where Engels wrote of Marx saving The Source and Remedy from oblivion, albeit with only a single, short innocuous quotation (see also this earlier post). In the early post, I related how Anton Menger had doubted Engels's story of the pamphlet's influence on Marx. Menger's book was first published in German in 1886,...

 The list

An excerpt of a passage from the Grundrisse, in the notorious "fragment on machines," has become iconic in contemporary Marx studies:Capital itself is the moving contradiction, [in] that it presses to reduce labour time to a minimum, while it posits labour time, on the other side, as sole measure and source of wealth. Hence it diminishes labour time in the necessary form so as to increase it in the superfluous form; hence posits the superfluous in growing measure as a condition – question of...

 It was also on a Sunday, with financial markets closed, that August 15, 1971, when US President Richard Nixon gave a surprise address to the nation on economic policy.  He made three announcements: 1) a 90-day wage-price freeze, 2) a10 percent across the board tariff on all imports, and most importantly 3) the closing of the gold window meaning the US Treasury would no longer pay gold to somebody bringing US dollars to it, the final end of the gold standard.  It was not quite the end of the...

The law of supply and demand for labour power is perverse in that the more fertile labour power's use value as a source of surplus value becomes, the lower its value and, consequently, its exchange value. Clearly such a perverse law is difficult to explain. It is paradoxical and counter-intuitive.Perhaps Marx was wary of repeating himself or of giving explanations that confuse the reader because they are so damned convoluted. Whatever the reason, he held back from closing the deal. His...

I started this series with the intention of comparing Dilke's "plain leveling principle" consumption-based conception of socially necessary labour time with Marx's theory of value founded on a production-based concept of socially necessary labour time. Two episodes and a digression later, that original plan was upended by my encounter with the section in the Grundrisse titled Necessary labour. Surplus labour. Surplus population. Surplus capital, which made me rethink the scope and span of...

 We are now looking at a humanitarian disaster in Afghanistan.  It looks like the Taliban will probably take control of Kabul and thus Afghanistan in the near future. Reports already show that where they control women cannot go to school and appear in public without a veil in public and much more. Many women there are unfortunately going to suffer greatly as a result of this. I am so very deeply sorry.Yes, as an American who supported the original invasion of Afghanistan 20 years ago to...

Thomas Chalmers undoubtedly cribbed his "disposable population" from Turgot's classe disponible. Turgot's meaning seems to be different from Chalmers's. Turgot uses the term to refer to the class's revenue coming from a surplus of produce and thus being available for use however the proprietor wishes. That is the revenue could be used for luxury consumption or it could be used for improvement of lands, purchase of machines, etc. I would take Turgot's classe disponible to be roughly...