Socialdem. 21st Century

This is a very important point since one criticism of my last post is the view that “only taxes levied by the state and the need to pay those taxes in the state-issued fiat money drive the demand for, and value of, that fiat money and its use as a general medium of exchange in modern nations” is not actually held by L. Randall Wray, the most prominent academic advocate of MMT. So it turns out that, on this issue, I have to eat some humble pie!Rather, the view I forumlated seems to be held...

The Austrian economist Per Bylund has recently written this challenge to advocates of MMT/Neochartalism:Bylund, Per. 2023. “Is it Money because it is redeemed in Tax Payments?: A Response to Kelton and Wray,” Quarterly Journal of Austrian Economics 25.4: 147–165. In this article, in reply to an argument by the MMT economist Stephanie Kelton, Bylund argues that fiat money cannot have value only because it is used to pay government taxes:“If the [sc. fiat] currency is valued because (and only...

I was challenged by a person in the comments section to engage with the work of the Marxist Radhika Desai.So, after looking over a list of Radhika Desai’s articles and books, I found this chapter which partly deals with Marx’s Labour Theory of Value (LTV):Desai, Radhika. 2016. “The Value of History and the History of Value,” in T. Subasat (ed.), The Great Financial Meltdown: Systemic, Conjunctural or Policy Created?. Edward Elgar Publishing, Inc., Northampton, MA. 136–158. Marx’s Labour...

The Austrian economist Per Bylund has recently written this challenge to advocates of MMT/Neochartalism:Bylund, Per. 2023. “Is it Money because it is redeemed in Tax Payments?: A Response to Kelton and Wray,” Quarterly Journal of Austrian Economics 25.4: 147–165. Bylund rejects the view that fiat money only has value and is used as a general medium of exchange because governments demand it as the legal means of payment for state taxes, and demands that advocates of Modern Monetary Theory...

Chapter 10 of volume 3 of Capital is called “Equalization of the General Rate of Profit through Competition. Market Prices and Market Values. Surplus Profit,” and it discusses the equalization of profit rate and the formation of prices of production. Brewer (1984: 139) argues that the chapter in the manuscript used by Engels was in the form of a “a preliminary draft rather than a polished final version,” which is certainly evident when you read the chapter. Marx begins by noting that some...

As an advocate of Post Keynesian economics, I reject Marx’s economic theories in the three volumes of Capital because they are founded on the false Labour Theory of Value (LTV). Here is a concise case against the LTV, although I limit myself only to some of the most serious criticisms of the theory: (1) Marx’s Argument for the LTV is Logically Flawed: Marx does not prove it is a real Empirically-Relevant Concept In chapter 1, volume 1 of Capital, Marx assumes that, when one commodity...

The Marxist Paul Cockshott presents his defence of the Labour Theory of Value in this video:[embedded content]It appears that Paul Cockshott defends the Labour Theory of Value (LTV) found in volume 1 of Capital, albeit in a grossly simplified way.He defines the LTV in three senses, as follows:(1) The average price of a good will be proportional to the average amount of labour used to make it;(2) The value added in an industry will thus be roughly proportional to the labour it uses.(3) Price...

In den letzten Jahren hat sich die Welt des Glücksspiels mit dem Aufkommen von online Casinospielen verändert, die enorm an Popularität gewonnen haben und Millionen von Spielern weltweit in ihren Bann ziehen. Moderne Technologien und Casinos gehen seit jeher Hand in Hand. So etwas wie Casinospiele ins Internet zu bringen, war an sich schon eine echte Revolution (Sie können mehr Infos zum Thema auf dieser Informationsplattform finden). Rasanter technologischer Fortschritt hat maßgeblich zum...

I present below a bibliography on Marx’s Law of the Falling Rate of Profit. The list is not meant to be exhaustive, but includes the most important or interesting discussions.In essence, the text of volume 3 of Capital was taken from the manuscripts of volume 3 from 1864–1865 which were in a draft and fragmentary form (Vollgraf and Jungnickel 2002: 68). Engels began editing volume 3 for publication around 1885 but it took him nearly 10 years before that volume was published in 1894 (Vollgraf...