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Tag Archives: Karl Marx

The Four Circuits Of Capital

The Four Circuits of Capital Marx describes three circuits of capital in the opening chapters of Volume 2 of Capital. But when I draw a diagram, as above, a fourth circuit seems to be missing. So I have added the circuit of advanced capital. The circuit of advanced capital begins with commodities, consisting of means of production and labor power, in the hands of or under the direction of capitalists. They have purchased these commodities with monetary advances. The capitalists, at this...

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Ben Franklin, Proto Marxist

Ben Franklin was one the founding fathers of the United States. He participated in the constitutional convention. He was the first Postmaster General. He did experiments with electricity, when the Leyden jar was a new thing. There is a story about flying a kite in a thunderstorm. He also wrote about the wealth of nations: "Finally, there seem to be but three ways for a nation to acquire wealth. The first is by war, as the Romans did, in plundering their conquered neighbors. This is...

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Socially Ambivalent Labour Time VIII: Capital, volume one, chapters 6, 7 & 8

Socially Ambivalent Labour Time VIII: Capital, volume one, chapters 6, 7 & 8 Chapter six, the buying and selling of labour power, contains neither “socially necessary labour time” nor “labour time socially necessary.” Instead it has a few synonyms: Suppose that in this mass of commodities requisite for the average day there are embodied 6 hours of social labour, then there is incorporated daily in labour-power half a day’s average social...

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What Is Socially Necessary Abstract Labor Time?

To me, this is an easy question. SNALT, for a capitalist economy, is: L = a0 (I - A)-1y The notation is from Luigi Pasinetti's Lectures on the Theory of Production. The idea can be empirically applied with data from national income and product accounts (NIPAs), using techniques explained in, for example, Ronald Miller and Peter Blair's Input-Output Analysis

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Some Difficulties In Reading Marx

"Let us take the process of circulation in a form under which it presents itself as a simple and direct exchange of commodities. This is always the case when two owners of commodities buy from each other, and on the settling day the amounts mutually owing are equal and cancel each other. The money in this case is money of account and serves to express the value of the commodities by their prices, but is not, itself, in the shape of hard cash, confronted with them. So far as regards...

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Background Needed For Debates On The Labor Theory Of Value Versus Marginalism

[embedded content]A Propertarian Getting The Better Of The Wrong Side Of The Argument I have been looking at some debates on YouTube. Not only is there a culture of twitch streamers debating. There are some, such as Noah Cortez "Booksmarts", critiquing debates. By the way, here is a video providing an overview of (Resnick and) Wolff's academic work, seemingly inspired by the prominence Wolff is gaining with his YouTube presence. I suppose that this post is aspirational, and some of these...

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Engels to Sombart in 1895

This transcription is taken from here. Dear Sir: Replying to your note of the 14th of last month, may I thank you for your kindness in sending me your work on Marx; I had already read it with great interest in the issue of the Archiv which Dr. H. Braun was good enough to send me, and was pleased for once to find such understanding of Capital at a German University. Naturally I can't altogether agree with the wording in which you render Marx’s exposition. Especially the definitions of...

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Three Mistakes Made By Marx

1.0 Introduction I have previously considered some points on which Marx is vulnerable. In this post, I mention three mistakes. I take the first from Joan Robinson and probably the second point too. I take the third from Ajit Sinha. The second is perhaps the least original. You can find lots of stupid stuff and nonsense about Marx. Pointing out these particular mistakes is beyond many. To have an opinion about these points, one must read Marx. One might even accept that Marx is mistaken...

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Adam Smith On The Source Of Profits And Rents In The Exploitation Of The Worker

"In that early and rude state of society which precedes both the accumulation of stock and the appropriation of land, the proportion between the quantities of labour necessary for acquiring different objects seems to be the only circumstance which can afford any rule for exchanging them for one another. If among a nation of hunters, for example, it usually costs twice the labour to kill a beaver which it does to kill a deer, one beaver should naturally exchange for or be worth two deer....

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Karl Marx/Benjamin Franklin Mashup

Karl Marx/Benjamin Franklin Mashup 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. Remember that time is money. 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 life or death – for the...

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