Tag Archives: money

Critique of Political Economy: C. Theories of the Medium of Circulation and Money – notes

C. Theories of the Medium of Circulation and MoneyAt the end of Chapter 1: Commodities we had “A:Notes on the History of the Theory of Value”. At the end of Chapter 2 part 1: The Measure of Value we had … Continue reading

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Critique of Political Economy Chapter 2 part 3 and 4- notes

3. Money In a text that is so obviously all about money it may seem funny to have the above section title here in the middle of the book. But up until now we have been considering money as a … Continue reading

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Critique of Political Economy. Chapter 2 part 2- notes

2. Medium of Circulation Interesting that Marx has discussed all of these properties of money as measure of value, unit of account and so on, without getting into circulation. Thus, in Marx’s system, money arises out of the nature of … Continue reading

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The Critique of Political Economy- Chapter 2 part 1 notes

the second installment of my notes on the book: Chapter 2: Money or Simple Circulation. Marx tells us that the confusion about money will disappear once we look at the evolution of money. Does he mean the historical evolution or … Continue reading

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Law of Value 10: Price and Value

[This is video 10 in my ongoing Law of Value series. It's a controversial topic... so, let's see what folks think of my attempt...] Here’s a yo-yo. Let’s say it took an hour to make, parts and everything. And here’s … Continue reading

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Value-Price- a draft script

This is a draft of the script for my next video “Value and Price”. Any feedback is helpful. The footnotes have yet to be numerically linked to the main text. Intro There is a lot of confusion over Marx’s theory … Continue reading

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Value and Price Q&A

I have been looking forward to finally putting together a script for a video on Value and Price. As a preparation for that task I’ve written the following: an attempted summary of my understanding the topic. The text is peppered … Continue reading

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Law of Value 8: Subject/Object

Law of Value 8: Subject/Object part 1: part 2: part 3: part 4: One of the more common objections raised to Marx’s theory of value, at least here in the theoretical void of cyberspace, is the objection posed by subjective … Continue reading

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Law of Value 3: Das MudPie

If you spend any time reading about Marx’s theory of value on the internet you probably will come across some version of this asinine excuse for a critique called “the mudpie argument.” The basic style of the mudpie argument is similar to many advanced by those who know nothing about Marx’s theory of value: one constructs a ridiculous strawman argument that has nothing to do with Marx and then proceeds to knock it down with “devastating” brilliance, moral outrage, and a few clever asides about Stalinism. The MudPie argument goes something like this:

Marx claimed that labor is what gives all commodities value. But what if I make a mudpie? This is a product of labor yet nobody will buy it. It has no value. So Hah! Take that Karl Marx! Continue reading

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The Law of Value 2: The Fetishism of Commodities

part 2 in the Law of Value series. There are a lot of people that are really powerful in the world: Presidents, CEO’s, bankers, leaders of movements… But there is an object, a thing, that is more powerful than any … Continue reading

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