Tag Archives: profit

Surplus Value (draft)

Another draft chapter for my book. All comments welcome. The most interesting part, I think, is the last section. Surplus Value Marx begins Capital with an analysis of the commodity form. He immediately tells us why: because the commodity is … 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 Can’t Be Created in Exchange

After Law of Value 9: Abstract Labor I will conclude the trio of videos dealing with Marx’s method (not that I’ve conclusively said all there is to say on the topic, but all that I have to say for this … Continue reading

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Kapital vol 3; Chapter 14. Counteracting Influences

Capital Vol. III Part III: The Law of the Tendency of the Rate of Profit to Fall Chapter 14. Counteracting Influences (This post is part of an ongoing project: a close reading of volume 3 of Kapital, one post per … Continue reading

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Law of Value 6: Socially Necessary Labor Time

We’ve probably all heard Marx’s famous description of the higher phase of communism: “From each according to his ability, to each according to his need.” Marx didn’t actually come up with this phrase but he quotes it in one his rare commentaries on communism. Here an hour of one person’s work is equal to an hour of anyone else’s, creating a basis for real equality throughout society, regardless of the productive abilities (or privileges) of individuals. In the Critique of the Gotha Program Marx describes the lower phase of communism as a system in which, after an hour of labor, all workers receive a certificate entitling them to a certain amount of consumption goods in proportion to their working time, not their level of productivity. There is no SNLT, and no inequality, because everyone’s work has the same social power. Obviously this is not a robust plan for how a communist society should be run. But it gives us a glimpse into the sort of radical questions we should be asking ourselves when thinking about communism. Continue reading

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Law of Value 5: Contradiction

We are all painfully aware that modern society is full of social antagonisms. There’s poverty amidst great wealth, over-work alongside massive unemployment, banks taking away homes, gentrification, racial tensions, violence against women, labor struggles, environmental apartheid, police brutality, gang violence, hate groups, massive dislocations of populations, and lots of war. Marx was interested in explaining all of these antagonisms, but he doesn’t start his analysis with any of them. Continue reading

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