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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
Posted in book-drafts, Uncategorized
Tagged circulation, Exploitation, FMT, fundamental marxian theorem, marx, method, profit, surplus value, temporal, tssi, value, wage labor
24 Comments
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
Posted in The Law of Value, Uncategorized
Tagged demand, economics, marx, money, price, prices of production, profit, supply, theory, transformation problem, value
61 Comments
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
Posted in Econ 101-value profit exploitaiton, The Law of Value, Uncategorized
Tagged cost-price, marx, money, price, prices of production, profit, SNLT, transformation problem, value
3 Comments
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
Posted in Econ 101-value profit exploitaiton
Tagged equality, exchange, marx, production, profit, subjective, value
37 Comments
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
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
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
Posted in Econ 101-value profit exploitaiton, The Law of Value
Tagged capital, capitalism, class, crisis, Das Kapital, economics, Exploitation, karl marx, labor, labor theory of value, profit, surplus value, use, value, wage labor
35 Comments
Law of Value 6: Socially Necessary Labor time- another draft
Alone on his tropical island Robinson Crusoe can take as long as he wants to build a cabin for himself. It’s up to him. We don’t have that luxury when we produce for market exchange. When Wonder Bread makes bread they are competing in the market against Pepperidge Farm, Arnold and White Rose. If their workers are less productive, if they take longer to make bread, that doesn’t mean they can sell their bread for more money. The social value of bread is not set by individuals but by the average amount of time it takes to produce bread. This is called the “Socially Necessary Labor Time”. (SNLT) Continue reading
Posted in The Law of Value
Tagged capital, capitalism, Das Kapital, economics, exchange, Exploitation, production, profit, socially necessary labor time, super-profit, surplus value, value
17 Comments
Law of Value 6 (or 5): Contradictions – a draft
Marx is always talking about contradictions in the law of value. But these aren’t logical contradictions like “round square” or “military intelligence”. They are contradictions inscribed into the very heart of the social relations of a capitalist society. Some prefer to use the word “antagonisms”. Continue reading
Posted in The Law of Value
Tagged capital, capitalism, class, crisis, economics, Exploitation, karl marx, labor theory of value, machines, marx, profit, surplus value, value, wage labor, worker
13 Comments
Marx and Temporalism- a Tutorial
This is a workshop on the Temporal Single System Interpretation (TSSI) of Marx’s value theory. It was recorded in November of 2009 at the Rethinking Marxism conference in Amherst Mass. The presenters are Andrew Kliman and Alan Freeman, two of the leading figures in the TSSI. The TSSI aims to show that by viewing Marx’s value theory through a temporal lens the claims by Marx’s opponents that his value theory is inconsistent are refuted. Continue reading
Posted in Uncategorized
Tagged alan freeman, andrew kliman, capital, crisis, falling rate of profit, marx, Okishio, profit, surplus, temporal single system interpretation, tssi, tutorial, value theory
5 Comments
Kapitalism101 