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The Law of Value- the series1. Introduction
1.2 A quiz on Marx's theory of Value
1.3 Addendum on how to watch these videos
2. The Fetishism of Commodities.
3. Das MudPie (social labor)
4. Use-Value, Exchange-value and Value
6. Socially Necessary Labor Time
7. Production and Exchange
9. Abstract Labor
10. Value and Price
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Tag Archives: profit
Value, Crisis and Marx’s Order of Operations- final draft
An economic crisis manifests itself in many different forms simultaneously: stock market crashes, housing market crashes, over capacity, unemployment, etc. For every aspect of the crisis there is some theorist who mistakes this surface appearance for the inner mechanism of crisis. But a proper analysis of crisis needs to have some reason for selecting some phenomena as causes and others as effects. There must be a proper ordering of the relations between different economic factors in order for our analysis to avoid being arbitrary and piecemeal. Marx gives us a very clear, though complex, ordering of these relations. This paper will attempt to critique credit-centered and underconsumptionist theories of crisis from the perspective of Marx’s “order of operations”. It will close with some brief remarks about the Falling Rate of Profit. Continue reading
Posted in Econ 303- Crisis Tagged credit, crisis, demand, exchange-value, falling rate of profit, finance, marx, money, prices, profit, stocks, underconsumption, use value, value 9 Comments
Das Kapital vol.3 part1, chapter 3: The Relation of the Rate of Profit to the Rate of Surplus Value
Before we can examine the formation of a general rate of profit and the way this causes prices to diverge from values we have more examining to do of this equation for the rate of profit: s/(v+c). Continue reading
What is capital?
I’ve talked about capitalism. I’ve talked about capitalists. But I haven’t explicitly talked about capital itself. That’s the purpose of this video. The term “capital” is often overused, allowed to describe any asset regardless of how this economic asset is … Continue reading
Posted in Econ 202- money credit capital Tagged capital, capitalism, circuit of capital, CMC, crisis, exchange, karl marx, labor, labor power, MCM, means of production, money, profit, use, value Leave a comment
What is Capitalism?
What is capitalism? Part 1: Part 2: In many videos I’ve argued that exploitation is central to capitalism. In my recent video on money I explained how the contradictions within money itself can only be resolved by a process which … Continue reading
Part one: Part two: This is a follow up video to “where does profit come from?” In that video: labor creates value. therefore labor is the source of profit. review: of all inputs in production, only one input is capable … Continue reading
Posted in Econ 101-value profit exploitaiton Tagged absolute surplus value, capital, capitalism, capitalists, constant, economics, exchange, Exploitation, karl marx, labor value, machines, profit, relative surplus value, supply and demand, surplus value, sweatshops, technology, unions, use, variable, wages, workers 2 Comments