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Tag Archives: surplus value
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
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
The Tendency of the Mass of Crisis Theory to Rise
This is my first draft of my paper for “The Economic Crisis and the Left Response” which is taking place in New York this coming weekend (11-6-10). “First draft?” you ask, “Isn’t that happening in just 4 days?” Yes, I … Continue reading
Posted in Uncategorized
Tagged capital, capitalism, counter-tendency, crisis, falling rate of profit, finance, harvey, kliman, monopoly school, realization, speculation, surplus value, sweezy, tendency, underconsumption, wolfe
1 Comment
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
Das Kapital vol. 3 Part 2- opening thoughts
Herein lies theoretical ideas that have been hotly debated for well over a century now. Up until now we have assumed that price equals value and that profit is directly related to the amount of surplus value produced. But now, 140 pages into the 3rd volume of Kapital Marx explains that in conditions of capitalist competition prices don’t equal values and that profit is not determined by the surplus value produced by a firm. This has raised all manner of criticism and even ridicule from some corners. Bohm Bawerk made much of this in his criticism of Marx. Continue reading
Kapital vol. 3 part 1 chapter 6: The Effect of Price Fluctuations
We might take these themes to heart in our own time. It would be easy to blame the crisis of the 1970’s on the OPEC crisis as many historians do. It would be easy to blame our present crisis just on the sub-prime bubble, or our own oil prices. But the problems caused by these fluctuations in prices only serve to expose much more fundamental rhythms of capitalist accumulation. As in the cotton crisis we can see the capitalist class today acting as a class, through the the state, to preserve itself. Continue reading
Posted in Kapital Vol. 3, Uncategorized
Tagged appreciation, capitalist class, constant capital, cotton crisis, Das Kapital, depreciation, economics, fluctuations, marx, raw materials, surpl, surplus value, value, volume 3
3 Comments
Part 1 chapter 5 Economy in Employment of Constant Capital
Marx begins by explaining that a rise in absolute surplus value will always raise the rate or profit. Remember that a change in absolute surplus value means a rise or fall in the total amount of surplus value, not a change in the rate of surplus value. A capitalist increases absolute surplus value by lengthening the working day or hiring more workers. This increases both v and s in the same proportion. Continue reading
Posted in Kapital Vol. 3
Tagged capital, constant capital, crisis, Das Kapital, economics, falling rate of profit, labor theory of value, machines, marx, productivity, surplus value, volume 3
2 Comments
Das Kapital vol.3 part 1, chapter 4: The Effect of Turnover on the Rate of Profit
This chapter is written entirely by Engels. According to Engels all Marx had completed for this chapter was the title.
Turnover time does not effect any of the basic observations about the rate of profit which we have already made. But it does alter the speed at which profits are made, thus effecting the rate of profit. While this may not be the most exciting chapter ever written there are some important concepts here. Most importantly, the faster the turnover time the higher the rate of profit. This means that capital has a marked tendency to decrease the turnover time both in production and circulation. Continue reading
Posted in Uncategorized
Tagged bohm-bawerk, capital, David Harvey, economics, engels, karl marx, labor theory of value, profit, socially neccesary, surplus value, turnover time, value, variable capital, volume 3
9 Comments
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