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Tag Archives: transformation problem
Radio Free Humanity, Episode 32: Making Marx Make Sense: The Early Years
Episode 32: Making Marx Make Sense: The Early Years Brendan interviews Andrew about his role in the development of the temporal single-system interpretation of Karl Marx’s value theory (TSSI). The interview focuses especially on Andrew’s personal experiences during the early … Continue reading
Episode 19: Spanish Edition of “Reclaiming Marx’s ‘Capital’”––Interview with Translator- Radio Free Humanity
Episode 19: Spanish Edition of “Reclaiming Marx’s ‘Capital’”––Interview with Translator The co-hosts interview Guillem Murcia López, a translator of the just-published Spanish edition of Andrew’s book Reclaiming Marx’s “Capital’: A Refutation of the Myth of Inconsistency. They discuss the book’s … Continue reading
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
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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
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
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Das Kapital vol.3 Chapter 9: Formation of a General Rate of Profit (Average Rate of Profit) and Transformation of the Values of Commodities into Prices of Production
In all of the consternation, debate and quarreling over Marx’s value theory this chapter, chapter 9 of volume 3, lies in the center of much of that (though perhaps chapter 10 even more so). Continue reading
Das Kapital vol. 3 Part 2 chapter 8 Different Compositions of Capitals in Different Branches of Production and Resulting Differences in Rates of Profit
“…differences in the average rate of profit in the various branches of industry do not exist in reality, and could not exist without abolishing the entire system of capitalist production. It would seem, therefore, that here the theory of value is incompatible with the actual process, incompatible with the real phenomena of production, and that for this reason any attempt to understand these phenomena should be given up.” Continue reading
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
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
Das Kapital vol.3 Part 1 Chapter 2: The Rate of Profit
The summary which begins Chapter Two serves not only to remind us of some important details about the way in which value is produced but also ties together several details that will be essential for understanding our analysis of the law of value in the context of competing capitals. We are reminded first that surplus value is created in production but only realized in circulation. This is a crucial point as it really helps delineate the essential contours of Marx’s argument. The world of appearance is dominated by fetishism. We think that the coercive and tantalizing power of the market, that value, is manifest in commodities themselves as a result of their specific properties. We think that capital itself creates value. And we think that the process of exchange itself can create a profit. Continue reading
Kapital vol. 3 Part 1 Chapter 1: Cost-Price and Profit
Marx begins by briefly reminding us of the the large-scale structure of his three volumes of Kapital. Each volume analyzes capitalism from different levels of abstraction delineated by different social relations. Continue reading
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