Download An Outline of the Dialectic of Capital: Volume 2 by Thomas T. Sekine PDF

By Thomas T. Sekine

Greater than 100 years after the demise of Karl Marx, his monetary paintings is revived right here with analytical rigor. This two-volume examine offers an up-to-date model of Marx's financial conception in its complete scope, revealing the interior good judgment of capital, the unfolding of which reproduces the "idea" of capitalism. Two-volume set.

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We shall, however, ignore these changes and focus on the situation prior to the change as our reference point. 681), assuming that w = 1. e. 06668, must make production-prices "more proportional" to values. 076 are the same before and after the fall in the rate of surplus value, we shall examine how the ratios pjpy and pjp are affected. The result of the examination is tabulated below. 076 = As expected, the price ratio, pjpy, falls towards the value ratio, qjqy, since kx > k at the reference point, and the price ratio, pjpy, rises towards the value ratio, given that kz < k also at the reference point.

Then, clearly, a lower consumption of beef (Xy) means less labour is required to produce beef (L'y). The rate of surplus value can be written as where the denominator shows the direct and indirect expenditure of labour for the production of the wage-good, and the numerator shows the expenditure of labour for other purposes. Hence, if V diminishes, e rises. In other industries, where no productivity change has occurred, a higher rate of surplus value means a higher value of the product. On the other hand, it is obvious that the rate of profit of the capitalists who produce hamburgers will rise.

If fx = X/Y, /„ = 1 and ft = ZJY define the fixed output proportions, the fundamental constraint implies that qy/y - /,/, + /, + ljt = Py/w- (20) Consequently, the value and the price of the wage-good must be positively affected by changes in lx, ly and lz, and are not affected at all by any change in ax, ay and az, as the above table confirms. Suppose we reverse the order of the above table, and comment first on the effects of productivity changes in the luxury-good sector, then on those in the wage-good sector, and, finally, on those j n the capitalgood sector.

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