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

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By Thomas T. Sekine

Greater than 100 years after the loss of life of Karl Marx, his monetary paintings is revived the following with analytical rigor. This two-volume learn presents an up to date model of Marx's financial idea in its complete scope, revealing the interior common sense of capital, the unfolding of which reproduces the "idea" of capitalism. Two-volume set.

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It consists of surplus profits representing extra surplus value, rather than false social value, and which are commonly referred to as "quasi-rents". A quasi-rent cannot be viewed as lacking in value substance. Though it, too, will be eliminated by competition in the long run, a quasi-rent is quite unlike a pure economic profit in that, when it is eliminated, the level of average profit has changed. The reason is that the very process of elimination of a quasi-rent involves progress in society's overall technology which affects the level of the general rate of profit.

Here, the + sign means "change in the same direction", the — sign means "change in the opposite direction", the 0 sign means "no change in either direction", and the question mark indicates indeterminacy. In order to arrive at such results, it is necessary to make some assumptions about the structure of the social demand. 1 0 0 0 0 0 0 0 0 e qjv qylv qz Iv r pjw pjw Pi I* 9 9 31 Theory of Profit hours of current labour (L = Lx + Ly + Lz) remain the same, before and after the shift of a technological parameter.

If hand-made knives are qualitatively superior to machine-made knives, the skilled knife-makers will earn, over and above their regular wages, a rent proportional to the supply inelasticity of their skill. Another, and perhaps more controversial, application of the principle of market value is to the problem of joint production. In order to illustrate the determination of values and prices under joint production, let two commodities, X, and X2, be jointly produced with themselves and labour as inputs in the following two processes: Xl (20, ( 2, X2 3, 5, L 5) 1) -> -» X, (30, ( 3, X, 6, 12, Z, 0) 0) (22, 8, 6) -» (33, 18, 0) technique—(1) technique—(2) 40 The Doctrine of Distribution Here, the vectors on the left-hand side represent inputs and those on the right-hand side outputs.

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