By Thomas T. Sekine

Greater than 100 years after the loss of life 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 monetary concept in its complete scope, revealing the internal common sense of capital, the unfolding of which reproduces the "idea" of capitalism. Two-volume set.

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Extra info for An Outline of the Dialectic of Capital (2 Volume Set

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This is the significance of the second law of average profit. In fact, it combines the first law of average profit with the old Ricardian theorem that, given a prevailing technology, a gain in the rate of profit will entail a loss in real wages. The same idea is also embodied in the neoclassical concept of a "factor-price frontier". In order to illustrate the second law, let us begin with (T*) which has already been fully studied. What we now have to do is to let the production of the wage-good increase from Y = 80 to, say, Y = 85.

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. 1057/9780230378353 - An Outline of the Dialectic of Capital, Thomas T. com - licensed to Univ North Carolina-Greensboro - PalgraveConnect - 2013-10-10 unchanged at 90; and (iii) that the change in the pattern of social demand does not affect the methods of production.

Though society regards q(t) hours of labour to have been spent on the production per unit of the commodity, the innovator has in fact spent only q hours, releasing in consequence ^(0 — q hours of labour for an alternative use. It is this saving that finances the further propagation of the new technique. Thus, the accumulated saving of productive labour E(T), by a growing number of innovators by time T, may be regarded as defraying the social cost of innovation. The greatest part of the cost is specifically in the form of the stock of conventional machines K(T) that must be scrapped by time T.

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