By Thomas T. Sekine
Greater than 100 years after the dying 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 concept 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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Additional info for An Outline of the Dialectic of Capital: Volume 2
A theory of value which becomes inoperative because of such contingencies cannot be said to have overcome the contradiction between value and use-value. Moreover, when the market demand for a particular commodity varies, the way in which different firms respond to it, by adjusting their outputs, depends on such contingent factors as the geographical location of the new demand, the system of communication by which the information is spread and the degree of dependence on skilled labour in particular firms.
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. (1) The effects of a change in lz and av If a Cadillac can be manufactured with less current labour, not only does its value (or price) fall, but, to the extent that the economy can now reallocate more labour to the wage-good sector, real wages also rise, entailing, in consequence, a lower rate of surplus value (or profit).
093(12) + These individual values each contribute 50 per cent to the magnitude of the market (or social) value of X. 75) -> 165. 1233. In this case Xlxn contributes 25 per cent, and X™ 75 per cent, to the magnitude of Xx. These exercises show that the existence of multiple techniques in an industry causes no problem in the determination of a unique market value for its product, provided that the marginal response ratios are known. These ratios reflect the real parameters of the market, as already mentioned.