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

By Thomas T. Sekine

Greater than 100 years after the dying of Karl Marx, his financial paintings is revived the following with analytical rigor. This two-volume examine offers an up to date model of Marx's financial idea 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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4 = X, 18, (A,, 2 + A, 1) (1 + e) = 6. 4706. 4) (1 + r) = p 2 18, p, 2 + p 2 1 = w 6, w = 1. 0488. In the present case, the two commodities, X, and X2, function both as capital goods and as wage-goods. If we remove that portion of the outputs needed for workers' consumption, we are left with 31 units of X, and 17 units of X2. Call them net outputs. For values and prices to be positive, it is necessary and sufficient that (i) the synthesised techniques satisfy the conditions of self-replacement with regard to net outputs, and (ii) the rate of surplus value is positive.

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. If a proportion a (0 < a < 1) of E(T) defrays that part of the cost, then the remainder should be paid by (1 - a) E(T). Since an innovation tends to raise the organic composition of capital, it is likely that the innovative machine is of higher value than the conventional machine.

Total labour applied currently is 90 hours. 1057/9780230378353 - An Outline of the Dialectic of Capital, Thomas T. 368). 368. It turns out that v = 1 as expected. * * * We can now apply the above theory to solve the mathematical transformation problem. e. in value and in price: k — Hx ^' vL, k! =. Fx f ^ wLi (i = x v 7^ (1) Then clearly it follows that = ^ * ; , (i = x,y,Z). (2) Rewrite P(T) and Q(T), by using (1), as follows: wLx(l + k'x) wLy(l + k'y) wLz(l + k'z) w(Lx + Ly + (1 + r) = (1 + r) = (1 + r) = Lz) m PyY.

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