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

By Thomas T. Sekine

Greater than 100 years after the loss of life of Karl Marx, his financial paintings is revived the following with analytical rigor. This two-volume research offers an up to date model of Marx's fiscal 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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V(Lx The particular choice of a has been called, by Francis Seton, the postulate of invariance (F. Seton, "The Transformation Problem", The Review of Economic Studies, 20 (1957), pp. 149-60). For example, if we choose P** + PyY + PZ a m total value (in q) is made equal to total price. It is also possible to choose an a such as to make total surplus value (in q) equal total profit. If a is so chosen as to let the value (in q) of the wage-good equal to its price, one should have aky = qy = py. In view of the fundamental constraint, however, it is always true that qjv m pylw.

Instead, a true dialectical theory must prove itself workable, whatever may be the combination of such external factors. The law of market value is the law of value which takes such contingent elements of use-value production explicitly into consideration. Suppose that there are two industries, A and B. e. direct and indirect productive labour) do not move in corresponding fashion from A to B, the outputs of these two industries will fail to conform to the new pattern of social demand, and it will be impossible to determine unambiguously the values of their products.

Such a case is, of course, capitalistically meaningless, since a zero rate of surplus value would mean a zero rate of profit. For a zero profit no capitalist would be induced to produce a commodity. Real wages, however, approach their technical maximum when the rate of profit falls towards zero, and prices can be made as proportional to values as is desired in the process. Therefore, the situation with no profit may be taken to be the notional limiting case in which values and prices become proportional.

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