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2 votes
1 answer
78 views

What do Engels and Marx mean here?

The following extract is from The Communist Manifesto (1848) by Engels and Marx: The cost of production of a workman is restricted, almost entirely, to the means of subsistence that he requires for ...
3 votes
2 answers
461 views

How did classical economists justify the Labour Theory of Value?

I have skimmed a handful of chapters of older Political Economy books (Adam Smith, Ricardo, Marx), and I'm trying to understand how they argue for the LTV, or their versions of it(or if they take it ...
0 votes
0 answers
28 views

Question about validity of one statement from Marxism

I come from that math and finance side, so I have not studied economics thoroughly, but I have always thought of it as something that could be tackled via game theory (when treatable). I have recently ...
0 votes
0 answers
17 views

How Marxian economists evaluate current and future technologies for making investment decisions?

Current Marxian economists are incredibly vague about the merits of technologies and about concrete investment decisions, at least, the Western Marxian economists are. E.g. there is book https://www....
0 votes
1 answer
67 views

Is there a theory in economics about how companies have to withhold surplus goods or services for strategic reasons, creating artificial scarcity? [closed]

I have been thinking about how hotels and hostels have available rooms / beds, but they don’t give them away for free or a heavily discounted price; or how grocery stores and restaurants throw out ...
2 votes
1 answer
152 views

A question on Marx' "Value, price and profit"

In his lecture Value, price and profit Karl Marx argues that profit is made by capitalists by (i) selling commodities for their real price (= real value expressed in money), (ii) paying the workers (...
0 votes
0 answers
27 views

"Technological breakthrough changes social-economic relations" - how this Marxian thesis is perceived in orthodox economy and political economy?

This article https://ojs.library.ubc.ca/index.php/newproposals/article/view/2017 from Neo-Marxian peer-reviewed journal applies the Marxian thesis "technological breakthrough changes social-...
1 vote
1 answer
100 views

Where would we find a Brazilian claim from German geologist Eschwege?

In Das Kapital, ch I.1, Marx says that German geologist Eschwege claims that total product of the Brazilian diamond mines for the eighty years ending in 1823 still did not amount to the price of 1 1/...
1 vote
1 answer
180 views

Secondary literature/reading guide for Marx's Das Kapital

I'm looking to read Marx's Das Kapital, but I'm worried (especially after reading the first chapter) that the form of exposition requires a secondary perspective for someone who is not a Marx scholar. ...
1 vote
1 answer
162 views

Validity of Marxist critique

According to the Wikipedia page on Marxist economics, one criticism Marx had of capitalism is that the capitalist model of employment creates a difference between the value the workers create and the ...
0 votes
1 answer
124 views

Marxist Labor Theory of Value Become Obsolete?

Has the Marxist Labor Theory of Value Become Obsolete? Is it currently used for anything? Marx does not specify labor value, I believe he only uses the argument of surplus value according to the labor ...
-1 votes
1 answer
159 views

"Rate of exploitation" and savings growth

The normative implication in Marxian economics is that "exploitation of labour-power" is a bad thing. I'm hoping to understand quantitatively who are the winners and losers. Definitions: A &...
1 vote
1 answer
87 views

Question on a passage from N.OKISHIO's Constant and Variable Capital

Sorry if this a dumb question, I am an undergrad economics student and am currently reading this paper from Okishio on the Marxist concept of Constant and Variable capital, my issue is on this ...
7 votes
4 answers
372 views

Do capitalists in the Marxism world view create value?

As I understand it, capital is created through the surplus value, that is the difference between the value of a worker's work (i.e. the wage that he is paid) and the new value that is created through ...
14 votes
2 answers
2k views

How is freelancing viewed under Marxism?

How does Marxism view freelance workers? Since a freelancer is the owner of their means of production, are they still viewed as exploited by the bourgeoisie? Could freelancing exist in a Marxist ...
5 votes
2 answers
1k views

Do contemporary Marxist economists still deny the utility/value theory which underpins classical economics?

Do contemporary Marxist economists still apply the labor theory of value when analysing economic phenomena? Or do they e.g. acknowledge that value (and utility) is subjective as is common knowledge in ...
6 votes
1 answer
848 views

Mathematics of Marxian Economics

I have studied some Marxian economics, and realise that Marx's writings were not very mathematical. I recently came to know of Analytical Marxism and Neo-Marxian economics. I read the Wikipedia page ...
3 votes
1 answer
368 views

Does the Labor Theory of Value hold in the long term in competitive markets?

Most criticisms of the Labor Theory of Value I have come across go something like this quote from Carl Menger: There is no necessary and direct connection between the value of a good and whether, or ...
3 votes
1 answer
139 views

How would profit from labor exploitation be possible in a relatively competitive market?

Marxists often state that capitalists exploit workers by paying them less than than their labor is worth. The extraction of this surplus value results in profit. I'm wondering why this would be ...
0 votes
1 answer
186 views

Models of a Planned Economy

Are there any mathematical models of a planned economy like in the soviet union? Specifically id like to know how we would model 5 year plans. Do any exist?
1 vote
1 answer
457 views

Tendency of the rate of profit to fall

https://en.wikipedia.org/wiki/Tendency_of_the_rate_of_profit_to_fall The tendency of the rate of profit to fall (TRPF) is a hypothesis in economics and political economy, most famously expounded by ...
1 vote
1 answer
408 views

Can machines create value?

Marx wrote that only humans can create value. But why is that so? Ok humans can, with their work, create more value than they need to consume in food and so on, that's obvious. But why is this so ...
1 vote
1 answer
58 views

The problem of transformation: what is it all about?

I've just learned Marxist concepts that Value= cost + wages + owner profit But I do not understand what the transformation problem is and what problems exists because of this. Would someone mind to ...
0 votes
0 answers
31 views

Inequality and recessions

I was reading about Marx's Crisis Theory. On one hand, there is this idea of the falling surplus. But on the other hand, he relates income inequality to the business cycle. Have his ideas regarding ...
0 votes
0 answers
64 views

Okishio theorem

The tendency of the rate of profit to fall (TRPF) is a hypothesis in economics and political economy, most famously expounded by Karl Marx. The central idea that Marx had, was that overall ...
4 votes
3 answers
202 views

How much average value does 1 working hour produce? ( are there reliable statistics?)

This is a non-economist's question. As a philosophy teacher ( in a french high school) , I have to study the theme of " labour" in class. I'm looking for factual data in order to assess the ...
1 vote
1 answer
190 views

Who is Jacob? And where did he say this?

In Karl Marx "Das Kapital", in Ch I.1 we find this quote "Jacob questions whether gold has ever been paid for at its full value." Is Jacob Vanderlint? Where in his book “Money Answers all ...
0 votes
1 answer
164 views

Who is Butler in Marx' footnote in Das Kapital?

In footnote [7] of Marx's Capital, T.I, Ch. 1, Sec 1, after ...contradictio in adjecto, there are these quotes: «Nothing can have an intrinsick value.» (N. Barbon, t. c., p. 6); or as Butler says - «...
6 votes
4 answers
355 views

How to make sense of so many conflicting theories and ideas in the field with an open mind? Is every school of economic thought as valid as the rest?

'm a junior economics major and lately I've been in a sort of crisis because I feel like I'm not sure what economic ideas I believe in anymore. Don't get me wrong, I love reading anything that has to ...
0 votes
1 answer
42 views

Why the source profit is not only trade markups?

I'm researching the source of profit. In Marx I've found the following passage: If then, speaking broadly, and embracing somewhat longer periods, all descriptions of commodities sell at their ...
22 votes
5 answers
8k views

How do Marxist economists solve the Diamond-Water Paradox?

For class surveying different economic systems, I read a book on Marxism and its core beliefs. As I read, I came to learn that the Marxist view of economics depends heavily on the Labor Theory of ...
9 votes
3 answers
2k views

Is Marx considered an important classical economist?

In a post on the politics stack exchange, I came across the following description of how Marxism fits into the history of economic thought: Most professional economists consider Marx' work on ...
5 votes
5 answers
1k views

Where does capital come from?

Sorry if this is a birds and the bees type question. Where does capital come from? And I am not talking human capital (which to my mind is skills basically). I suppose I'm taking about financial ...
4 votes
2 answers
215 views

Is skills or abilities of the worker taking in consideration in Marx law of value?

Is skills or abilities of the worker taking in consideration in Marx law of value? I know about the subjective theory of value, but I want to know how Marx takes ...
9 votes
3 answers
1k views

Core elements of Marxist Economics

I am interested in understanding the differences between mainstream economics and marxist economics. For that, a guide about what is central to the marxist economic theory (not political or cultural ...
2 votes
4 answers
4k views

How does the professional class fit into Marx and Engel's class struggle theory?

I know that in the first part of The Communist Manifesto, Marx and Engles discuss at length the relationship between the Bourgeois and the Proletarians. The former being the owners of the means of ...
1 vote
4 answers
10k views

Have there been any true "communist" nations as Marx envisioned?

Most individuals refer to the former USSR as a "communist" nation, but, in reality, it was only a "socialist" nation with a high level of governmental control in all areas of its citizens' lives. Have ...
1 vote
2 answers
148 views

Labor time and the exchange value (Marx). What about the quality of the raw materials?

Karl Marx writes in his book "capital", that the exchange value of a commodity is determined by the necessary average labor required to produce the commodity. The labor is measured in time. Here's my ...
4 votes
2 answers
194 views

Marxist Economics: Understanding Capitalist Exploitation through "speed up" or increase in intensity

I have been studying Marxist economics for a little over 3 months now and have been really trying hard to understand the arguments made. Right now I'm watching Dr. Stephen Resnick's course on Marxist ...
3 votes
0 answers
88 views

Marxist Economics: Contradicting Definitions of Capital Intensity?

As noted in a previous post one method of capitalist exploitation in marxian theory is through an increase in labor intensity as defined by the equation: $$I=\frac{SV+V}{lh}$$ A fellow user ...
4 votes
2 answers
1k views

What does Marx mean by "the division between capital and labor"?

I am reading an eight page piece called "Labor Alienation" by Karl Marx for my Literature class. Here's a link to it if you would like to read it: http://www.yavanika.org/classes/reader/marx1.pdf In ...
1 vote
1 answer
5k views

Marx: Relative and equivalent-form. Difference?

I don't understand the difference between the two. For example: 2 Shoes = 3 wood Now Marx says that the first is the relative-form and the second is the equivalent-form. So the use-value expressed ...
6 votes
3 answers
472 views

Accounting for machines in the labor theory of value

I have read that the Labour Theory of Value holds that the value of a good or service is determined by the total amount of labour involved in its production. To account for this properly, we must ...
2 votes
1 answer
718 views

mathematical marxian models

Ive been doing some superficial reading on Feldman-Mahalanobis Model and have been wondering what other equations and "brand name" models that have been prodouced by marxist economists? What other ...
1 vote
1 answer
93 views

Distance transported used to price goods in Marxism

A friend mentioned that in Marxism, the distance a good was transported was used to determine the price of said good. I can't find anything on the Internet to support this claim, although I might be ...
1 vote
1 answer
139 views

What did Karl Marx mean by "the movement of this antithesis"?

In a lecture about ancient and modern cities, a quote came up on the slides from Karl Marx's Capital where he writes "The foundation of every division of labor that is well developed, and brought ...
3 votes
2 answers
487 views

How does Marx economics get evaluated in modern economics?

As I know, Marx economics did not solve the problem of transformation as Samuelson argued. And at least, it has been known as a dead end. How does Marx economics get evaluated in modern economics? ...
4 votes
2 answers
1k views

Quantitative Marxian/Marxist micro and macro economic models?

Are there quantitative Marxian/Marxist/neo-Marxist economic models like Dynamic Stochastic General Equilibrium models or Euro Area Wide (micro-founded) models - that can be used by central banks and ...
4 votes
0 answers
6k views

Difference between embodied and commanded labor in the Labor Theory of Value?

Could the difference between "labor embodied" (production cost in labor value) and "labor commanded" (selling price in labor value) as described in the labor theory of value be attributable to the ...
4 votes
2 answers
277 views

Labor theory of value examples and exercises

I'm looking for a working book of Marx's Labor Theory of Value. It would be nice if the book would explain his theory with calculated examples and some exercises with solutions that one can do. Since ...