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Gold, on the contrary, though of little use compared with air or water, will exchange for a great quantity of other goods. Utility then is not the measure of exchangeable value, although it is absolutely essential to it. :$Y$a} _Classical Macroeconomics?Smith & Ricardo Strong concern with determinants of price source of growth (S), distribution (R); But macro issues especially employment? Far less discussion than Physiocrats, Mercantilists Some consideration by Ricardo in Chapter on Machinery (where concluded technical change could cause unemployment) But in general, acceptance that market economy always tends towards full employment:  Say s Law  Supply creates its own demand / Aggregate Supply is Aggregate Demand / Sum of all excess demands is zero fz4kz4k   NX Say s Law Though had cost-based theory of value, classical economists accepted theory that economy would always tend towards full employment, based on notion that utility the source of value: Say (writing 1821-34)  Utility theory of value (contra. Smith & Ricardo):  Give to a thing, to a material which has no value, utility, and you give it a value; that is,& you create wealth. Say s utility subjective:  you call only useful that which is so to the eye of reason, but you ought to understand by that word whatever is capable of satisfying the wants and desires of man such as he is... He is the sole judge of the importance that things are of to him,... We cannot judge of it but by the price he puts on them. 5t40/    Q + Z Say s Law   nProposition that all producers trade simply to exchange what they have and don t want for what they do have and don t want the basis of belief in overall balanced economy:  Every producer asks for money in exchange for his products, only for the purpose of employing that money again immediately in the purchase of another product; for we do not consume money, and it is not sought after in ordinary cases to conceal it: & . It is thus that the producers, though they have all of them the air of demanding money for their goods, do in reality demand merchandise for their merchandise. With each individual s demands and supplies balanced, overall market also balanced. Any imbalance (e.g., excess supply) in one market (e.g., labour market) balanced by excess demand in others (e.g., markets for subsistence commodities)& ~S K6YY Say s Law Crises caused by  disproportionality only Excess supply in one market, excess demand in others  General gluts or  general slumps impossible Argument Money only an intermediary in barter People sell only to buy again (increase in utility the object) Each person s supply is matched to his/her demand Sum of all supply thus cannot exceed sum of all demand (no  general gluts ); but Slumps in one market can occur if supply of X exceeds demand for X at price producers of X want; however Price of X falls, demand for X rises: equilibrium... Unless government regulations, monopolies intervene+58d2i+5/ d2X     U  i-efwFrom Defenders to CriticsOSmith, Say, Malthus, Ricardo pro-capitalist, anti-feudal Theories used to promote capitalism against feudalism Main class-conflict of the time against feudal class, landlords By 1840, industrial capitalism dominant severe economic downturns A new class conflict: Capitalist vs Worker Classical economics turned against capitalism by...j44, <xMarxtGerman Philosopher/poet, trained in Hegelian  dialectics Brilliant (but sometimes turgid) writer and thinker Radicalised as completed PhD Denied academic post in feudal Prussia, became journalist Supported peasants/workers against Prussian state Exiled to France, later again exiled to England Began study of Political Economy in France with view understanding society, leading to revolution to better society Many contributions! Key ones arguably: Sophisticated revival of systemic ( macro ) thinking of Physiocrats Economic analysis grounded in Dialectical philosophyTnZZZyZny,n  6y DialecticsPhilosophy of Dynamics, developed by Hegel Sought to explain processes of social change Any Unity (person, thing, etc.) exists in society Society focuses on some aspects of unity; brings to foreground Forces other aspects into background But unity cannot exist without background aspects Dynamic tension created between foreground/background aspects Tensions can transform unity/society itselfL+-2+-2W Dialectics  If dialectical conflict sufficiently powerful, may lead to a transcending of the limitations of this unity, to bring about another, greater unity, which will itself have its own dialectic.  ](The demise of the labour theory of value) But in early study of economics (1844-1857) , dialectic logic gave way to acceptance of the methods of classical political economy  Refinement of Ricardo s labour measure of value to a labour theory of value Solution to source of profit even if all commodities exchange at their value Dismissal of Proudhon s attempt to apply dialectical logic to political economy in The Philosophy of Poverty:: *+  V ^(The demise of the labour theory of value)))   The economists have very well explained the double character of value; but what they have not set out with equal clearness is its contradictory nature;& It is a small matter to have signalised in utility-value and exchange value this astonishing contrast, in which the economists are accustomed to seeing nothing but the most simple matter; it is necessary to show how this pretended simplicity hides a profound mystery which it is our duty to penetrate& In technical terms use-value and exchange value are in inverse ratio the one to the other.  Proudhon (p. 37) as cited by Marx, The Poverty of Philosophy. Marx s contemptuous reaction:R Z &  z b $   !0$%!0CD_(The demise of the labour theory of value)))  We will leave the reader to compare the precise, clear, and simple language of Ricardo with the rhetorical efforts made by M. Proudhon in order to arrive at the determination of relative value by labour-time. Ricardo shows us the real movement of bourgeois production which constitutes value. M. Proudhon makes abstraction of this movement,  struggles to invent new processes in order to regulate the world according to a professedly new formula which is only the theoretical expression of the real existing movement so well propounded by Ricardo. Ricardo takes for his point of departure existing society to demonstrate to us how it constitutes value. M. Proudhon takes for his point of departure constituted value, in order to constitute a new social order by means of this value& The determination of value by labour-time is for Ricardo the law of exchange value; for M. Proudhon it is the synthesis of use-value and exchange value. (Marx 1846 52-53). Early Marx eschewed dialectics to perfect classical political economyBZ[~    a     -)Marx Pre-1857: the Labour Theory of Value(  Took classical economics of Smith & Ricardo, but made it critical of capitalism rather than supportive many  Ricardian socialists preceded Marx argued that since labour source of value, worker should receive all output: capitalists just  exploit workers by paying them less than their value Marx far more sophisticated argued profit derived even though workers paid their value critiqued capitalism on basis of its tendencies to crises, ultimate collapse dehumanising, alienating impact of market society Solved many dilemmas of classical analysis First: where does profit come from if all things exchange at their value ( cost of production )?g*`Z+ag* % % Z +a*m   {)Marx Pre-1857: the Labour Theory of ValueLCommodities exchange  at their value Value normally  labour-time taken to produce them includes LT in machinery, as per Ricardo Ability to work a commodity under capitalism:  Labour-power Labour-time needed to produce labour-power = subsistence wage Capitalist buys Labour actual work Say 5 hours work needed to produce subsistence bundle Actual work lasts for 10 hours Difference is  surplus value : source of profit tY*=a6PY*=a6P b6v*|)Marx Pre-1857: the Labour Theory of ValueLabour only source of value: Focus is on unique aspects of labour with respect to all other commodities Only commodity with difference between  commodity and  commodity-power A corollary: if labour only source of value, then capital merely contributes stored labour-value to product  However useful a given kind of raw material, or a machine, or other means of production may be, though it may cost 150, or, say 500 days' labour, yet it cannot, under any circumstances, add to the value of the product more than 150. [Capital I p. 199] contribution of machine to output equivalent to its depreciationbA A Z4=})Marx Pre-1857: the Labour Theory of ValueConsequences: Ideological: labour only source of profit, capitalism based on exploitation Predictions: increasing use of capital over time due to forces of competition between capitalists Collective rate of profit would fall, even though technical change might initially advantage capitalist who introduced it Fall in profit leads to class conflict capitalists pay workers below value, to restore profits Class conflict leads to overthrow socialism Socialism inevitable product of contradictions of capitalismZYZUZzZ'Z8Z,Z=ZYUz' 8 ,  )3)Marx Pre-1857: the Labour Theory of Value( jDefined three key variables v: Value of labour-power v for  variable since labour alone, according to Marx, added new value If worker s weekly means of subsistence take 20 hours to make, and a chair takes a working week to make, then the chair contains 20 hours of v c: value of machinery used up in production c for  constant , since according to Marx, machinery merely transfers its value to output adds to value of output what it loses in depreciation If machinery which took 10 hours to make wears out in making the chair, then the chair contains 10 hours of cH,ZH +Z6 4)Marx Pre-1857: the Labour Theory of Values: Surplus-value difference between what worker is paid (v) and the number of hours worker actually works If working week is 60 hours (common in Marx s day), then s=60-v=40 Three variables determine rate of surplus value and rate of profit:dD ~ )Marx Pre-1857: the Labour Theory of Value**Problem I: the  Transformation problem : If labour only source of surplus, then profit should be proportional to labour employed; hence low capital/labor ratio industries should have higher rate of profit than high K/L industries.:&)),+?q!)Marx Pre-1857: the Labour Theory of ValuezBut capitalists motivated by rate of profit So for equilibrium, profit rate must be same across all industries So prices must equalise rates of profit High surplus-value in labour-intensive industries must somehow be moved to capital-intensive industries to equalise profit rates  Value therefore diverges from priceB%>} 'O4")Marx Pre-1857: the Labour Theory of Value*) hProblem of  transforming values into prices. A 2 commodity economy example Industry A: 1000 hours labour + 1000 hours capital Rate of surplus value 100% Profit in value terms = 500 hours Industry B: 100 hours labour + 1900 hours capital Rate of surplus value the same (100%) Profit in value terms = 50 hoursL B" L!L B"   L!,ci]#)Marx Pre-1857: the Labour Theory of Value#BUT competition tends towards uniform rate of profit: 500/1500 + 50/1950 = 550/3450 = 13% So price system must be consistent with (1000 + 1000) x 1.13 = price value of output of A ( 100 + 1900) x 1.13 = price value of output of B Profit in money terms thus 13% in both industries Prices thus differ from values and must cause transfer of value from labour-intensive to capital-intensive industries if Labour Theory of Value valid Prices of labour-intensive industries must be below value Prices of capital-intensive industries must be above value2$( 2$(  >^-!e$)Marx Pre-1857: the Labour Theory of Value*)  The  transformation problem : transformation of values into prices 1,000s of  solutions to transformation problem--none satisfactory(CCCC5The Transformation Problem xSteedman Marx After Sraffa gives definitive treatment: Take hypothetical economy with 3 goods: Iron, Gold, Corn Take hypothetical wage (in terms of corn) Convert physical data into labor-values according to Marx s rule that labor is the only source of surplus Then impose equilibrium condition that price competition equalises rates of profit across industries Outcome will be a set of prices which are inconsistent prices don t enable industries to buy their inputs superfluous prices can be derived directly from input-output data without having to work out labor-values7\ 3 ^ B 3 ^     &  K   6The Transformation Problem 6Steedman s example economy:   7The Transformation Problem  For Iron:   8The Transformation Problem (Converting physical data to value terms:))) 9The Transformation Problem But these  output prices differ from  input prices initially worked out (of iron=2, gold=1 & corn=4) Even if both inputs and outputs  transformed ,  prices differ from those calculated straight from raw input/output data::gzg8@ :The Transformation Problem RMarx s  labor theory of value prices are inconsistent don t enable each industry to buy its inputs Marx s rate of profit (45.5%) inconsistent with rate worked out from basic input-output data (52.1%) superfluous prices can be derived from direct input/output data and these prices are consistent *  4 *  4   *   ;,Problem: Tendency for rate of profit to fall- XArgument that capital to labour ratio tends to rise over time Increased technology Labour-saving inventions as response to struggle over income distribibution According to LTV, as c rises relative to v, rate of profit will fall since surplus (s) proportional to v and independent of c. This will cause class conflict, leading to socialism Marx lists many  countervailing tendencies ; nonetheless No conclusive evidence of tendency 140 years since first propounded  Tendency depends on same (unsound) notions of profit which lead to Transformation Problem >ZaZZ9ZZZ>a*79  @   }] %)Marxism Today: the Labour Theory of ValueCurrent status of Marxian economics: In crisis after fall of communism Minority of adherents, still trying to solve technical problems Latest variant called  Temporal Single System (TSS) Marxism, alleges transformation problem doesn t apply to dynamic version of LTV& Allegiance based on Marx s grand vision, rather than analytic strengths Marxism no longer taken seriously by most economists (though still popular with radical groups) So if this was all there was to Marx s economics, it doesn t look good for Marx& BUT& %ZbZZZQZZ%bLQ &Marx Post-1857$There is an alternative Marx& Without the labour theory of value Coherent alternative to neoclassical economics Pre-1857, accepted Smith/Ricardo on use-value & exchange-value Exchange-value determines price Use-value pre-requisite for exchange  Utility then is not the measure of exchangeable value, although it is absolutely essential to it [Ricardo] No role for use-value beyond pre-requisite to exchange Post 1857, a whole new interpretation of use-value& R?Em74R?Eb 7 4)?Dialectic of the commodity1857, revelation: after chance re-reading of Hegel, considered application of dialectics to commodity: "Is not value to be conceived as the unity of use-value and exchange value? In and for itself, is value as such the general form, in opposition to use-value and exchange value as particular forms of it? Capitalism brings exchange-value to fore, pushes use-value into background (accumulation of money wealth the  aim of the game , not ) Price based on Exchange-value (EV) Use-value (UV) irrelevant to price, as for Ricardo But: dynamic tension between UV & EV. UV not irrelevant to economics:gVFgIV #   @Dialectics of the CommodityADialectics of labour zEV of work brought to fore: EV of worker: subsistence wage UV of worker in background: irrelevant to wage But UV of worker: ability to produce commodities for sale Gap between (objective, quantitative) UV and EV of worker is source of surplus-value (SV):  The past labour that is embodied in the labour power, and the living labour that it can call into action; the daily cost of maintaining it, and its daily expenditure in work, are two totally different things. The former determines the exchange value of the labour power, the latter is its use-value. [Capital I, 199]~> s>' P7BDialectics of LaborCDialectics of labour  $Problem: previous explanation of surplus used things which make labour unique amongst commodities new explanation uses things which labour has in common with all other commodities exchange-value, use-value, independence of exchange-value from use-value when determining price As Marx puts it:d q >>q% DDialectics of labour   The circumstance, that on the one hand the daily sustenance of labour power costs only half a day's labour, while on the other hand the very same labour power can work during a whole day, that consequently the value which its use during one day creates, is double what he pays for that use, this circumstance is, without doubt, a piece of good luck for the buyer, but by no means an injury to the seller [Capital I: 163]& Every condition of the problem is satisfied, while the laws that regulate the exchange of commodities, have been in no way violated. Equivalent has been exchanged for equivalent. For the capitalist as buyer paid for each commodity & its full value. He then did what is done by every purchaser of commodities; he consumed their use-value. [Capital I: 189]& Z^  E!Dialectics of Capital (Machinery)&" f! \Since surplus derived by considering things labour has in common with all other commodities, the same analysis must be applied to consider whether machinery creates surplus value. Marx fudges this in his  magnum opus Capital appears to prove that capital cannot create surplus value using use-value/exchange-value analysis  in the labour process the means of production transfer their value to the product only so far as along with their use-value they lose also their exchange-value. They give up to the product that value alone which they themselves lose as means of production.& However useful a given kind of raw material, or a machine, or other means of production may be, though it may cost 150 & yet it cannot, under any circumstances, add to the value of the product more than 150. [Capital I 196-199] jZbZZZbJ:D   F!Dialectics of Capital (Machinery)&" fIn fact Marx contradicts own logic. Properly, this is: EV of machine: cost of production UV of machine: ability to produce commodities for sale As with worker, gap between UV & EV: machine a source of SV Contradicts LTV All inputs to production potential source of profits Contribution of machine to output will exceed depreciation:  It also has to be postulated & that the use-value of the machine significantly (sic) greater than its value; i.e. that its devaluation in the service of production is not proportional to its increasing effect on production. [Marx 1857 in Grundrisse p. 383]7ZZZqZZ7 \% G g $ :M   G!Dialectics of Capital (Machinery)" fHDialectics of CapitaltMany consequences of this for Marxian economics  Transformation Problem disappears Higher capital/labour ratio in one industry doesn t necessarily mean lower surplus to investment ratio Supports mathematical critiques of Labour Theory of Value by Steedman [Marx After Sraffa 1977], Bose, Roemer etc. No tendency for rate of profit to fall (TRPF) Higher machine/labour ratio has no necessary impact on surplus, but may alter aggregate demand (ability to turn surplus into profit) No inevitability of socialism Inevitability of socialism based on eventual  triumph of TRPF over  countervailing forces No ironclad Marxian justification for socialism (though many arguments for reform of capitalism)0Z$ZZ.ZZZZ0$.@D ct  CKIDialectic of the commodityJUse-value & exchange-value Why doesn t use-value help determine price? Pre-capitalist society Exchange of use-values socially determined within societies Commodity exchange on border of societies Perception of utility will influence exchange ratio But over time, production specifically for exchange Distinction between use-value and  use-value for exchange Production becomes basis of exchange-value Capitalist exchange Exchange-value and use-value  incommensurable So far, application to labour, capital, surplus Labour and capital both sources of surplus Other dialectical insights; insights not affected by LTVCZfZ4Z4ZfZZ/Z0Z+Z9ZCf44f /0+9,^KDialectics of WageVolume I analysis presumes workers receive only subsistence wage But worker is both a commodity (labor-power) and non-commodity (person) Capitalism focuses on commodity aspect, pushes non-commodity aspects into background Pure commodity--paid subsistence wage only Non-commodity--demands share in surplus Dialectical tension: struggle over minimum wage, social wage, etc. Wage normally > subsistence; subsistence wage a minimum (when commodity aspect dominant)8Fr LMoney and Asset Prices4Money also a commodity/non-commodity Exchanged, and essential for exchange, Not produced by means of commodities "What ... is & the price of the loaned capital?... What the buyer of an ordinary commodity buys is its use-value; what he pays for is its value. What the borrower of money buys is likewise its use-value as capital; but what does he pay for? Surely not its price, or value, as in the case of ordinary commodities." (Marx 1894, p. 352.) Dialectic of money: Exchange-value set by use-value 2 price levels: commodities cost-price; assets speculative (turns up later independently in Keynes and Post Keynesians [especially Minsky] on money and speculation)b%ZLZQZZ%LQ4 yMMisunderstanding MarxDialectical Marx missed by all except Engels, Hilferding; pre-1857 LTV preserved instead Many reasons why LTV much more clearly enunciated by Marx, easier to understand, less subtle Poor scholarship: many  Marxists didn t read Marx but so-called followers (e.g., Sweezy): Sweezy on use-value:  `Every commodity,' Marx wrote, `has a twofold aspect, that of use-value and exchange-value.' Use-value is an expression of a certain relation between the consumer and the object consumed. Political economy, on the other hand, is a social science of the relations between people. It follows that `use-value as such lies outside the sphere of investigation of political economy.  (underline is quote from Marx)Njj=P#f%  NMisunderstanding MarxBut full quote from Marx, including sentence omitted by Sweezy, is:  Use-value as such, since it is independent of the determinate economic form, lies outside the sphere of investigation of political economy. It belongs in this sphere only when it is itself a determinate form.  only an obscurantist, who has not understood a word of Capital, can conclude: Because Marx, in a note to the first edition of Capital, overthrows all the German professorial twaddle on `use-value' in general,therefore, use-value does not play any role in his work& with me use value plays an important role completely different than [it did]] in previous [political] economy. ( Marginal Notes on A. Wagner in Carver, T., Karl Marx: Texts on Method 198-200) Most Marxists still do not appreciate this  important role played by use-value in Marx s analysis`DZZ/ZDClF8 , )O More MarxfSeveral elements unaffected by LTV (or use-value issue): Reproduction schema analysis of production (development and elaboration of Quesnay s Tableau) Theory of cycles Cycles in capitalism caused by struggle over distribution of income Critique of Say s Law Say s Law ignores both capitalists and investmentz9oD2#oD2   PReproduction SchemaIIndustry divided into 3 sectors: I: Capital goods II: Consumption goods III: Capitalist consumption goods Inter-sectoral dynamics considered For balance, wage bill of 3 sectors must equal output of II investment plans of 3 sectors must equal output of I Continued ideas of Physiocrats Basis for 20th century input-output analysisv!I# dL!I# d  L,p .QReproduction Schema RReproduction SchemaSReproduction SchemaTPrices (not shown) based on cost of production Prices just cover costs in simple reproduction Prices allow for re-investment of surplus in expanded reproduction Schema is: incompatible with LTV (transformation problem); but can be used independently of LTV Basis of  Sraffian approach to economics& TTrade Cycle Theory>Heavily based on empirical observation of 19th century cycles Also class-based model (Ch 25 Capital I) : High wages low investment Low investment low growth Low growth rising unemployment Rising unemployment falling wage demands Falling wage demands increased profit share Increased profit share rising investment Rising investment high growth High growth high employment High employment High wages: cycle continues&i7i7U*Critique of Say s LawTwo circuits in capitalism: Commodity Money Commodity (C M C) Objective to increase UV EV constant, UV (qualitative) increased Say s Law applies Money Commodity Money+ (M C M+) Objective to increase exchange-value UV irrelevant, EV increased, surplus produced Say s Law invalid in an economy with accumulation Capitalists:  conceal money; seek money, not commodities, contra Say:|"S G"S   G\*Critique of Say s Law  The capitalist throws less value in the form of money into the circulation than he draws out of it... Since he functions ... as an industrial capitalist, his supply of commodity-value is always greater than his demand for it. If his supply and demand in this respect covered each other it would mean that his capital had not produced any surplus-value... His aim is not to equalise his supply and demand, but to make the inequality between them ... as great as possible. (Marx 1885: 120-121) In C M C circuit, equality of each person s supplies and demands In M C M+ circuit, supply (outputs) greater than demand (inputs): sum of excess demands negative. Balance of Say s Law only applies to society of non-accumulating simple commodity producers& &Z_ V*Critique of Say s Law It must never be forgotten, that in capitalist production what matters is not the immediate use-value but the exchange-value, and, in particular, the expansion of surplus-value. This is the driving motive of capitalist production, and it is a pretty conception that in order to reason away the contradictions of capitalist production abstracts from its very basis and depicts it as a production aiming at the direct satisfaction of the consumption of the producers. (Theories of Surplus Value II, s 17.6)/Tj ` f33` 3f3` ___>?" dd@3x?" dd@  " @ `"  n?" dd@   @@``@n?" dd@  @@``PT     @ ` `p>>0 %  "(     Zf3f8c?`0  Z$ggֳgֳ1 ?`0 g T Click to edit Master title style! !Z  HTgֳgֳ ? `<$ 0 g RClick to edit Master text styles Second level Third level Fourth level Fifth level!     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