CHAPTER VIII
... but rather will expand demand and output such that capitalists will get a higher share of a lower output, whereby their total profits will remain constant. We may, of course, say that Kalecki’s conclusion is valid only in the case of a closed economy. In the more realistic example of an open economy ...
... but rather will expand demand and output such that capitalists will get a higher share of a lower output, whereby their total profits will remain constant. We may, of course, say that Kalecki’s conclusion is valid only in the case of a closed economy. In the more realistic example of an open economy ...
The nature of money
... money’ (Cohen 2001). But a closer inspection of the coinage era reveals that matters are not quite so simple. For much of this long period, coins were not stamped with any numerical value – that is, they did not bear any unit of account. This meant that the coin’s nominal monetary value and bullion ...
... money’ (Cohen 2001). But a closer inspection of the coinage era reveals that matters are not quite so simple. For much of this long period, coins were not stamped with any numerical value – that is, they did not bear any unit of account. This meant that the coin’s nominal monetary value and bullion ...
The Theory of Economic Development
... I begin with the literature of mercantilism. This term derives from Adam Smith who depicted what he called the mercantile theory of wealth as preoccupied with policies designed to produce a favourable balance of trade; and if we take it in this sense, I do not think there is' much to be said for ass ...
... I begin with the literature of mercantilism. This term derives from Adam Smith who depicted what he called the mercantile theory of wealth as preoccupied with policies designed to produce a favourable balance of trade; and if we take it in this sense, I do not think there is' much to be said for ass ...
Marxism and the Failure of Environmental Protection in Eastern
... finally cuts himself off from the animal world, leaves the conditions of animal existence behind him and enters conditions which are really human. The conditions of existence forming man's environment, which up to now have dominated man, at this point pass under the dominion and control of man, who ...
... finally cuts himself off from the animal world, leaves the conditions of animal existence behind him and enters conditions which are really human. The conditions of existence forming man's environment, which up to now have dominated man, at this point pass under the dominion and control of man, who ...
N 15
... defined the historical and theoretical problems with which Hilton grappled throughout his life as a historian. 3 Marx’s theory of history rests on three pillars: a theory of class determination and class struggle; a theory of technological development; and a theory of the state, which—since the sta ...
... defined the historical and theoretical problems with which Hilton grappled throughout his life as a historian. 3 Marx’s theory of history rests on three pillars: a theory of class determination and class struggle; a theory of technological development; and a theory of the state, which—since the sta ...
What Is Economics? - Hoover Institution
... because individuals do and do not do things, and they are the only things that do or do not do things. All statements that attribute ‘doing’ to other things can, in principle if not in practice, be translated without loss into statements about individuals doing things.”22 Explaining social phenomena ...
... because individuals do and do not do things, and they are the only things that do or do not do things. All statements that attribute ‘doing’ to other things can, in principle if not in practice, be translated without loss into statements about individuals doing things.”22 Explaining social phenomena ...
Rodney Hilton, Marxism and the transition from feudalism to capitalism
... vaguely dated between the fourteenth and the seventeenth century. 5 Dobb argued that this failure was caused by systemic disincentives to capital accumulation and innovation, including peasant over-exploitation; but he did not have a convincing explanation for why the feudal mode of production had b ...
... vaguely dated between the fourteenth and the seventeenth century. 5 Dobb argued that this failure was caused by systemic disincentives to capital accumulation and innovation, including peasant over-exploitation; but he did not have a convincing explanation for why the feudal mode of production had b ...
Economist Sheets - Ector County ISD.
... masses – the ‘proletariat’ (the labourers) – provide the labour to produce goods and services. Marx essentially believed that economic systems progress through different stages – capitalism is just one stage in this development process and, due to its weaknesses and flaws, will eventually self-destr ...
... masses – the ‘proletariat’ (the labourers) – provide the labour to produce goods and services. Marx essentially believed that economic systems progress through different stages – capitalism is just one stage in this development process and, due to its weaknesses and flaws, will eventually self-destr ...
Property-Owning Democracy or Economic Democracy?
... adult populations. But these shares can be neither purchased nor sold. They can only be traded for other shares. The value of a share will deviate over time from its initial value, depending on how well the company is doing, so individual portfolios will, over time, shift in value. Those doing bette ...
... adult populations. But these shares can be neither purchased nor sold. They can only be traded for other shares. The value of a share will deviate over time from its initial value, depending on how well the company is doing, so individual portfolios will, over time, shift in value. Those doing bette ...
A closer look at the economic problem
... part of the potato production. For example, at D more fish (3 baskets) can be produced per day than at C but this means that fewer potatoes (70 kilograms) will be produced. In other words, 15 kilograms of potatoes have to be sacrificed to produce an extra basket of fish. By moving from C to D the co ...
... part of the potato production. For example, at D more fish (3 baskets) can be produced per day than at C but this means that fewer potatoes (70 kilograms) will be produced. In other words, 15 kilograms of potatoes have to be sacrificed to produce an extra basket of fish. By moving from C to D the co ...
Full text
... sociology (Luhmann 1986, 1988). But more than sociologists, economists have challenged this position. Most famously the model of the “invisible hand” expresses the connection of public virtue to private vices and thereby disconnects market outcomes from morally motivated action. It is not from the b ...
... sociology (Luhmann 1986, 1988). But more than sociologists, economists have challenged this position. Most famously the model of the “invisible hand” expresses the connection of public virtue to private vices and thereby disconnects market outcomes from morally motivated action. It is not from the b ...
Institutional Marxian Political Economy: A Conceptual Marriage
... economy. Geoff Hodgson (2001) in his work, How Economics Forgot History, has emphasized the importance of historical analysis and its conceptual framework. In the history of capitalism, political economy has largely been both a historical and social science: for example, Adam Smith, Karl Marx, Max W ...
... economy. Geoff Hodgson (2001) in his work, How Economics Forgot History, has emphasized the importance of historical analysis and its conceptual framework. In the history of capitalism, political economy has largely been both a historical and social science: for example, Adam Smith, Karl Marx, Max W ...
Power Point Chapter 4
... Companies: Capitalism permits the creation of companies or business organizations that exist separately from the people associated with them. Profit motive: The profit motive implies a critical assumption about human nature – that human beings are economic creatures who recognize and are motivat ...
... Companies: Capitalism permits the creation of companies or business organizations that exist separately from the people associated with them. Profit motive: The profit motive implies a critical assumption about human nature – that human beings are economic creatures who recognize and are motivat ...
Chapter Four
... Companies: Capitalism permits the creation of companies or business organizations that exist separately from the people associated with them. Profit motive: The profit motive implies a critical assumption about human nature – that human beings are economic creatures who recognize and are motivat ...
... Companies: Capitalism permits the creation of companies or business organizations that exist separately from the people associated with them. Profit motive: The profit motive implies a critical assumption about human nature – that human beings are economic creatures who recognize and are motivat ...
Marx`s Theory of the Money Commodity
... of the economic system could be removed by tinkering with money, just as the ‘bourgeois apologists’ Bastiat and Carey did, even if in a different way and for different ends. While Bray and Gray conjectured over creating new forms of money, Marx contended that notions about redefining or controlling ...
... of the economic system could be removed by tinkering with money, just as the ‘bourgeois apologists’ Bastiat and Carey did, even if in a different way and for different ends. While Bray and Gray conjectured over creating new forms of money, Marx contended that notions about redefining or controlling ...
Five Moral Philosophies on Economic Growth
... A fourth moral philosophy of economic growth in the nineteenth (and then twentieth) centuries was that of progressive utopianism. If idiosyncratic in many ways, Karl Marx was among the first to develop this vision. Living most of his adult years in the second half of the nineteenth century, Marx was ...
... A fourth moral philosophy of economic growth in the nineteenth (and then twentieth) centuries was that of progressive utopianism. If idiosyncratic in many ways, Karl Marx was among the first to develop this vision. Living most of his adult years in the second half of the nineteenth century, Marx was ...
Beyond the 2008 Financial “Crisis”
... of the commodity “satisfied human wants of some sort of another.” Marx’s economic object arrives after it has achieved use-value, or a “means of subsistence…or a means of production.” But he then inserts a key methodological bias: “Neither are we concerned to know how the object satisfies these want ...
... of the commodity “satisfied human wants of some sort of another.” Marx’s economic object arrives after it has achieved use-value, or a “means of subsistence…or a means of production.” But he then inserts a key methodological bias: “Neither are we concerned to know how the object satisfies these want ...
Three Essays on the Theory of Money and Financial Institutions
... many goods and services can be presented with what appears to be a highly abstract and beautiful mathematical structure that does not need or consider either money or disequilibrium. My guess was that the necessity for money and financial institutions to carry economic process could be shown at the ...
... many goods and services can be presented with what appears to be a highly abstract and beautiful mathematical structure that does not need or consider either money or disequilibrium. My guess was that the necessity for money and financial institutions to carry economic process could be shown at the ...
bookreview - Yearbook of Antitrust and Regulatory Studies
... P.G. Klein). All these concepts assume activated competition if not on the market, then by relating regulation instruments to averaged economic reality. Proposed solutions may be applied in regulating municipal monopolies where in practice it is usually difficult to find solutions directly based on ...
... P.G. Klein). All these concepts assume activated competition if not on the market, then by relating regulation instruments to averaged economic reality. Proposed solutions may be applied in regulating municipal monopolies where in practice it is usually difficult to find solutions directly based on ...
European Journal of Economic and Financial Research FROM
... Given the failure of what some consider the extreme variant of mixed economy the neoliberal model in Latin America, some authors have proposed transition to the model of social market economy, which they define as a competitive, socially oriented, economy from a national political compromise that en ...
... Given the failure of what some consider the extreme variant of mixed economy the neoliberal model in Latin America, some authors have proposed transition to the model of social market economy, which they define as a competitive, socially oriented, economy from a national political compromise that en ...
Ten Theses on Marxism and the Transition to Socialism
... Demonstrating its truth has been the central preoccupation of my academic career.4 I won't rehearse the full arguments here, but let me offer at least a sketch. If it is not the market that is the most objectionable feature of capitalism, what exactly is most objectionable? To answer this question, ...
... Demonstrating its truth has been the central preoccupation of my academic career.4 I won't rehearse the full arguments here, but let me offer at least a sketch. If it is not the market that is the most objectionable feature of capitalism, what exactly is most objectionable? To answer this question, ...
Ten Theses on Marxism and the Transition to
... economy from capitalism to communism to look like? What would be its institutional structure? I would like to take this occasion to summarize the results of this research, and to use them to reflect on the future of China. I beg your indulgence here. China is a vast and complicated society of 1.2 bi ...
... economy from capitalism to communism to look like? What would be its institutional structure? I would like to take this occasion to summarize the results of this research, and to use them to reflect on the future of China. I beg your indulgence here. China is a vast and complicated society of 1.2 bi ...
Econ4950 Lecture Note 2 26 Jan. 2011
... Petty's strictly analytical contributions to the origins of classical political economy are more limited than his methods and conceps, but nonetheless relevant. In the theory of prices he attempted to find a way of expressing one of the two means of production, labour and land, in terms of other, i ...
... Petty's strictly analytical contributions to the origins of classical political economy are more limited than his methods and conceps, but nonetheless relevant. In the theory of prices he attempted to find a way of expressing one of the two means of production, labour and land, in terms of other, i ...
Commodity fetishism
In Karl Marx's critique of political economy , commodity fetishism is the perception of the social relationships involved in production, not as relationships among people, but as economic relationships among the money and commodities exchanged in market trade. As such, commodity fetishism transforms the subjective, abstract aspects of economic value into objective, real things that people believe have intrinsic value.The theory of commodity fetishism is presented in the first chapter of Capital: Critique of Political Economy (1867), at the conclusion of the analysis of the value-form of commodities, to explain that the social organization of labour is mediated through market exchange, the buying and the selling of commodities (goods and services). Hence, in a capitalist society, social relations between people—who makes what, who works for whom, the production-time for a commodity, et cetera—are perceived as economic relations among objects, that is, how valuable a given commodity is when compared to another commodity. Therefore, the market exchange of commodities masks (obscures) the true economic character of the human relations of production, between the worker and the capitalist.Karl Marx explained the philosophic concepts underlying commodity fetishism thus: