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 research offers an up to date model of Marx's financial 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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3 it is shown that X(t) follows (9) for 0 ยง / < T, but becomes X(t) = 1 for t g T. The falling tendency of the market value is described by the following formula obtained by the substitution of <9) into (5): 1 q(t) _ p \ = q, (q-q), if if t^T. 4, the market value of cotton yarn falls steadily towards q* = -j (q + q), until, at T, the remaining profit per unit of the commodity becomes too small to allow producers with the conventional technique to remain in business. They are now compelled to adopt the new technique, or go under.

In order to make such conceptions as technical composition, or roundaboutness, more amenable to theoretical use, it is necessary to evaluate constant capital in terms of value, or "stored-up labour". Then the value ratio of constant to variable capital, so far as it expresses the degree of roundaboutness, can be defined as the "organic composition of capital". The Austrian school talked of the "average period of production" in substantially the same sense as the organic composition of capital, although, in the dialectic, a "period of production" refers to something quite different (see Volume 1, Chapter 5).

For simplicity, however, I assume (i) that this is entirely at the expense of the luxury good, and does not affect the output level of the capital good; (ii) that the total number of hours of current labour is Theory of Profit 29 unchanged at 90; and (iii) that the change in the pattern of social demand does not affect the methods of production. 781 = Z, (T*') which satisfies the condition of self-replacement. 229), so that the values are unchanged, though the rate of surplus value has fallen. 3778 unchanged.

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