By Robert Paul Wolff
ISBN-10: 0691076782
ISBN-13: 9780691076782
Robert Paul Wolff explains the advance of the classical thought of worth from Adam Smith to Karl Marx in a sort comfortably obtainable to readers surprising with something greater than highschool algebra, whereas whilst delivering to the expert a primary feedback of Marxian political financial system and an unique and arguable interpretation of Capital. He clarifies contemporary mathematical reinterpretations of classical political economic climate, in order that philosophers, political scientists, psychologists, and sociologists attracted to Marx's theories can comprehend the fashionable rehabilitation of his political economy.
Originally released in 1985.
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Additional info for Understanding Marx: A Reconstruction and Critique of "Capital"
Example text
Then, let us define variables standing for the quantity of labor directly or indirectly required for the production of single units of corn, iron, and books. Following what has become a tradition in the literature on this subject, 46 * DAVID RICARDO AND NATURAL PRICE * we shall use the Greek letter lambda to stand for this quantity. Thus, Xc, X{, and Xb shall stand for the quantities of labor directly and indirectly bestowed upon, or required in the production of, one unit of corn, iron, and books respectively.
2 Ingenious as this argument is, it will not withstand close scrutiny, as Malthus among others was quick to point out. The problem is that agriculture cannot plausibly be construed as a self-contained one-commodity economy. Agricultural production requires tools and equipment as well as seed corn. Hence, the rate of return in agriculture ought to be affected by the facility or difficulty of mining and refining iron ore, of felling, dressing, and shaping timber, and so forth. Furthermore, agricultural laborers cannot with any measure of accuracy be represented as consuming nothing but grain.
So he hit upon labor as a commodity whose value to its owners was ever constant: "Labour alone, therefore, never varying in its own value, is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared. " 16 If labor never varies in its value, what then determines the value of other commodities? Smith actually advances three different answers to this question, two of which at least he somewhat confusedly considers equivalent to one another.
Understanding Marx: A Reconstruction and Critique of "Capital" by Robert Paul Wolff
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