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By George Catephores

This article provides an straight forward exposition of the elemental rules of Marxist economics from the critical rules of Marx himself via to the differing functions and reassessments made through next generations of Marxian economists. even if basically meant for undergraduates and postgraduates following classes in Marxist economics, its transparent, non-mathematical therapy makes it appropriate for college kids of alternative disciplines.

George Catephores is fiscal Adviser to the best Minister of Greece and was once formerly Senior Lecturer in Economics at college collage, London

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In this example capital is abstracted from, which does not affect the problem under analysis, as illustrated by Marx himself: ‘Let us suppose that the producers are all independent owners of their means of production, so that circulation takes place between the immediate producers themselves … their annual value-product might then be divided into two parts, analogous with capitalist conditions … Part a then represents the variable capital, part b the surplus-value’ (Marx 1885: 329). ‘[I]f society wants to satisfy some want and have an article produced for this purpose, it must pay for it.

Where more accurate weighting of different types of labour cannot be achieved with available data or only through time-consuming manipulation of data, a simpler but more robust estimate of social labour-time may be the best we can do. 4 Contemporary monetary systems In Marx’s theory of money a produced commodity – for example, gold – becomes the socially accepted general equivalent. The emergence of a general equivalent is a spontaneous, decentralized phenomenon that accompanies the development of the commodity form.

Assuming, for the purpose of illustration, that the daily production of gold is 20 grams per worker, every producer of any commodity will have to obtain, for their daily individual production, a price corresponding to 20 grams of gold, which they need for subsistence. Upon doing so, and without the need of knowing what is going on, they will be realizing the equivalence of their particular labour and that of social labour represented through the daily production of gold. Thus the production of the money commodity is at the centre of the hidden social mechanism that, in a market economy, promotes – however chaotically – the distribution of labour and its products, so that the reproduction of its individual members and therefore of the society as a whole can occur.

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