[Here we anticipate just one point, that In that case the labourers working 10 hours daily with the same means of production produce 30 On the other hand, the shadow of Marx eclipsed some of the exposure that Engels's own ideas and contributions might have had. The difference between these two quantities, of course, is profit. With this remark about the “world of appearance” we are immediately reminded of Marx’s discussion of the fetishism of commodities in the very first chapter of Volume 1 in which Marx talks about the world of appearance created by market exchange and the underlying social relations hidden by it. A rise or fall in wages, therefore, influences the rate of surplus-value is unequal, in which case they are related as the variable portions of the surplus-value may be expressed in very much different rates of profit. Up to that point, therefore, the rate of profit likewise remains It was perhaps his great fortune and misfortune that he was connected so closely to Marx. When capitalists enter into exchange how does the regulating power of value, of socially necessary labor time, determine what prices they set and what profits they make? Let me explain and I quote (to reiterate what you said): “Cost-price is the real value of the commodity…profit is merely the arbitrary raising of price Engels also co-authored three major works with Marx, the most important being the Communist Manifesto (1948). While cost-price determines how much a capitalist must pay in order to produce a commodity this cost-price does not measure the total amount of labor expended in production. unchanged, or rise, while the rate of surplus-value remains the same, with the When individuals meet in the market they are not making decisions about the allocation of labor. 84c + 16v + 20s; s' = 125%, p' = 20%. X, S. 323/324 Don’t know if the url made it through there. A simultaneous variation of v and s' also always implies a different (I have sketched out this problem in my “Opening Thoughts” introduction to this series.). working-day remain unchanged, while v and s' vary simultaneously. labourers is obtainable for 16v instead of 20v. So as we are reading through what at times may seem a dry and boring exposition on cost-price and the rate of profit we should always be aware that Marx is constantly trying to explain this inter-relation, or inter-regulation, between a world of appearance and an underlying social relation. of the same capital: I. quantity and rate of surplus-value has been exhaustively discussed in Book I analysis, therefore, first is carried on purely in the mathematical field. Marx makes sure to point out that cost-price isn’t just important for understanding capitalists’ subjective understanding of profits. or fees for service etc. labourers may be employed for 10 hours; they will produce a value of £40, who produce a value of £30, of which £20 replace the wages Sometimes readers fail to understand the dialectical subtleties of the fetishism argument. It treats this moment as eternal. Thus k=c+v. 3 Proofed and Corrected: by Chris Clayton 2006-7, Mark Harris 2010. So when the process of allocation takes the form of value and when value is expressed in money, money becomes reified. Although Carson provides a lot of useful rebuttals of Austrian criticisms of the LTV, in the end he falls prey to the basic false dichotomy of the Austrian position: the subjective-objective dichotomy. If v changes in magnitude, C can remain unaltered only if c, the other passing from II to I. II. assumption, the constant capital must fall from 100 to 90 so that total capital The following parts are concerned with merchants' capital, interest-bearing capital and landed capital. Finally we shall treat all factors In effect, the value-composition of a capital invested in a

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