2004Research in political economyRequires access

Chapter VII. Marx's theory of crises

Michael von Tugan-Baranowsky

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Abstract

Presentation of this theory. - The law of the tendential fall in the rate of profit. - Absolute overproduction of capital. - Relation between market stagnation and the underconsumption of the masses. - Critique of the law of the falling rate of profit. - Lack of necessary relationship between the composition of capital and the rate of profit, proved on the basis of the theory of labor-value. - Marx's theory of surplus-value is untenable. - The essence of the problem of profit. - The problem of profit and the problem of value. - The origin of profit. - Reciprocal relations between the three component parts of social product. - The ethical factor in Marx's theory of surplus-value. - The law of development of capitalism and the conditions of its transformation into socialism.

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Presentation of this theory. - The law of the tendential fall in the rate of profit. - Absolute overproduction of capital. - Relation between market stagnation and the underconsumption of the masses. - Critique of the law of the falling rate of profit. - Lack of necessary relationship between the composition of capital and the rate of profit, proved on the basis of the theory of labor-value. - Marx's theory of surplus-value is untenable. - The essence of the problem of profit. - The problem of profit and the problem of value. - The origin of profit. - Reciprocal relations between the three component parts of social product. - The ethical factor in Marx's theory of surplus-value. - The law of development of capitalism and the conditions of its transformation into socialism.

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Available abstract

Presentation of this theory. - The law of the tendential fall in the rate of profit. - Absolute overproduction of capital. - Relation between market stagnation and the underconsumption of the masses. - Critique of the law of the falling rate of profit. - Lack of necessary relationship between the composition of capital and the rate of profit, proved on the basis of the theory of labor-value. - Marx's theory of surplus-value is untenable. - The essence of the problem of profit. - The problem of profit and the problem of value. - The origin of profit. - Reciprocal relations between the three component parts of social product. - The ethical factor in Marx's theory of surplus-value. - The law of development of capitalism and the conditions of its transformation into socialism.

Key concepts: Prices of production, Rate of profit, Surplus value, Economics, Capitalism, Neoclassical economics, Profit (economics), Value theory

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