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>The overlooking of the value that their capital provided is a classic oversight of Marxists. this fundamental concept is called constant capital and it is of
by interpenetrate 7y ago
>The overlooking of the value that their capital provided is a classic oversight of Marxists.
this fundamental concept is called constant capital and it is of course introduced in the opening chapters of capital vol 1
- CryptoPunk 7y agoMarx stated that constant capital contributed no new value to the production - that its contribution was equivalent to its depreciation, and thus on the balance, zero. This is more of his pure economic illiteracy and quackery. https://en.wikipedia.org/wiki/Constant_capital#Why_%22constant%22 https://en.wikipedia.org/wiki/Constant_capital#Why_%22consta...? So no, Marx did NOT recognize "the value that [the investors'] capital provided" in the production of goods/services. His silly theory put the net value contributed by the capital at zero. Apparently working for years to create a machine that can automate berry picking is identical in value to picking berries every day for years - the long-term investment of time into a project to raise productivity added no value according to him. The man and his economic theories are absurd. In one sense, they are exactly what they claim to be: anti-capitalist. They are hostile to the processes that build capital.
- deleted 7y ago[deleted]
- dang 7y agoPlease stop, and please keep ideological flamewar off HN in the future, regardless of what Marx was wrong about.