Year: 2024
Type: article
Abstract: In support of the following exposition, a simple, brief justification of the exchange of goods by value is made. Such an obvious justification, by chance, could have been made earlier. One can only wonder at the waywardness of chance. Marx showed that the seller, while benefiting from arbitrary markups, loses from them as a buyer. Conclusion: surplus value is formed in production. Marx appointed the measure of value (wealth obtained from market production) the payment of simple labor (the cost of unit consumption – SEP), which is also applicable to the productivity of factors refuted in the article. Theorem: an equal number of SEPs (equal values) are opposed by the same money, therefore the exchange, accompanied by equal money, is carried out by equal values. Capital overflows, which equalize profitability, create redundancy, reduced utilization of fixed capital, which has a relatively little effect on its consumption. Profit and replacement deductions are then equalized with respect to the actual expenditure of variable capital. Both of Marx’s macroconditions are fulfilled. Wicksell: Interest on money and interest on capital (natural interest) are different things. The article quantifies natural interest. The reproduction of fixed capital requires, among industrial capitalists, mutual value loans from replacement deductions. Expanded reproduction is ensured by loans from profits, which reduce the personal consumption of the capitalist, which reduces the interest on value loans. Production, exchange, distribution, and movement of value loans are filled with content when the values of values are measured by the money leased by their owner. Rent (interest on a cash loan) is limited to interest on value loans.
Source: Theoretical economics
Author: Viktor Rossinskiy
Language: English
Subfield: Sociology and Political Science
Field: Social Sciences
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4408778550