General Discussion
In reply to the discussion: One of the nice things about being well-versed in Marxism [View all]HiPointDem
(20,729 posts)summary?
ps: the only people "discrediting" the labor theory of value are mainstream shill economists, i.e. members of a cult.
Nor is LTV exclusively marx's; all the classical economists espoused some version of same.
oh, & adam smith also predicted an eventual decline of profit margins as well. and decline of profit margins was what the developed world got in the 70s -- a problem it momentarily "solved" by exploiting new sources of labor/new techniques of production, etc.
although i read an analysis the other day which had it that since the recession, the #1 source of profit was the government sector -- i.e. gov't transfer of wealth, through various mechanisms, to capital.
here's the chapters in capital II. can you tell me in which chapter marx writes about these solutions?
http://www.marxists.org/archive/marx/works/cw/volume36/index.htm