By Riccardo Bellofiore
Springing from a convention held in Bergamo college at the social gathering of the centenary of the e-book by way of Engels of the 3rd e-book of Capital, the papers amassed in those volumes reinstate Marx's because the first certainly evolutionary fiscal idea. during this, the capitalist approach frequently brings approximately states in order to via themselves generate the subsequent ones. therefore as Schumpeter remarked, Marx used to be the 1st to 'visualise what even today continues to be the commercial conception of the long run for which we're slowly and laboriously amassing stone and mortar, statistical evidence and sensible equations'.
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Extra info for Marxian Economics: A Reappraisal (Vol 1) (Essays on Volume III of Capital: Method, Value and Money)
Sample text
Money is the fully developed value form as well as potential capital. It becomes capital in actuality, the absolute capacity of abstract wealth for self-reproduction on a growing scale, through 55 56 Capital, Labour and Time Riccardo Bellofiore and Roberto Finelli two. n precess. determined subsistence level. sing that living labour is exactly equal to. mes value en the market. fits are absent (similar to. incide with exchange values. ur'. rder to. ssible. unt any change in the terms of exchange.
If, in the traditional approach, money is apparently deduced from the concepts of abstract labour and value (but in fact is redundant and vanishes into value) in the approach just mentioned, abstract labour and value are deduced from the concept of money (and indeed value is redundant and vanishes in money). This is a sufficient reason why, in my opinion, the two lines of thought so far depicted cannot be maintained together. A third line of argument emerges eventually out of Marx's texts on value.
3 The roots of this methodological view can be traced to Hegel, in particular to (Hegel, 1969) The Science of Logic. We are therefore not dealing with a conception of reality and truth in the traditional mould of materialism. Its own peculiar method involves neither a conception of truth as a mirroring of an objective reality that is taken to be independent of the subject, nor a subjectivist theory of knowledge, in which all reference to a reality independent of the knowing subject is wiped out and truth boils down to a logicosyntactic consistency, as in analytic positivism, or is dissolved by the 50 Capital, Labour and Time hermeneutic circle, as proposed by postmodernism.