The Phenomenology of Constant Capital and Fictitious Capital

Michael Perelman

Review of Radical Political Economics, 1990, vol. 22, issue 2-3, 66-91

Abstract: This paper shows how Marx extended his value theory beyond a mechanistic summing up of labor values to include the effect of scarcity, financial shocks, and technical change. This theory had a subjective and an objective dimension. I demonstrate how Marx's crises theory takes account of scarcity and financial shocks and that this theory is superior to the algebraic falling profit rate theory usually attributed to Marx. I explain why Marx used the category of constant capital as an obscure indicator of scarcity because of the political influence of the Malthusians.

Date: 1990
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://journals.sagepub.com/doi/10.1177/048661349002200204 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:22:y:1990:i:2-3:p:66-91

DOI: 10.1177/048661349002200204

Access Statistics for this article

More articles in Review of Radical Political Economics from Union for Radical Political Economics
Bibliographic data for series maintained by SAGE Publications ().