MARX & MMT, PART 6 – The Temporal MELT

In recent parts of the series, we have been considering the temporal single-system interpretation (TSSI) of Marx’s theory of value. We have considered how, in the TSSI, the values of constant capital and variable capital depend upon the prices that prevail when inputs and labor power enter production. In contrast, the values and prices of output are only determined once production is complete and the commodities are ready for sale on the market. This conception of value and price determination requires a more general formula for the MELT (or ‘monetary expression of labor time’). The basic meaning of the MELT remains the same. It is still the amount of monetary value attributable to an hour of socially necessary labor or, conversely, the amount of labor, represented in commodities, that a unit of the currency can command. But there is now a need to account not only for the rate at which living labor creates monetary value but also the rate at which monetary value is transferred from the means of production to final output. In the TSSI, the method for calculating the MELT needs to be modified under most circumstances.

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MARX & MMT, PART 5 – Why a Single System & What Did Marx Say?

The previous post introduced the temporal single-system interpretation (TSSI) of Marx. It was seen that, under this interpretation, Marx’s three aggregate equalities all hold. It was noted that the same can be said for other single-system interpretations. As long as constant capital and variable capital are defined as the amounts paid for the means of production and labor power, the equalities are logically valid. In this post, a possible rationale is offered for defining constant and variable capital in this way. Attention then turns to Marx’s own writings on the matter to consider whether the single-system understanding accords at all with his view.

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… On Raising the Level of Collective Consciousness [II]

GUEST POST by jrbarch: To recap what was said about Mind, previously:

  1. Proper use of the mind is just as important as a healthy body and emotions
  2. The fourth noble truth of the Buddha embraced this in his eight-fold path
  3. There are great conditioning ideas that influence mankind
  4. Mind has a regressive tendency to crystallise, compartmentalise, and build walls between compartments
  5. Mind progressively, is essentially a light-bearer (the light of understanding)
  6. Mind receives impressions from the three worlds (physical emotional mental) and is rapidly thrown into thought-forms in response; but it also receives impressions from higher sources
  7. Mind and intellect are picture-makers; the real intelligence is the Observer or Self
  8. Mind is a screen on which is reflected an ‘interpretation’ by the persona of
    1. an impression the senses have generated or pattern the intellect has woven
    2. an impression thrown down by the Observer
    3. an impression from the formless world (abstract mind)
  9. Universal truths such as the existential material psychological and spiritual brotherhood of man and fatherhood of the Divine taught by the Christ, and four noble truths taught by the Buddha, resonate in every human heart – and are handed down to humanity, to germinate as does a seed; branching and descending further downwards into human nature, clothing themselves in the best of human thought possible, awaiting revelation as fact
  10. When mind fails, it fails altogether as fantasy and illusion, sociopathy and psychopathy; lying becomes the norm
  11. Without the heart, mind leads to darkness, bondage, oblivion
  12. In this sense, mind is the slayer of the Real
  13. The journey from the periphery of mind to the centrality of the human heart is human reality: – whether we know it or not, whether we are caught up in the affairs of the world or not
  14. Mind desires many things: – the heart is singular. Mind lives on vapour – the heart lives on substance
  15. Steps back to the center are recognisable in humanity and are the subject of this post
  16. Continue reading

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MARX & MMT, PART 4 – The TSSI and Marx’s Aggregate Equalities

Differences in interpreting Marx, as we have seen, tend to come down to three key questions. The first concerns how the value of labor power is understood. This will affect the treatment of variable capital. Is its value determined by the labor embodied in wage goods or the prices of those goods? The second question concerns the value of the means of production. This pertains to constant capital. Is the value of constant capital determined by the labor embodied in inputs or the amounts paid for them? The third question concerns whether value and price determination should be considered simultaneous or temporal. It was pointed out in the previous post that Marx’s aggregate equalities stand or fall with our answers to the first two questions. His equalities hold provided constant and variable capital are assumed to depend upon the prices of inputs and wage goods rather than the labor embodied in them. This approach is taken by all single-system interpretations, whether temporal or simultaneist. For the purposes of this post, adopting any of these interpretations would have been fine. However, the choice between temporality and simultaneity will sometimes be relevant later in the series. By way of background, the present post specifically introduces the temporal single-system interpretation (TSSI).

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