Download e-book for kindle: Communism and China: Ideology in Flux by Benjamin I. Schwartz

By Benjamin I. Schwartz

ISBN-10: 0196264944

ISBN-13: 9780196264943

ISBN-10: 0674148509

ISBN-13: 9780674148505

ISBN-10: 0689702515

ISBN-13: 9780689702518

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With the 'new' marginal approach to pricing through utility. Dealing with capital from the point of view of the rank or hierarchy of goods it is obvious that capital cannot be conceived of as an original or independent factor of production (good of the highest order) for only land (or more broadly, natural resources) and labour are naturally occurring goods and thus fit the definition of goods of the highest order in that they are not themselves produced but enter into the production of other goods.

Concerning this difficulty Wicksell says that prices can, for analytical purposes, be taken as given when production and distribution are being considered, just as quantities of produced goods are considered as given when exchange and prices are being considered [87 pp. 102-3]. 'This procedure is equivalent to treating the problem of production (and distribution) on the assumption that only one commodity is produced - and yet even this case is complicated enough' [87 p. 243, 86 p. 153]. In general, Wicksell accepted the proposition that an increase in capital would be accompanied by an increase in product and a lower return to capital, but he seems not to exclude other possibilities: 'We have already remarked that an increase in capital need not in this case necessarily lead to an increase in both wages and rent ....

The disadvantage connected with the capitalist method of production is its sacrifice of time. The roundabout ways of capital are fruitful but long; they procure us more or better consumption goods, but only at a later period of time. This proposition, no less than the former, is one of the ground pillars of the theory of capital [6 p. 82]. Here 'roundaboutness' takes the place of the division of labour in producing increasing output, but, as in Jevons, there are diminishing returns to increases in the roundaboutness of a process.

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Communism and China: Ideology in Flux by Benjamin I. Schwartz

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