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Smith & Ricardo):  Give to a thing, to a material which has no value, utility, and you give it a value; that is,& you create wealth. [OREF] Utility subjective:  you call only useful that which is so to the eye of reason, but you ought to understand by that word whatever is capable of satisfying the wants and desires of man such as he is... He is the sole judge of the importance that things are of to him,... We cannot judge of it but by the price he puts on them. [OREF 105]5{?/     Q + h  Say s Law Crises caused by  disproportionality only Excess supply in one market, excess demand in others  General gluts or  general slumps impossible Argument Money only an intermediary in barter People sell only to buy again (increase in utility the object) Each person s supply is matched to his/her demand Sum of all supply thus cannot exceed sum of all demand (no  general gluts ); but Slumps in one market can occur if supply of X exceeds demand for X at price producers of X want; however Price of X falls, demand for X rises: equilibrium... Unless government regulations, monopolies intervene+58d2i+5/ d2X     U  i-i  Say s Law    Every producer asks for money in exchange for his products, only for the purpose of employing that money again immediately in the purchase of another product; for we do not consume money, and it is not sought after in ordinary cases to conceal it: & . It is thus that the producers, though they have all of them the air of demanding money for their goods, do in reality demand merchandise for their merchandise. [OREF] Say s proposition accepted by most classical authors even though derived from a different theory of value (utility-based rather than cost of production-based)lS K6 j Ricardo,Accepts much of Smith labour as source of value effort, not utility, determines  value in exchange Accepts Say s Law (but rejects utility as source of value) Accepts Malthus ( iron law of wages ) on population increased wages will lead to increased population, reducing wages to subsistence More rigorous than Smith & critical of logical weaknesses in Smith s treatment of Measurement of value, determination of prices Income distribution & growth Also provided models which Gave explanation of rent Promoted free international tradeNoQRK;NoQRK  ;,ik On ValueV Utility then is not the measure of exchangeable value,although it is absolutely essential to it. [OREF 131] 2 sources of value: scarcity; labour Scarcity:  Some rare statues and pictures, scarce books and coins, ..., of which there is a very limited quantity, ... Their value is wholly independent of the quantity of labour originally necessary to produce them&  [131]  Utility may determine price here, but goods involved the exception not the rule, and volume tiny compared to economy Labour:  By far the greatest part of those goods which are the objects of desire, are procured by labour, and they may be multiplied, ... almost without any assignable limit, if we are disposed to bestow the labour necessary to obtain them. [131] Economic analysis applied to second class: things which can be reproducedwJ 9) 5.w+      b[gllMeasure of ValueLabour embodied the proper measure for an  invariable standard  if the reward of the labourer were always in proportion to what he produced, the quantity of labour bestowed on a commodity, and the quantity of labour which that commodity would purchase, would be equal, and either might accurately measure the variations of other things: but they are not equal; the first is under many circumstances an invariable standard, indicating correctly the variations of other things; the latter is subject to as many fluctuations as the commodities compared with it [OREF 132] Wage  an invariable standard because of Subsistence view of wage means of subsistence relatively constant thus labour-time embodied in a commodity almost an  invariable standard v@)r1)r  ZO ?->mLabour and Price But how is wage kept at subsistence level? Output of normal commodities adjusts to demand But Labour not produced for sale So what keeps labour s  price down to equilibrium if supply doesn t adjust to demand? Malthus s  iron law of wages Increased wage leads to& increased population which causes& fall in wage In Malthus s words:b+PW]+PW ]P]$ A ` n.The  iron law of wages ... suppose the means of subsistence in any country just equal to the easy support of its inhabitants. The constant effort towards population ... increases the number of people ... The poor consequently must live much worse, ... the price of labour must tend toward a decrease, while the price of provisions would at the same time tend to rise ... the difficulty of rearing a family are so great that population is at a stand. ... the cheapness of labour ... encourage cultivators to employ more labour ... till ultimately the means of subsistence become in the same proportion to the population as at the period from which we set out. ... the restraints to population are in some degree loosened, and the same retrograde and progressive movements with respect to happiness are repeated. Wages thus tend towards subsistence even though workers not produced in proportion to demand& ,^lKt>)}oCapital and PriceSmith s  reward for stock becomes payment for labour embodied in capital  Suppose the weapon necessary to kill the beaver, was constructed with much more labour than that necessary to kill the deer ...; one beaver would naturally be of more value than two deer, and precisely for this reason, that more labour would, on the whole, be necessary to its destruction [OREF 137] Income to capitalist thus reflects labour-time taken to build machinery owned by capitalist Raises problem: where does profit come from, if cost of machine equals its cost of production? Not addressed by Ricardo; solved by Marx (later)J.\_1#&.\_1  P.edpLand, Rent, Surplus"Rent to landlord effectively a payment for  monopoly over good land No rent payable on poorest land Rent paid reflects differential soil quality, etc. Gave a long-run dynamic to Ricardo s analysis: Increasing population forces more marginal land into use Diminishing yields means increased cost of food Subsistence wage primarily for food Increasing wage cuts capitalist profits Landlords spend rent on rich living Society will approach  stationary state Stagnation can be delayed if corn imported from overseas: anti-Corn LawsTES/KES/Kq&International Trade and SpecialisationZBefore Smith, mercantilist ideas dominated trade Try to be self-sufficient Import as little as possible, export as much Resulted in customs duties on goods After Physiocrats, Smith:  laissez faire, laisser passer but no systematic justification of this policy Theoretical argument provided by Ricardo:  Comparative Advantage Took case which Mercantilists would argue would have meant rival (Portugal)  defeated England in open trade Argued that England would benefit from free trade even if Portugal absolutely superior to England at producing everything1/Bmz1Q:/Bm 2 " , a+&International Trade and Specialisation'&wTwo countries (England & Portugal) producing 2 commodities (wine and cloth) Assume Portugal more efficient at producing both Relatively more efficient at producing wine than cloth More of both produced if England specialises in cloth Portugal specialises in wine Countries can then trade surpluses and increase consumption of both wine and cloth in both Portugal and EnglandTa:pT% -:p,  yrComparative AdvantagePortugal (per 1000 men) 90 men to produce x units of cloth 80 men to produce y units of wine can produce 11.1 units of cloth; or 12.5 units of wine; or any  straight line combination of the two England (per 1000 men) 100 men to produce x units of cloth 120 men to produce y units of wine can produce 10 units cloth, 8.5 units of wine, or any linear combination:bQZQZ sComparative AdvantageSo with no trade: Portugal Max. 11.1 cloth, or 12.5 wine England Max 10 cloth, or 8 1/3 wine Trade Portugal 12.5 wine, England 10 cloth Exchange surpluses, total output greater:LKOKO<Comparative Advantage@Comparative Advantage>Comparative Advantage Under a system of perfectly free commerce, each country naturally devotes its capital and labour to such employments as are most beneficial to each. This pursuit of individual advantage is admirably connected with the universal good of the whole. By stimulating industry, by regarding ingenuity, and by using most efficaciously the peculiar powers bestowed by nature, it distributes labour most effectively and most economically. (Ricardo 1817) Clever logical argument aided repeal of Corn Laws Identical to modern economic belief But behind Ricardo s rhetoric, a Realpolitik& <RR>Z ?*Ricardo s Realpolitik  It has been my endeavour to shew throughout this work, that the rate of profits can never be increased but by a fall in wages, and that there can be no permanent fall of wages but inconsequence of a fall of the necessaries on which wages are expended. If, therefore, by the extension of foreign trade, or by improvements in machinery, the food and necessaries of the labourer can be brought to market at a reduced price, profits will rise. (Ricardo 1817) Ricardo s real interest not efficiency, but shifting income distribution: from landlords to capitalists (workers irrelevant to Ricardo) increasing rate of investment&zz*  N ,&Ricardo s scorecard Built on Smith accepted labour as source of value, Say s Law Far more rigorous than Smith Overcame problems in pricing More complete model But less social analysis than Smith Sense of dynamics also lost Smith: increasing output through division of labour/economies of scale (with eventual stationary state as limits to division of labour reached) Ricardo dynamics lead to stagnation (rising rents, declining investment) Static analysis (gains from trade with no reference to time) .q~.q ~LL wFrom Defenders to CriticsOSmith, Say, Malthus, Ricardo pro-capitalist, anti-feudal Theories used to promote capitalism against feudalism Main class-conflict of the time against feudal class, landlords By 1840, industrial capitalism dominant severe economic downturns A new class conflict: Capitalist vs Worker Classical economics turned against capitalism by...j44, <xMarx~German Philosopher/poet, trained in Hegelian  dialectics Brilliant (but sometimes also turgid) writer and thinker Radicalised as completed PhD Denied academic post in feudal Prussia, became journalist Supported peasants/workers against Prussian state Exiled to France, later again exiled to England Began study of Political Economy in France with view understanding society, leading to revolution to better society Many contributions! Key ones arguably: Sophisticated revival of systemic ( macro ) thinking of Physiocrats Economic analysis grounded in Dialectical philosophyLsysy,s  6y DialecticsPhilosophy of Dynamics, developed by Hegel Sought to explain processes of social change Any Unity (person, thing, etc.) exists in society Society focuses on some aspects of unity; brings to foreground Forces other aspects into background But unity cannot exist without background aspects Dynamic tension created between foreground/background aspects Tensions can transform unity/society itselfL+-2+-2-)Marx Pre-1857: the Labour Theory of Value(  Took classical economics of Smith & Ricardo, but made it critical of capitalism rather than supportive many  Ricardian socialists preceded Marx argued that since labour source of value, worker should receive all output: capitalists just  exploit workers by paying them less than their value Marx far more sophisticated argued profit derived even though workers paid their value critiqued capitalism on basis of its tendencies to crises, ultimate collapse dehumanising, alienating impact of market society Solved many dilemmas of classical analysis First: where does profit come from if all things exchange at their value ( cost of production )?g*`Z+ag* % % Z +a*m   {)Marx Pre-1857: the Labour Theory of ValueNCommodities exchange  at their value Value normally  labour-time taken to produce them includes LT in machinery, as per Ricardo Ability to work a commodity under capitalism:  Labour-power Labour-time needed to produce labour-power = subsistence wage Capitalist buys Labour--actual work Say 5 hours work needed to produce subsistence bundle Actual work lasts for 10 hours Difference is  surplus value : source of profit tY*=b6PY*=b6P b6v)|)Marx Pre-1857: the Labour Theory of ValueLabour only source of value: Focus is on unique aspects of labour with respect to all other commodities Only commodity with difference between  commodity and  commodity-power A corollary: if labour only source of value, then capital merely contributes stored labour-value to product  However useful a given kind of raw material, or a machine, or other means of production may be, though it may cost 150, or, say 500 days' labour, yet it cannot, under any circumstances, add to the value of the product more than 150. [Capital I p. 199] contribution of machine to output equivalent to its depreciationbA A Z4=})Marx Pre-1857: the Labour Theory of ValueConsequences: Ideological: labour only source of profit, capitalism based on exploitation Predictions: increasing use of capital over time due to forces of competition between capitalists Collective rate of profit would fall, even though technical change might initially advantage capitalist who introduced it Fall in profit leads to class conflict capitalists pay workers below value, to restore profits Class conflict leads to overthrow--socialism Socialism inevitable product of contradictions of capitalismYUz'8-=YUz' 8 -  )3)Marx Pre-1857: the Labour Theory of Value( jDefined three key variables v: Value of labour-power v for  variable since labour alone, according to Marx, added new value If worker s weekly means of subsistence take 20 hours to make, and a chair takes a working week to make, then the chair contains 20 hours of v c: value of machinery used up in production c for  constant , since according to Marx, machinery merely transfers its value to output adds to value of output what it loses in depreciation If machinery which took 10 hours to make wears out in making the chair, then the chair contains 10 hours of cH,ZH +Z6 4)Marx Pre-1857: the Labour Theory of Values: Surplus-value difference between what worker is paid (v) and the number of hours worker actually works If working week is 60 hours (common in Marx s day), then s=60-(v+c)=30 Three variables determine rate of surplus value and rate of profit:dD ~ )Marx Pre-1857: the Labour Theory of Value**Problem I: the  Transformation problem : If labour only source of surplus, then profit should be proportional to labour employed; hence low capital/labor ratio industries should have higher rate of profit than high K/L industries.:&)),+?q!)Marx Pre-1857: the Labour Theory of ValuezBut capitalists motivated by rate of profit So for equilibrium, profit rate must be same across all industries So prices must equalise rates of profit High surplus-value in labour-intensive industries must somehow be moved to capital-intensive industries to equalise profit rates  Value therefore diverges from priceB%>} 'O4")Marx Pre-1857: the Labour Theory of Value*) hProblem of  transforming values into prices. A 2 commodity economy example Industry A: 1000 hours labour + 1000 hours capital Rate of surplus value 100% Profit in value terms = 500 hours Industry B: 100 hours labour + 1900 hours capital Rate of surplus value the same (100%) Profit in value terms = 50 hoursL B" L!L B"   L!,ci]#)Marx Pre-1857: the Labour Theory of Value#BUT competition tends towards uniform rate of profit: 500/1500 + 50/1950 = 550/3450 = 13% So price system must be consistent with (1000 + 1000) x 1.13 = price value of output of A ( 100 + 1900) x 1.13 = price value of output of B Profit in money terms thus 13% in both industries Prices thus differ from values and must cause transfer of value from labour-intensive to capital-intensive industries if Labour Theory of Value valid Prices of labour-intensive industries must be below value Prices of capital-intensive industries must be above value2$( 2$(  >^-!e$)Marx Pre-1857: the Labour Theory of Value*)  The  transformation problem : transformation of values into prices 1,000s of  solutions to transformation problem--none satisfactory(CCCC5The Transformation Problem xSteedman Marx After Sraffa gives definitive treatment: Take hypothetical economy with 3 goods: Iron, Gold, Corn Take hypothetical wage (in terms of corn) Convert physical data into labor-values according to Marx s rule that labor is the only source of surplus Then impose equilibrium condition that price competition equalises rates of profit across industries Outcome will be a set of prices which are inconsistent prices don t enable industries to buy their inputs superfluous prices can be derived directly from input-output data without having to work out labor-values7\ 3 ^ B 3 ^     %  J   6The Transformation Problem 6Steedman s example economy:   7The Transformation Problem  For Iron:   8The Transformation Problem (Converting physical data to value terms:))) 9The Transformation Problem But these  output prices differ from  input prices initially worked out (of iron=2, gold=1 & corn=4) Even if both inputs and outputs  transformed ,  prices differ from those calculated straight from raw input/output data::gzg8@ :The Transformation Problem RMarx s  labor theory of value prices are inconsistent don t enable each industry to buy its inputs Marx s rate of profit (45.5%) inconsistent with rate worked out from basic input-output data (52.1%) superfluous prices can be derived from direct input/output data and these prices are consistent *  4 *  4 *   ;,Problem: Tendency for rate of profit to fall- TArgument that capital to labour ratio tends to rise over time Increased technology Labour-saving inventions as response to struggle over income distribibution According to LTV, as c rises relative to v, rate of profit will fall since surplus s proportional to v and independent of c. This will cause class conflict, leading to socialism Marx lists many  countervailing tendencies ; nonetheless No conclusive evidence of tendency 140 years since first propounded  Tendency depends on same (unsound) notions of profit which lead to Transformation Problem >a9>a)79  @   }] %)Marxism Today: the Labour Theory of ValueCurrent status of Marxian economics: In crisis after fall of communism Minority of adherents, still trying to solve technical problems Allegiance based on Marx s grand vision, rather than analytic strengths Marxism no longer taken seriously by most economists (though still popular with radical groups) So if this was all there was to Marx s economics, it doesn t look good for Marx& BUT& j% Q% L/Q &Marx Post-1857$There is an alternative Marx& Without the labour theory of value Coherent alternative to neoclassical economics Pre-1857, accepted Smith/Ricardo on use-value & exchange-value Exchange-value determines price Use-value pre-requisite for exchange  Utility then is not the measure of exchangeable value, although it is absolutely essential to it [Ricardo OREF I] No role for use-value beyond pre-requisite to exchange Post 1857, a whole new interpretation of use-value Continued next lecture& R?Et7KR?Eb7 K)/p> ` f33` 3f3` ___>?" dd@3x?" dd@  " @ `"  n?" dd@   @@``@n?" dd@  @@``PT     @ ` `p>>0 % ld (     Zf3f8c?`0  ZTgֳgֳ1 ?`0  T Click to edit Master title style! !.  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