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The Phenomenology of Constant Capital and Fictitious Capital

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  • Michael Perelman

    (California State University, University, Chico, CA 95929)

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.

Suggested Citation

  • Michael Perelman, 1990. "The Phenomenology of Constant Capital and Fictitious Capital," Review of Radical Political Economics, Union for Radical Political Economics, vol. 22(2-3), pages 66-91, June.
    • Handle: RePEc:sae:reorpe:v:22:y:1990:i:2-3:p:66-91
    DOI: 10.1177/048661349002200204
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    References listed on IDEAS

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    1. Rudiger Dornbusch & Jacob A. Frenkel, 1984. "The Gold Standard and the Bank of England in the Crisis of 1847," NBER Chapters, in: A Retrospective on the Classical Gold Standard, 1821-1931, pages 233-276, National Bureau of Economic Research, Inc.
    2. José Alberro & Joseph Persky & José Alberro & Joseph Persky, 1981. "The Dynamics of Fixed Capital Revaluation and Scrapping," Review of Radical Political Economics, Union for Radical Political Economics, vol. 13(2), pages 32-37, July.
    3. Dornbusch, Rudiger & Frenkel, Jacob A., 1984. "The gold standard crisis of 1847," Journal of International Economics, Elsevier, vol. 16(1-2), pages 1-27, February.
    4. Baumol, William J, 1983. "Marx and the Iron Law of Wages," American Economic Review, American Economic Association, vol. 73(2), pages 303-308, May.
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    Cited by:

    1. Nitzan, Jonathan & Bichler, Shimshon, 2018. "El capital como poder. Un estudio del orden y el creorden," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 177844, December.
    2. Bichler, Shimshon & Nitzan, Jonathan, 2010. "Systemic Fear, Modern Finance and the Future of Capitalism," EconStor Preprints 157830, ZBW - Leibniz Information Centre for Economics.

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