3min chapter

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#303 – Steve Keen: Marxism, Capitalism, and Economics

Lex Fridman Podcast

CHAPTER

The Commodity in a Capitalist Economy

The essential unity in a capitalist economy is the commodity. A commodity has two characteristics: Exchange value and use value. The important commodity in Marx's thinking was the worker because that's where he said profit came from. He then says, well, workers will therefore demand more than their value. That ultimately is the labor theory of value and Marxist arguments about how capitalism will end.

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