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#303 – Steve Keen: Marxism, Capitalism, and Economics
Lex Fridman Podcast
The Cost of Production Exceeds Depreciation
Marx argued that no matter how useful the machine is, whether it has took 100 hours to make or cost 150 pounds. It cannot, under any circumstances, add more to production than 150 pounds - which in his old exclusivist logic he could justify. He called them incommensurability between exchange value and a use value,. whereas neoclassicals make them commensurable. In my modern reinterpretation of marks, I see both labour and machinery as a means to harness energy and produce useful work. And they can both do that. They do it together. We're not talking about two separate commodities here; we're talking about one commodity being used for multiple purposes by many people at
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