The Labor Theory of Value

[Originally released Feb 2021]

In this episode of Red Menace, Alyson and Breht introduce the core concepts of Marxist political economy by an analysis of the history of political economy, core economic concepts within Marxism, and much more! Make sure to subscribe to Red Menace on your favorite podcast app, and leave us a positive review!    Outline for this episode with timestamps   Political Economy:  

1. [5:00] Definition: Political economy as the study of economics as played out in reality. Economics in relation to society, production, culture, politics, etc.

2. [12:28] History: Adam Smith’s development of economics in the wealth of nations, alongside Mill’s principles of political economy.

3. [20:05] So what does Marxism have to do with political economy?

4. [33:31] Critique of capitalist economics today

The Details and Concepts   1) [35:30] the Means of Production and Productive Forces 2) [43:20] Class as a relation to Production 3) [47:00] Value, Use, and Exchange 4) [58:05] Surplus Value and Wages 5) [61:09] Money, Capital, and the M-C-M Cycle 6) [68:35] Commodity Fetishism Closing Questions   Questions:

1. [74:43] Why does this matter? If Marxism is about revolution, what's the deal with all this abstract economic analysis? 

2. [78:13] Marxian economics vs Marxism: what's the difference, is there an issue with the former?

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