By Ben Fine
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Extra resources for Economic Theory and Ideology
3, these points are demonstrated in the simplest possible fashion. The aggregate social capital is divided into two sectors, the first producing means of production from which only capitalists will purchase, the second producing means of consumption from which workers and capitalists as consumers alone purchase. M j is the capital advanced as money for each sector (i = 1, 2) M j = Cj + Vj where Cj is the expenditure on MP j and Vj the expenditure on LP j. After production the profit embodied in C j is Sj and this is realized as m j, together with the original outlay M j.
B 1 1 1 h' h . present va Iue given y 1 +r + (1 +r)2 + (1 +r)3 + ... W lC is a geometric progression summing to t. Thus, the price of a bond varies inversely with the rate of interest. Savers buy bonds and the higher the rate of interest the better off they are, but vice-versa for borrowers. Now there is nothing new in seeing the price of capital as the inverse of the rate of interest. It is simply present value discounting. Money and Interest 41 What is new in Keynes is the manner in which the rate of interest is determined, by the supply of and demand for capital, but in which speculation and expectations play their part as well as the Fisherian factors of intertemporal utility and production.
The bully struggles for a share of his victim's iced bun! Alternatively, capital and labour can be treated, through the . expenditure of wages and profits, as the two individual sources of effective demand. This is so in the Keynesian theories associated with Kaldor and Kalecki, or in Marxist terminology, the underconsumptionist theories most recently associated with Baran and Sweezy. In contrast to the orthodox Keynesian categories of effective demand, such as consumption, investment and other autonomous expenditure, these theories utilize the categories of wages and profits which immediately reflect the existence of capital's class relations.
Economic Theory and Ideology by Ben Fine