/lit/ - Literature

>>12641550
If commodities were sold at their exact value an average rate of profit would never emerge since since branches of industry have different ratios of labour employed. Market prices are the result of the redistribution of value which is necessary for an economy to function. Prices HAVE TO fluctuate but value sets certain boundaries for the real economy i.e. aggregate prices should be equalling aggregate value. How free floating are prices really? Remember Marx worked out most of his understanding of economics in the 1850s but corporatization really only fully began after his death.
I suppose you could defend the idea that there only exists capitalization upon expected future returns today and value isn't a necessary hypothesis since prices are not really constrained any more e.g. government will swoop in to maintain prices at inflated rates for the vested interests of their stakeholders... but even such a pseudo-economy where prices are mostly administered [today??] wouldn't abolish the real aggregate value/production problems.

https://en.wikipedia.org/wiki/Fictitious_capital

>>11440448
This doesn't just have to do with the crypto community, the thing is next to no academic economists would even understand how to read a corporate balance sheet if it was placed in front of them. They don't learn about history or things like accountancy, business administration, etc, etc. A practical falsification of their entire theory can be found in any journal relating to advertising, demand is never just "taken as given". Economists know notting about business, as a discipline it functions as purely a formal theology and is the overhead cost of ideologically maintaining legitimacy for vested interests. Veblen was the only American economist to understand overcapitalization as a phenomena and the fact there's no way to clearly demarcate white-collar crime from "legitimatise" business activity.