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Extra resources for Marx and Keynes: The Limits of the Mixed Economy
Some production processes require great investments in means of production and relatively small investments in labor, while others need less capital investments and demand more labor. The first relationship Marx called a “high” and the second a “low” organic composition of capital. e. means of production together with labor-power), it should follow from the labor theory of value that capitals of different organic compositions, but with equal rates of surplus-value, should yield different rates of profit.
To give Marx’s own definition of the term, “the composition of capital is to be understood in a twofold sense. On the side of value, it is determined by the proportion in which it is divided into constant capital or the value of the means of production, and variable capital or value of labor-power, the sum total of wages. On the side of material, as it functions in the process of production, all capital is divided into 58 means of production and living labor-power. This latter composition is determined by the relations between the mass of the means of production employed, on the one hand, and the mass of labor necessary for their employment on the other.
K. Korsch, Karl Marx, London, 1939, p. 153. 50 18. J. P. Henderson, “Marx, Classical Economics, and the Labor Theory of Value,” The Centennial Review of Arts and Science, Vol. III, 1959, p. 448 V The law of value as “equilibrium mechanism” Marxist criticism of bourgeois society had to encompass more than proof of the exploitation of labor by capital. The idea of surplusvalue was inherent in the labor theory of value, and socialists prior to Marx had utilized it in their arguments. In order to show once more that profit or surplus-value is gained in production and not in exchange, Marx found it advisable to disregard the effects of market competition on value relations.