Questions from a Young Marxist

Professor Wolff, I am currently studying Capital, Vol 1. and obviously a cornerstone of the entire thesis is the "Labour Theory of Value". Obviously, neo-classical economists favor "marginal utility" instead of the "labour theory of value". Can you explain "marginal utility" and how Marxist economics responds to this? Secondly, Marx refers to the "economic metabolism" several times and, to my knowledge, modern bourgeois economics refers to this as the "velocity of money". Below is a link to the St. Louis FRED and it clearly illustrates a plunge in the "velocity of money". Can you offer some insight into the importance of this metric? Thank you for all you do! You are a breath of fresh air.

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  • Andrew Scheffler
    published this page in Ask Prof. Wolff 2016-10-20 12:36:16 -0400