Explain the importance of the labor theory of value in Marx’s analysis of the capitalist economy
should show familiarity with the readings and the terms Marx uses while presenting a clear and concise argument. Be precise in your answer. Type your answers.
1. Explain the importance of the labor theory of value in Marx’s analysis of the capitalist economy? How is his theory different from that of Adam Smith and David Ricardo?
2.In what way are the concepts of the natural rate of employment in modern economics and the reserve army of labor in Marx similar? How are they dissimilar?
3.Money and credit play both a constructive and a destructive role in capitalist accumulation. Explain briefly
4.Briefly discuss Marx’s concept of fictitious capital. Give one example and explaining what way it can be considered to be fictitious
5. Briefly explain Marx’s the law of the tendency of the falling rate of profit in Marx. Why is there a tendency for the profit rate to fall. Give two examples counteracting tendencies that prevent this fall
6. What does Marx’s model of simple and expanded reproduction with two sectors illustrate about the sources of demand in a capitalist economy? How would thismodel help explain capitalist crisis
7. Read the NYT article “How America lost out on iphone work”. On the basis of the article discuss the reasons why middle-class jobs are being squeezed? Whatideas of Marx’s economic thought are relevant to your analysis? (Write a shortresponse essay of about 500 words)
8.Read the NYT article “Profits for Buyout Firms as Company Debt Soared” .
Discuss on the basis of the article how finance shapes social relations using the
experience of the Buyout firms, owners and workers at Simmons. (Write a shortresponse essay of about 500 words)
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