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Jack Graham

Jack Graham wrote about Doctor Who and Marxism, often at the same time. These days he co-hosts the I Don't Speak German podcast with Daniel Harper.Support Jack on Patreon.

2 Comments

  1. Kevin Carson
    December 30, 2017 @ 9:10 pm

    That screaming you hear is the entire Austro-libertarian tradition outraged at being consigned to irrelevance.

    But marginalism itself is taugological. Bohm-Bawerk himself admitted that marginal utility was a dependent variable, determined by supply. And in particular, time-preference was determined by relative wealth and economic security. So the steep time-preference of the propertyless laboring classes is a result of their lack of ownership of the means of production, and the reverse is true for the capitalist class — both the result of the historical process of primitive accumulation (i.e. robbery, whose history is written in letters of fire and blood).

    And Clark’s marginal productivity theory is equally tautological, because the “marginal productivity” of any factor input is whatever it adds to the final cost of a good. So enclosed land, monopoly control of capital, oligopoly pricing, etc., are all treated as naturally “worth” whatever they can extort from the consumer, regardless of the artificial scarcities and artificial property rights that enable rent extraction.

    Reply

    • Jack Graham
      December 30, 2017 @ 10:19 pm

      The quintessential problem, then, at the heart of all this sort of theorising – and probably of all reactionary ideas, in different ways – is the subtraction from the mix of the material and socially-embedded history.

      Reply

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