Talk:Principles of Economics (Marshall book)

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Bibliographical info[edit]

Would be great to add the bibliographical info of the 1st edition, e.g. Pubhisher, location, pages, etc. Koczy (talk) 12:51, 25 August 2012 (UTC)[reply]

Textbook[edit]

Is this the first textbook on economics ever published in English language? Lbertolotti (talk) 15:35, 21 June 2015 (UTC)[reply]

Criticism of Marshall's understanding of Marx[edit]

According to Fred Moseley, in 'Money and Totality' (2015, Brill):

"Marshall discussed various concepts of capital in Appendix E of his Principles of Economics, and he briefly mentioned Marx’s concept of capital, but said nothing about M-C-M′! Instead, he attributed to Marx the concept of capital as physical capital goods that are owned by private businesses, and private ownership was the pernicious aspect of capital that Marx emphasised because it encouraged class conflict. Marshall clearly did not understand Marx’s concept of capital, nor Marx’s theory of capital."

Marx introduced his central concept of capital in Chapter 4 of Volume I of Capital in the abbreviated form of the ‘general formula for capital’, which he expressed symbolically as:

M – C – M′ where M′ = M + ΔM

Here M represents the initial money capital advanced to purchase means of production and labour power, C represents commodities, M′ represents the final money capital recovered through the sale of commodities, and ΔM represents the increment of money that emerges at the end of this circuit and is the main purpose and the main result of the circuit. Thus capital is defined by Marx as money advanced into circulation in order to extract more money from circulation. — Preceding unsigned comment added by 70.27.90.90 (talk) 14:31, 21 February 2018 (UTC)[reply]